Macroeconomic Stability Developing In Economy: Pakistan Finance Minister

Pakistan's Finance Minister Muhammad Aurangzeb on Thursday claimed that macroeconomic stability was taking root in the country's cash- strapped economy.

Aurangzeb made the remarks at the launching ceremony of Buna-Raast connectivity project in Islamabad. The project links Pakistan's digital payment system, Raast, with Buna, which is established under the Arab Monetary Fund.

The Express Tribune newspaper reported that Aurangzeb cited a reduced current account deficit, stabilised currency, and improved foreign reserves were indicators of recovery.

He also said that sovereign ratings had been upgraded, signalling reviving investor confidence.

The finance minister reported a prominent increase in remittances, with $3 billion received in July alone, signaling heightened economic confidence among overseas Pakistanis. He also said that while the government's dedication to infrastructural reforms is showing positive results, significant work still lies ahead.

Aurangzeb also highlighted the Buna-Raast connectivity project, underscoring its importance in digitalisation. He stated that the initiative would improve transparency, especially in areas such as remittances, taxation, and the power sector, ultimately guiding Pakistan towards a sustainable trajectory in line with FATF requirements.

According to state-run Radio Pakistan, Prime Minister Shehbaz Sharif also spoke at the ceremony, noting that the Buna-Raast connectivity project would facilitate the streamlining of remittances from the Arab world to Pakistan.

He also said the “initiative will further strengthen our historic relations with the Arab World in a modern digital way” and also facilitate Pakistanis in the Arab world to quickly send their money back home.

The Prime Minister also said that he would soon announce a five-year homegrown economic program for which discussions have been held with stakeholders on it over the last many months.

He said the program will envisage measures to uplift the economy and different sectors including agriculture and IT.

(With Inputs From PTI)