Finance Minister Highlights Dollar Shortage Issue in Pakistan’s Import-Led Economy
Finance Minister Senator Muhammad Aurangzeb discussed the challenges of a growing economy in Pakistan, stating that once the growth rate exceeds 4%, the country faces a shortage of dollars due to its reliance on imports. He emphasized the need for a shift towards an export-led economy to address the balance of payment issues.
Aurangzeb commended the government’s efforts to improve economic indicators, citing a significant increase in exports and a decline in inflation. He also mentioned the government’s focus on reducing the size of the federal government and implementing tax reforms to boost revenue collection.
The minister outlined the steps taken to encourage private sector lending and attract foreign investments, highlighting the positive impact on the economy. He stressed the importance of implementing tough decisions to ensure sustainable growth and address challenges like population growth and climate change.
Overall, Aurangzeb expressed optimism about Pakistan’s economic prospects and emphasized the need for continued reforms to drive long-term growth.