Islamabad, Nov 6: Finance Minister Aurangzeb Stresses Economic Improvement, Calls for Sustained Reforms. According to Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, the government’s actions are causing macroeconomic gains in Pakistan. He emphasized the Monetary Policy Committee’s decision to lower interest rates by 2.5% while speaking at the 8th Edition of the Future Summit on Wednesday at a nearby hotel.
He also mentioned that the nation is on track to accomplish its financial goals for the first four months of the fiscal year. There has been a notable decline in food inflation, and the Karachi Interbank Offer Rate (KIBOR) is at 13%.
The Minister underlined that remittances have helped to stabilize the native currency, and that Pakistan’s current account and fiscal deficit have stayed steady. Inflation has also decreased, and foreign exchange reserves have strengthened.
To further assist, the State Bank of Pakistan also lowered its base interest rate. The Minister stated, “These are the foundations on which we can rebuild our economy,” adding that Pakistan’s credit rating has improved and is anticipated to continue to rise this year.
In order to make loans more accessible to the private sector, Muhammad Aurangzeb emphasized the need of lowering the KIBOR prior to the policy rate drop. He acknowledged the difficulties but reiterated the administration’s resolve to make tough choices, especially in the areas of energy and tax changes, as well as reorganize government agencies.
In order to improve service delivery, decrease corruption, and boost transparency, the Federal Minister of Finance and Revenue emphasized the importance of technology in governance and the necessity of reforming the pension system. “If reforms were simple, they would have been implemented years ago,” he remarked, calling on the private sector to increase productivity and keep growing.
Muhammad Azfar Ahsan, the founder and chairman of Nutshell Group and a former federal minister for investment, emphasized the flow of important information during his welcome speech at The Future Summit.
He pointed out that Pakistan is the fifth most populous nation in the world and underlined how crucial it is to concentrate on existing investors in order to improve the economic climate in the nation. Speaking on the event were Dr. Bakheet Ateeq Al Rumaithi, Consul General of the United Arab Emirates, and others.
In strategic collaboration with Faysal Bank Limited and the Overseas Investors Chamber of Commerce and Industry (OICCI), Unity Foods Limited and Nutshell Conferences Group are organizing the 8th Edition of the Future Summit, the nation’s largest corporate event, which kicked off Wednesday in the nation’s financial capital. The Summit serves as a forum for global innovators, thought leaders, and industry professionals to come together and change strategic landscapes and economic dynamics.
