Pakistan’s economy shows signs of improvement, Finance Minister says

ISLAMABAD:  Finance Minister Muhammad Aurangzeb said Wednesday that the country’s key economic indicators have improved under the new fiscal year’s budget, citing lower inflation, stronger foreign exchange reserves and increased investor confidence.

Aurangzeb made the remarks during a meeting with a delegation from S&P Global Ratings, where the two sides discussed Pakistan’s economic outlook, sovereign credit profile and the government’s reform agenda.

The finance minister said economic reforms and fiscal policies had led to continued improvements in Pakistan’s economic performance. He added that a lower fiscal deficit, a record primary budget surplus and improved debt management had strengthened the country’s fiscal sustainability.

According to a statement, the S&P delegation acknowledged the government’s commitment to economic reforms, fiscal discipline, debt sustainability and macroeconomic stability.

Officials also briefed the delegation on ongoing reforms in taxation, the energy sector, state-owned enterprises, privatization, governance and public financial management, saying the measures were aimed at strengthening the economy and improving international investor confidence.