RIYADH: Pakistan’s Finance Minister Muhammad Aurangzeb has outlined the country’s goal to boost exports to $60 billion over the next five years.
In an interview with a Saudi media outlet, the minister said that over the past 12-14 months, Pakistan has made significant progress in economic development.
He also mentioned that the government has made crucial decisions to reduce inflation and interest rates, stabilise foreign exchange reserves, and speed up the privatisation process.
He noted the government is committed to right-sizing public sector institutions to cut losses and improve efficiency. This initiative is expected to result in a significant reduction in government expenditures, said Aurangzeb.
The minister said Pakistan has successfully addressed twin deficits, reduced the current account deficit, and achieved a fiscal surplus.
He went on to say the government is also prioritising the expansion of Pakistan’s share in regional trade, which will help enhance exports and drive economic growth. He added with a well-defined roadmap for economic development, Pakistan is on track to meet its export target of $60 billion within the next five years.
Additionally, it is important to note that Pakistan’s total foreign exchange reserves stood at US$15.86 billion for the week ending February 7.
The State Bank of Pakistan in a statement said Pakistan’s reserves decreased by US$ 252 million to US$ 11.16 billion during that time.
During the same period, Pakistan’s net foreign reserves held by commercial banks stood at US$4.69 billion.
“During the week ended on 07-Feb-2025, SBP reserves decreased by US$ 252 million to US$ 11,166.6 million due to external debt repayments,” the SBP added.
