ISLAMABAD, Aug 22 (Alliance News): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, announced on Thursday that Pakistan has achieved macroeconomic stability, with all key economic indicators showing positive trends.
Speaking at the inaugural ceremony of the Buna-Raast Connectivity Project Implementation Phase, the minister emphasized that the country is currently on a path of sustainable economic growth, backed by a strong economic foundation.
Minister Aurangzeb highlighted several economic indicators, including foreign reserves, workers’ remittances, policy rates, exchange rates, and revenue collection, all of which are pointing towards growth. He added that foreign investors are increasingly showing confidence in Pakistan’s economy.
“We have two months of import cover, and the exchange rate is stable,” Aurangzeb stated, noting that over the past two months, foreign companies and potential investors have shown interest in investing in various sectors of the economy.
The minister also discussed the government’s focus on the digital economy, stressing the importance of documenting the local economy through digitization. He mentioned that due to prudent economic policies, the country received $3 billion in workers’ remittances in July 2024.
Aurangzeb praised the “Buna-Raast Connectivity Project,” describing it as an exemplary collaboration between Pakistan and the Kingdom of Saudi Arabia (KSA). The project is expected to enhance legal money transactions and further evolve Pakistan’s digital economy.
He also expressed Pakistan’s support for KSA’s Vision 2030, noting that Pakistan has learned valuable lessons from this economic vision to achieve sustainable growth.
Buna, operated by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO) under the Arab Monetary Fund (AMF), enables financial institutions and central banks in the Arab region and beyond to conduct cross-border payments in local and international currencies safely and transparently. The Raast Instant Payment System by the State Bank of Pakistan (SBP) is a key component of this initiative, offering a secure, fast, and free payment option that aligns with international standards.
