LAHORE, Pakistan: Pakistan’s Finance Minister Muhammad Aurangzeb on Saturday said that the country’s economy is stabilising, with inflation showing a downward trend due to prudent policy decisions.
He said that the government is committed to ensuring that the benefits of macroeconomic improvements reach the common man.
Speaking at the Lahore Chamber of Commerce and Industry, the finance minister said the government had made significant progress in reducing inflation and policy interest rates.
“The economy is heading in the right direction,” he said, crediting the recent cut in the State Bank’s policy rate as a key driver in promoting economic recovery.
Aurangzeb said the government was making daily assessments of essential commodity prices to ensure that citizens feel relief from inflation.
“We are closely monitoring prices to pass on the benefit of declining inflation to the people. Middlemen will not be allowed to exploit the system,” he asserted.
The finance minister also acknowledged the key role of traders and the business community in economic development.
“We are fully aware of the issues faced by traders and are taking steps to resolve them on a priority basis,” he said, adding that the government was focused on lowering input costs and implementing structural reforms to boost industrial productivity.
Aurangzeb underlined that industrial growth was essential for sustainable economic stability.
“We are committed to supporting industries and ensuring investors receive the necessary facilities,” he said.
He noted that investor confidence had been strengthened through the removal of restrictions on profit repatriation for foreign firms.
He also announced that 24 state-owned enterprises (SOEs) will be privatised as part of the government’s broader economic reform agenda.
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Furthermore, he said tax relief measures would be introduced for the salaried class, whom he described as currently bearing an unfairly high tax burden.
“The Prime Minister is personally leading the economic revival efforts. You’ll soon see the results,” he said, pointing to the minerals and information technology sectors as potential economic game-changers.
Highlighting the potential of the mining sector, Aurangzeb said Pakistan’s copper reserves could yield economic returns comparable to Singapore’s nickel exports, which are valued at $22 billion annually.
He reiterated the government’s determination to maintain economic momentum, stating, “We are working tirelessly to strengthen the economy and provide relief to the people. The signs of stabilisation are evident, and we will continue to build on this progress.”
