Pakistan has made significant progress in economic stabilization over the past year, FinMin Muhammad Aurangzeb
Finance Minister Muhammad Aurangzeb stated in an interview with CNBC during the 2025 Annual Meetings of the World Bank and IMF that ongoing structural reforms in Pakistan have the potential to set the country on a path of rapid and sustainable growth, similar to the “East Asia Movement.”
The minister highlighted that Pakistan has made significant progress in economic stabilization over the past year, evidenced by improvements in key economic indicators such as foreign exchange reserves, currency value, inflation rate, and interest rates. He added that all three major global rating agencies have given positive assessments of Pakistan’s economy, underscoring the success of these reforms.
He emphasized that the government’s focus is not just on short-term economic stability but on laying the foundation for long-term, sustainable, export-led growth through comprehensive structural reforms. Central to this vision are tax reforms, improvements in the energy sector, restructuring of state-owned enterprises, and enhancing transparency in fiscal management.
The Finance Minister Muhmmad Aurangzeb stressed the need for Pakistan to break free from the cyclical pattern of rapid growth followed by economic crises experienced in the past. To achieve this, the government has decided to pivot the economy away from import dependency toward export-driven growth.
He explained that fundamental changes have been made in the tax structure to boost competitiveness in industries, including reductions in duties on raw materials and intermediate goods to promote exports.
The minister stated, “Every country tailors policies to its economic needs, but Pakistan’s primary goal is to promote competitiveness in the global market rather than protectionism. We cannot protect our industries indefinitely; we must bring them to global standards so they can grow and increase exports.”
He acknowledged the United States as a strong partner for Pakistan and thanked the World Bank Group for its support. The Finance Minister assured that the government will continue pursuing reforms to guide the economy toward a strong, sustainable, and export-oriented growth trajectory.
