Private Sector’s Role Crucial for Strengthening Economic Foundations: Finance Minister

Islamabad: Finance Minister Muhammad Aurangzeb emphasized that the country’s economy is on the path to improvement, with a reduction in the current account deficit. He stated that strengthening the foundations of economic stability is crucial, and the private sector plays a pivotal role in this process.
Speaking at an event in Islamabad, the Finance Minister highlighted that inflation has dropped to its lowest level in 78 months, standing at 4.9%. He also noted that the interest rate has fallen below 13%.
Aurangzeb added that over the past 12 to 14 months, significant progress has been made, with monthly national income showing consistent growth. He pointed out that at one point, the country’s foreign exchange reserves were only enough to cover two weeks of import needs. However, these reserves now cover two and a half months of import requirements.
The Finance Minister further stated that, with continued progress, foreign exchange reserves will be able to cover three months’ worth of imports, which is considered a positive indicator according to international standards.
He reaffirmed the government’s commitment to implementing the IMF program and continuing economic reforms. Aurangzeb also underscored the significant role of the construction sector in driving the country’s economic growth.