Islamabad September 15 2023: Dr. Shamshad Akhtar, the Caretaker Federal Minister for Finance, Revenue, Economic Affairs, and Privatization, stated on Friday that the country’s economy was displaying signs of improvement due to the caretaker government’s efforts.
During a press conference, she highlighted the positive macroeconomic indicators, indicating the early stages of economic recovery. She was joined by Caretaker Minister for Information and Broadcasting, Murtaza Solangi, and Caretaker Minister for Energy, Power, and Petroleum, Muhammad Ali.
Dr. Akhtar pointed out the decline in the Consumer Price Index (CPI) from over 38 percent in May to 27.2 percent as an important indicator of progress. She acknowledged that the caretaker government had inherited various challenges but was determined to address them methodically. Their strategy involved prudent management of challenges, expenditure control, and revenue enhancement to improve the economic situation.
The finance minister mentioned improvements in productive sectors, particularly agriculture, which was expected to yield a positive impact on economic growth. She also noted growth in the industrial sector, especially in the cement industry, and highlighted the importance of the services sector, which is interconnected with every other sector.
Dr. Akhtar commended the State Bank of Pakistan (SBP) for maintaining a stable interest rate, which would lower borrowing costs for industries and aid in their revival. She mentioned discussions with donors and expected around $2 billion in assistance on a fast-track basis, particularly from the Asian Development Bank (ADB) under the Revitalizing Informal Settlements and their Environments (RISE) program.
The government’s focus was on implementing reforms beneficial to the people and attracting Foreign Direct Investment (FDI). Initiatives were underway to enhance FDI and ensure self-sustaining growth. Additionally, efforts were being made to improve remittances through formal channels, with Rs80 billion allocated for this purpose.
Dr. Akhtar also highlighted the stability in foreign exchange reserves and the stabilization of the rupee through Exchange Companies Reform and anti-smuggling operations. She mentioned the operationalization of the export-import bank and emphasized that various initiatives were in progress to bring about positive changes in the country.
