Pakistan Eyes Sustainable Growth: Aurangzeb
He said exporters were being provided refinancing at a rate of 4.5%, despite the policy rate standing at 11.5%.
Federal Minister for Finance Senator Muhammad Aurangzeb has said Pakistan is moving towards a sustainable economic growth model, with rising remittances and increasing IT exports providing support to the country’s current account.
The 9th edition of Leaders in Islamabad Business Summit, organised by Nutshell Group, was held in Islamabad on Thursday under the theme “The Next Move.” Federal ministers, representatives of international organisations and heads of leading Pakistani companies attended the event.
The summit featured six sessions with participation from leaders of international institutions and senior industry representatives. Discussions covered a wide range of issues, including geopolitics and the economy, business, technology and the competitive landscape, artificial intelligence (AI), digital transformation, capital and finance.
During the summit, all distinguished speakers were presented with “Syed Babar Ali: A Centennial Tribute,” a book authored by Nutshell Group Founder and Chairman and former Investment Minister Muhammad Azfar Ahsan.
In his welcome address, Azfar Ahsan said the conference was being held for a better future for Pakistan.
“Pakistan is currently in an important position. Everyone is talking about Pakistan, and the world wants to know what Pakistan’s next move will be,” he said, stressing the need to plan for the next 25 years.
Addressing the inaugural session, Finance Minister Muhammad Aurangzeb said Pakistan’s economic recovery journey was continuing, with improvements recorded in large-scale manufacturing.
He said a sustained increase in remittances and growth in IT exports had benefited the current account.
Aurangzeb described the issuance of a $3 billion bond as a milestone for Pakistan, saying the country had regained access to global capital markets after four years. He said the response to the bond was twice the targeted volume, while strong interest from Asian investors reflected confidence in Pakistan.
The finance minister said Pakistan was moving away from aid-based relationships towards trade and investment-led ties, adding that a clear direction had been set for export-oriented economic growth.
He said exporters were being provided refinancing at a rate of 4.5%, despite the policy rate standing at 11.5%. Measures were also being taken to make traditional export sectors more competitive, he added.
