Pakistan Reaffirms Commitment to Export-Led Economic Growth

Pakistan's Finance Minister Muhammad Aurangzeb has reiterated the government's focus on achieving sustainable and export-led economic growth.

 The minister made these remarks at a workshop on 'Reforms for a Modern and Growth-Friendly Tax System' in Islamabad, Radio Pakistan, the state broadcaster, said in a statement.

Aurangzeb expressed optimism about Pakistan's economic trajectory, stating it is moving in the right direction.
He emphasized the government's resolve to maintain economic stability and avoid a repeat of the past boom-and-bust cycle.

The minister highlighted several positive economic indicators, including a 22-year low fiscal deficit and three consecutive years of primary surpluses.

 
The Federal Board of Revenue's tax-to-GDP ratio has risen from 8.8% to 10.3%, with tax revenues growing by 40% over the last two fiscal years.

Aurangzeb identified taxation as a critical component of the government's structural reform agenda, alongside energy sector reforms, state-owned enterprise restructuring, and public finance adjustments.

He also noted that Pakistan's foreign exchange reserves have reached a historic high, covering approximately three months of imports.

IMF's Jihad Azour acknowledged Pakistan's progress toward macroeconomic stability and rebuilding confidence.
He emphasized the need to translate this stability into stronger, more durable economic growth.

The IMF is committed to supporting Pakistan in building a more productive economy led by a stronger private sector.

Pakistan's economic growth has been a key focus area for the government in recent years.
The country has faced significant economic challenges, including high inflation and a large trade deficit.
A stable and growing economy is crucial for Pakistan, with a large and rapidly growing population.

The government's commitment to export-led growth is seen as a key strategy for achieving sustainable economic growth and reducing the country's reliance on imports.