ISLAMABAD: Pakistan’s Federal Finance Minister, Muhammad Aurangzeb, has stated that achieving the 4% growth target for the current fiscal year has become “difficult” following the recent floods.
In an interview with Chinese media, the minister highlighted significant recent economic achievements. He noted improvements in foreign exchange reserves, which are now sufficient for 2.5 months of imports. Crucially, he pointed out that the inflation rate has successfully been brought down to a single-digit figure, providing relief to the public.
Aurangzeb emphasized that these economic successes have been acknowledged globally. He noted that three major international rating agencies have improved Pakistan’s credit rating, reflecting growing stability.
While the country’s GDP grew by 3% last fiscal year, the ambitious 4% target for this year is now under pressure. Despite the flood’s impact, the finance minister expressed optimism, stating, “We are hopeful that we will achieve a 3.5% growth rate” for the current fiscal year. He also added that significant progress is being made in the second phase of CPEC, with new investment opportunities from China under discussion.
