In a recent statement, the Ministry of Finance has reaffirmed its commitment to pursuing reforms aimed at stabilizing Pakistan’s economy and steering it towards sustainable growth.
The Ministry strongly refuted the claims made by renowned economist Atif Mian regarding the state of Pakistan’s economy, deeming them unfounded.
According to the Ministry of Finance, the country is currently weathering economic challenges and is determined to overcome them successfully.
Highlighting the significant reforms implemented over the past nine months, the Ministry emphasized measures such as adjustments in market exchange rates and interest rates, midyear tax reforms to improve the fiscal position, the imposition of levies on petroleum products, and the non-monetization of the fiscal deficit. All these steps were taken as part of the International Monetary Fund (IMF) program. The Ministry expressed disappointment that, despite these actions, a staff-level agreement has yet to be reached, causing a delay in the release of the 9th review tranche.
Furthermore, the Ministry of Finance stated that the current account deficit had been reduced from a peak of $17.5 billion to $3.2 billion. This achievement reflects the efforts made to leverage the economy’s inherent strengths rather than relying on external resources.
The Finance Ministry expressed confidence in a significant economic turnaround, particularly with the anticipation of political stability on the horizon.