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Federal Finance Minister Highlights Economic Growth and Stability Achievements
Finance Minister Aurangzeb announces economic recovery with a current account surplus, 35% rise in remittances, and 6-year low inflation.
ND
by News Desk
2024-12-18
Federal Finance Minister Highlights Economic Growth and Stability Achievements

Federal Finance Minister Muhammad Aurangzeb has emphasized that both economic growth and stability are top priorities for the government. Speaking to the media, he shared several positive developments in the country’s economy, which he believes signal a path toward long-term stability.

Current Account Surplus and Remittance Growth

Aurangzeb highlighted that November marked a significant achievement as the current account surplus reached its highest level in 10 years. He also pointed out that remittances saw a remarkable 35% increase, bringing the total to a projected $35 billion. The increase in remittances is viewed as a critical factor for supporting the country’s foreign exchange reserves and overall economic health.

Positive Trends in Exports and Inflation

The finance minister also noted a positive trend in the export sector, further reinforcing the government's economic recovery efforts. Additionally, he announced that inflation had dropped to 4.9% in November, the lowest it has been in six years. "Inflation directly affects the common man," he said, pledging to ensure that the benefits of this reduction would be passed on to the public.

Reduced Interest Rates and Increased Business Confidence

The minister also spoke about the decision by the State Bank of Pakistan to reduce interest rates for the fifth consecutive time. With the rate now at 13%, Aurangzeb believes this move will contribute positively to economic growth. He also emphasized that the reduced interest rates had significantly boosted business confidence, further promoting investment and economic activity.

Commitment to Economic Stability

Aurangzeb concluded by reaffirming the government’s commitment to ensuring both short-term recovery and long-term economic stability. Through measures like the reduction in inflation and interest rates, as well as fostering an environment conducive to business growth, the finance minister expressed optimism for continued progress in the country’s economic landscape.

 

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