Pakistan's Economic Revival: A New Dawn?

Pakistan's Finance Minister Muhammad Aurangzeb highlighted significant progress in achieving macroeconomic stability through structural reforms, confirmed by a recent IMF agreement. The government is prioritizing long-term growth, improving investor confidence, tax reforms, and a shift to a cashless economy. Power sector reforms have also reduced electricity costs.

Pakistan's Finance Minister Muhammad Aurangzeb announced on Monday that the country is steering towards economic recovery following structural reforms. At a joint press conference, Aurangzeb highlighted progress verified by a recent IMF agreement, marking a step towards macroeconomic stability and investor confidence.

The minister emphasized the government's commitment to sustainable growth through reforms in taxation, energy, and state-owned enterprises. Notable results include improved credit ratings and increased foreign direct investment, as evidenced by the repatriation of over USD 4 million in profits and dividends.

Power Minister Awais Leghari shared plans to operationalize the Competitive Trading Bilateral Contract Market, aimed at reducing electricity costs. Meanwhile, advancements in tax-to-GDP ratios and privatization efforts signify a broader shift towards financial modernization and stability in Pakistan's economy.

(With inputs from agencies.)