| Islamabad: Finance Minister Muhammad Aurangzeb announced on Sunday that Pakistan’s economic turnaround has gained international recognition, with the International Monetary Fund (IMF) expressing surprise at the country’s rapid progress.
Addressing a press conference in Islamabad, the minister highlighted key economic improvements, including a sharp decline in inflation from 38% to 7%, an increase in foreign exchange reserves, and reduced policy rates. He credited government-led initiatives for steering the economy onto a path of stability.
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“The IMF was surprised by how the Pakistani economy recovered within 14 months,” Aurangzeb said. He further noted that the government’s $7 billion bailout reform agenda, shared with the IMF during a recent unscheduled visit, has bolstered international confidence in Pakistan’s reform trajectory.
Aurangzeb revealed that Prime Minister Shehbaz Sharif will soon present a comprehensive economic roadmap aimed at sustaining growth and addressing challenges in key sectors. He assured that no new taxes will be levied to cover the reported Rs190 billion revenue shortfall, stating that strict enforcement and compliance measures will ensure collection.
“We are expanding the tax net and ensuring all sectors contribute fairly,” he remarked, emphasizing the importance of collective effort to strengthen the economy.
Read:IMF forecasts Pakistan’s GDP growth to hit 3.2% in FY25
During the IMF’s visit, officials acknowledged Pakistan’s progress under the Extended Fund Facility (EFF), particularly in turning deficits into surpluses. Aurangzeb described the discussions as transparent, refuting speculation of covert talks.
The IMF commended Pakistan’s reaffirmed commitment to reforms, including taxation, energy sector adjustments, and the privatization of loss-making state-owned enterprises (SOEs). However, the fund also identified gaps in revenue collection and external financing, which the government has pledged to address without burdening taxpayers.
Aurangzeb emphasized ongoing reforms across all sectors, particularly public finance, and climate change mitigation. “The challenges are immense, but steps are being taken to ensure sustained improvement,” he said.
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The finance minister’s optimistic outlook reflects the government’s commitment to bolstering investor confidence and securing economic stability. With the prime minister’s roadmap on the horizon, stakeholders await detailed strategies to maintain momentum in Pakistan’s economic recovery. |
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