Islamabad, November 17, 2024 – Federal Finance Minister Muhammad Aurangzeb has projected that Pakistan’s economy could expand to $3 trillion by 2047, a significant leap from its current $300 billion. In a televised statement on Sunday, he attributed this optimistic outlook to the government’s economic discipline and reform efforts under the leadership of Prime Minister Muhammad Shehbaz Sharif.
Aurangzeb highlighted that the government’s policies have stabilized the economy, emphasizing the need for a “Charter of Economy” alongside a “Charter of Environment” to address the twin challenges of environmental degradation and population control. He stressed that these initiatives are crucial for sustainable growth and a secure future.
Aurangzeb noted that the government’s prudent fiscal measures have brought inflation down from a staggering 38% to 7%, while the policy rate has decreased from 22% to 15%. Additionally, Pakistan’s foreign exchange reserves, which once barely covered two weeks of imports, now provide 2.5 months of import cover. These achievements, he said, reflect the government’s commitment to consolidating macroeconomic stability and strengthening the country’s financial standing.
Aurangzeb also mentioned that international financial institutions and credit rating agencies have recognized Pakistan’s economic turnaround, commending the shift from deficits to surpluses. He cited ongoing discussions with the International Monetary Fund (IMF) as part of this progress, focusing on energy reforms, state-owned enterprise (SOE) restructuring, privatization, and public financial management. He underscored the importance of these engagements in building mutual trust and credibility with global partners.
On revenue and taxation, the finance minister reiterated the government’s commitment to strict compliance and enforcement measures, emphasizing that all sectors must contribute their fair share to national development.
Aurangzeb also extended an appeal to political parties, the media, and other stakeholders to unite in support of comprehensive charters on the economy and environment. He urged collective efforts to ensure a prosperous, safe, and healthy future for the nation’s younger generations.
The government, he concluded, remains dedicated to leveraging the hard-won macroeconomic stability to drive long-term growth and development, setting a clear path for achieving the ambitious economic targets for 2047.
