Pakistan’s Reforms Aim for Sustainable Export-Led Growth

Finance Minister Muhammad Aurangzeb emphasized that ongoing reforms have the potential to steer Pakistan towards sustainable and export-led development.

Speaking during his visit to Washington for the World Bank and IMF annual meetings, Aurangzeb welcomed recent upgrades by global rating agencies, viewing them as a sign of the country’s improving economic stability. He identified reform and export growth as key priorities for the government.

In an interview with an international broadcaster, the minister highlighted efforts to boost competitiveness, noting that the new tariff regime is expected to encourage industrial growth and lower the cost of raw materials.

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He also pointed to positive trends in critical economic indicators such as the exchange rate, foreign reserves, and inflation. Aurangzeb confirmed that reforms are underway in multiple sectors, including taxation, energy, public institutions, and finance.

Describing the reform agenda as a combination of stability and structural change, the minister expressed optimism that Pakistan could experience an “East Asia moment” by transitioning from an import-dependent economy to one driven by exports.

Aurangzeb further acknowledged strong cooperation with the World Bank and a solid partnership with the United States to support Pakistan’s economic progress.

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Finance Minister Muhammad Aurangzeb announced that the upcoming national budget will be presented by the Tax Policy Office. Speaking at the Pakistan Business Summit in Peshawar, he said this move aims to make tax policies more efficient. He added that the Finance Division will ensure better planning and implementation. The minister also stressed the need for fiscal discipline. He said smart policy decisions will support sustainable economic growth.

Aurangzeb confirmed that Pakistan has paid its $500 million Eurobond on time. The bond matured on September 30, 2025. He said this repayment shows the government’s commitment to meeting its financial obligations. Pakistan must now prepare to pay another $1.3 billion Eurobond in April 2026. However, he assured that the country is in a stronger position. This planned repayment is already under consideration.