Finance Minister Aurangzeb promises economic reforms in meeting with ADB

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has reaffirmed the government’s commitment to implementing its reform agenda and meeting structural benchmarks to lend permanence to macroeconomic stability, promote inclusive, sustainable growth and end Pakistan’s reliance on external borrowing.

He made it clear that the only way this goal could be successfully achieved was by changing the “DNA of the economy” by moving it from away its usual boom-and-bust cycles and leading it to a sustained export-led growth encouraging investment and FDI flows into export-oriented sectors and getting access back to the international capital market.

He made this observation during a meeting with a high-level delegation from the Asian Development Bank that called on the Minister at Finance Division today.

The visiting delegation was led by Donald Bobiash, Executive Director of Asian Development Bank and Mr Shigeo Shimizu, Executive Director Asian Development Bank while Yong Ye, Country Director Asian Development Bank and other senior officers from the ADB and Finance Division were also present.

Senator Muhammad Auragzeb welcomed the delegation and shared with them a roundup of ongoing structural reforms and the resultant growth trajectory and improvement in key economic indicators.

He particularly highlighted an efficient management of twin deficits backed by buoyant remittances and healthy exports, a steep fall in inflation from a 38 per cent high of last year to a 44-month low of 6.9 per cent in September last, and reduction in the policy rate by 450 bps with expectations of more cuts in coming months.