Islamabad– Finance Minister Muhammad Aurangzeb pledged on Saturday that Pakistan’s future economic growth will be driven by exports and productivity to ensure long-term, sustainable development.
Speaking at a press conference, Aurangzeb emphasized the importance of expanding exports across various sectors to boost the country’s economy.
The finance minister expressed satisfaction with the recent progress in Pakistan's auto sector, which has started exporting vehicles over the past two months. This development, he said, is a sign of a positive shift towards an export-driven economic model that could lead to increased growth and job creation in the coming years.
“Exports must be prioritized in every sector to stimulate economic growth. The auto sector’s export push is a step in the right direction, and we aim to replicate this success across other industries,” Aurangzeb remarked.
Additionally, the finance minister highlighted a rise in Pakistan’s foreign exchange reserves, driven by strong remittances from overseas Pakistanis. He confidently projected that remittances will reach a record high of $36 billion by the end of the fiscal year, providing significant support to the country’s economy.
“Remittances are a key pillar of our economy, and we are witnessing a remarkable increase. We are optimistic that the remittance flow will continue to strengthen, ensuring the stability of our foreign exchange reserves,” he added.
Aurangzeb also reassured the public that Pakistan’s foreign exchange reserves will reach $13 billion by the end of June, further stabilizing the country’s economic standing. He attributed this improvement to the strong performance of remittances and steady export growth.
The finance minister noted that Pakistan’s export sector has shown resilience with a 7 percent growth in recent months, underscoring the government’s commitment to fostering a more export-oriented economy.
In terms of fiscal performance, Aurangzeb announced a significant increase in revenue collection by the Federal Board of Revenue (FBR). He revealed that the FBR has managed to collect 413 billion rupees from traders, a remarkable increase from the 189 billion rupees collected last year. The minister attributed this rise in revenue to the government's ongoing efforts to expand the tax base and improve tax compliance.
“Revenue collection is expected to increase by 32.5 percent this year. We are focusing on deepening the tax base and reducing tax evasion to ensure a more robust revenue generation system,” Aurangzeb stated.
The finance minister also addressed the ongoing collaboration with the International Monetary Fund (IMF), stating that the government is working on structural reforms to ensure that the current IMF program will be the last one Pakistan will need. He expressed optimism that the IMF’s Executive Board would soon approve the second tranche of $1 billion under the ongoing loan program, which would further bolster the country’s financial position.
“Pakistan is committed to structural reforms that will lead to economic self-reliance, reducing the need for external borrowing in the future,” Aurangzeb concluded.
The finance minister’s comments signal a clear shift toward an export-led growth strategy aimed at boosting productivity and ensuring long-term economic stability. With strong remittances, a focus on export expansion, and improvements in revenue generation, the government is working to strengthen Pakistan’s economic foundation
