Islamabad, Aug 22: Senator Muhammad Aurangzeb, the federal minister of finance and revenue, declared on Thursday that the nation had attained microeconomic stability and that all economic indicators were trending upward. According to him, the nation is now experiencing a period of economic stability, and the government will be guided toward sustained economic growth by building a solid economic basis.
This was said by Senator Muhammad Aurangzeb, the federal minister of finance and revenue, during the Buna-Raast Connectivity Project Implementation Phase Inaugural Ceremony held here. He added that foreign investors are demonstrating confidence in Pakistan’s economy and that all economic indicators, including foreign reserves, worker remittances, policy rates, exchange rates, revenue collection, and twin deficits including the current account, are trending positively and pointing towards growth.
“We have two months import cover and the exchange rate is also stable,” stated Aurangzeb. According to him, during the past two months, foreign businesses and prospective investors have expressed interest in investing in several economic areas. According to the minister, the government is focusing on the digital economy, and as the economy becomes more digital, “We prioritize documenting the local economy.”
He said that the country got $3 billion in worker remittances in the final month of July 2024 as a result of the government’s smart economic policies as well as reforms and administrative procedures.
According to him, the government gave tax and energy reforms first priority over all other structural changes that were planned in order to fulfill the county’s goal of sustainable economic growth. According to the minister, the “Buna-Raast Connectivity Project” is a model initiative between Pakistan and the Kingdom of Saudi Arabia (KSA), serving as a major conduit for both the nation’s advanced digital economy and lawful financial transactions.
According to him, Pakistan has likewise embraced the 2030 government vision of the Kingdom of Saudi Arabia and has drawn lessons for sustained economic growth in Pakistan from this vision.The Arab Regional Payments Clearing and Settlement Organization (ARPCSO), a subsidiary of the Arab Monetary Fund (AMF), runs the cross-border payment system known as Buna.
With Buna, financial institutions and central banks throughout the Arab world and beyond will be able to transmit and receive payments in major international currencies along with local currencies in a transparent, safe, economical, and risk-controlled environment. Buna provides participants with cutting-edge payment options that adhere to global norms, guidelines, and legal specifications. Built on the cutting edge international standard ISO 20022, the revolutionary Raast SBP “Raast” Instant Payment System is designed to be easy, free, quick, interoperable, and a safe way for clients to make payments.In February 2022, the SBP introduced Person-to-Person (P2P) payments, the second use case of Raast. Thus far,
