Karachi: Pakistan’s Finance Minister, Muhammad Aurangzeb, has announced that the country is consolidating its macroeconomic gains, citing record-high foreign exchange reserves and projected economic growth.

According to Radio Pakistan, Aurangzeb, addressing the 10th Annual Microfinance Conference virtually from Karachi, reported that foreign exchange reserves reached $21.4 billion, marking the highest level in the nation’s history. These reserves are now sufficient to cover three months of imports. The Finance Minister outlined that the country registered a 3.7 percent growth rate in the last financial year and projects a four percent growth for the current year.

Aurangzeb reiterated the government’s commitment to sustainable economic growth, aiming to avoid economic volatility and enhance the private sector’s involvement in economic activities. He highlighted the importance of expanding financial accessibility for underserved communities and revealed that six billion rupees had been approved, with over two billion rupees disbursed to small farmers through a collateral-free financing scheme over the past seven to eight months.

The Finance Minister stressed the need for stronger collaboration between commercial banks and the microfinance sector to boost financing for SMEs, agriculture, and affordable housing. Furthermore, he announced an increase in the export refinance limit from one trillion rupees to 1.5 trillion rupees, with a specific allocation of twenty percent for SMEs.