Islamabad: Pakistan's economy has demonstrated resilience and stability despite challenging geopolitical conditions and ongoing regional tensions over the past two months,
According to Radio Pakistan, Finance Minister Muhammad Aurangzeb conveyed this message during a joint news conference with Minister for Petroleum Ali Pervaiz Malik in Islamabad.
Muhammad Aurangzeb reported that Pakistan's Large-Scale Manufacturing sector experienced an 11 percent year-on-year growth in April, with a cumulative growth of 6.5 percent during the first nine months of the fiscal year. He expressed optimism that the country's GDP growth would approach four percent during the current fiscal year, an increase from the 3.1 percent recorded last year.
The Finance Minister highlighted the performance of the external sector, noting that exports increased by nine percent month-on-month and 14 percent year-on-year. This growth was driven by strong contributions from value-added textiles, information technology, and other sectors, reflecting a broad-based economic recovery.
Workers' remittances remained robust, reaching 3.5 billion dollars in April, following 3.8 billion dollars in March. Aurangzeb emphasized the growing confidence of overseas Pakistanis in the economy, as evidenced by the increased inflows through the Roshan Digital Account initiative. These inflows rose from around 200 million dollars to 260 million dollars in March, and further surged to a historic 320 million dollars in April.
Aurangzeb also noted that Pakistan regained access to international capital markets after four years, successfully raising 750 million dollars through Eurobonds despite regional conflicts. He announced plans for Pakistan to enter Chinese capital markets with a Panda Bond issuance.
Regarding foreign exchange reserves, the Finance Minister expressed optimism that reserves would reach approximately 15 billion dollars by the end of next month, providing three months of import cover.
Addressing recent fuel price adjustments, Aurangzeb emphasized the government's commitment to protecting vulnerable segments of society, introducing targeted subsidies for motorcyclists, public transport, and small farmers in collaboration with provincial governments.
Minister for Petroleum Ali Pervaiz Malik acknowledged the government's efforts to protect consumers and ensure uninterrupted fuel supplies despite high international oil prices. He recognized the support from friendly countries like Saudi Arabia and Kuwait in facilitating petroleum supplies amid challenging times.
Both ministers reaffirmed the government's dedication to economic stability, energy security, and public relief measures, while expressing hope for the early restoration of peace and stability in the region.