ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb has claimed that macroeconomic stability is taking root in the country’s economy.
The Finance Minister was speaking at the launching ceremony of the Buna-Raast connectivity project in Islamabad on Thursday. He noted that stabilized currency, a reduced current account deficit, and improved foreign reserves as indicators of recovery.
Aurangzeb added that the sovereign ratings of Pakistan had been upgraded, signalling a revival in the confidence of investors. He went on to say that the government’s commitment to infrastructural reforms is producing positive results, though much remains to be done.
The finance minister said the surge in remittances, with $3 billion received in July alone, shows growing economic confidence among overseas Pakistanis.
Aurangzeb also discussed the Buna-Raast connectivity project, stressing its role in digitalization. He said the program would enhance transparency, particularly in remittances, taxation, and the power sector, eventually putting Pakistan on a sustainable path aligned with FATF requirements.
Dr Anita Zaidi, President of the Bill & Melinda Gates Foundation, termed the project as a bridge linking the economies of Pakistan and the Arab world digitally. She added it would enhance productivity, increase efficiency, and improve individuals’ lives by lowering costs of remittance.
