Pakistan’s economy shows signs of stabilization with inflation in a downward trend, Finance Minister Muhammad Aurengzeb said on Saturday, accrediting recent political decisions to restore trust.
Speaking to the merchants of the Lahore Chamber of Commerce, Aurengzeb said that the recent reduction in the policy rate of the Central Bank has played a fundamental role in promoting economic recovery.
“The economy is directed in the right direction,” he said. “We are committed to supporting the industry and ensuring that investors receive all the necessary facilities. The concerns of the business community must be prioritized.”
He added that industrial growth was essential for sustained economic stability, and that the government’s economic team focused on allowing productivity through lower supplies costs and structural reforms.
Aurengzeb said the government was also working to ensure that the benefits of inflation decreased were transmitted to citizens.
“We are closely monitoring the prices of basic products to ensure that the common man feels relief,” he said.
The Federal Finance Minister also announced that 24 state companies will be privatized, and that tax relief will be provided to salaried persons, who, according to him, have a disproportionately high tax burden.
“The prime minister personally leads the economic rebirth. He will soon see the results,” he said. He identified minerals and the IT sector as possible game changers for Pakistan’s economy.
Aurengzeb said that Pakistan’s copper reserves could bring similar benefits to Singapore nickel exports, which are worth $ 22 billion annually. He pointed out that barriers to the repatriation of profits for foreign investors had been eliminated, which increased investor confidence.
“We are ensuring that the benefits of reduced inflation reach the common man,” he said. “The intermediaries cannot exploit the system.”
