ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb has said that it is necessary to change the DNA of the economy for sustainable and comprehensive development and to remove Pakistan’s economy from dependence on foreign loans.
According to the announcement issued by the Ministry of Finance, Federal Finance Minister Muhammad Aurangzeb, while talking to a high-level delegation of the Asian Development Bank, reiterated the government’s determination to implement the economic reforms agenda and achieve the structural goals and said that Pakistan’s economy Changing the DNA of the economy is the only way to bring it out of dependence on external debt and put it on the path of sustainable development.
He said that it is necessary to get the economy out of the traditional volatility and put it on the path of export-based development, through which investment and foreign investment will be attracted to the export sectors and the country again to the global financial markets. Have access.
Mohammad Aurangzeb welcomed the ADB delegation, led by ADB Executive Directors Donald Bobiash and Shigeo Shimizu, and the Bank’s Country Director Yong Ye and other officers also attended the meeting.
The Asian Development Bank delegation was briefed by the Federal Minister of Finance about the government’s ongoing reforms and improving economic indicators, and particularly the effective management of the fiscal deficit, the increase in remittances and exports from abroad, along with He also said that the inflation rate has drastically decreased from the highest rate of 38% last year to 6.9% in September.
He said foreign exchange reserves have reached $10.7 billion and the stock exchange has crossed 85,000 points, reflecting growing investment confidence and improving business climate in the country.
He said that the credit for this success goes to Prime Minister Shehbaz Sharif, who himself oversaw the reform process and made important changes in key sectors such as revenue, energy, government institutions, privatization and pension reforms.
He described the recent National Finance Agreement as an important milestone in the promotion of coordination between the provinces and the federation, through which the provinces will be able to increase their revenues, better manage development expenditure and improve governance.
The members of the delegation appreciated the reform measures taken by the Pakistani government and assured further assistance from the Asian Development Bank to Pakistan.