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Union Minister for Finance and Revenue, Senator Mohammad Aurangzeb, on Thursday said that the countries have achieved microeconomic stability and all economic indicators are showing positive trends.
He said that the country is currently in a stage of economic stability and the government will rely on a good economic foundation to embark on a path of sustainable economic growth.
Union Minister for Finance and Revenue, Senator Muhammad Aurangzeb made the remarks while speaking at the launch ceremony of the implementation phase of the Buna-Rast connectivity project.
He said all economic indicators including foreign exchange reserves, workers’ remittances, policy rate, exchange rate, tax revenues and twin deficits like current account are showing positive trend driving economic growth, adding that foreign investors are confident about Pakistan’s economy.
“We have two months’ import coverage and the exchange rate is stable,” Aurangzeb said.
He said that over the past two months, foreign companies and potential investors have shown interest in investing in various sectors of the economy.
The minister said the government is working on the digital economy and through the digitalization of the economy, “we prioritize recording the local economy.”
He said the country received $3 billion in workers’ remittances in the last month of July 2024, thanks to the government’s prudent economic policies and through reforms and administrative measures.
He said the government has prioritized tax and energy reforms, along with all structural reforms to achieve sustainable economic growth in the country. The minister said the ‘Buna-Rast Link Project’ is a demonstration project between Pakistan and the Kingdom of Saudi Arabia (KSA) and a huge source of legal currency transactions and a developed digital economy in the country.
He said Pakistan also endorsed the Vision 2030 of the Saudi Arabian government and has learnt lessons from this economic vision to achieve sustainable economic growth in Pakistan.
Buna is a cross-border payment system operated by the Arab Regional Payments Clearing and Settlement Organisation “ARPCSO”, which is owned by the Arab Monetary Fund “AMF”. Buna aims to enable financial institutions and central banks in the Arab region and beyond to send and receive payments in local currencies as well as major international currencies in a secure, cost-effective, risk-controlled and transparent environment. Buna offers participants a modern payment solution that complies with international standards, principles and compliance requirements.
Raast SBP’s “Raast” instant payment system is a transformative initiative, built on the state-of-the-art international standard ISO 20022, which promises to provide customers with a simple, free, fast, interoperable and secure payment option.
In February 2022, SBP launched Raast’s second use case, person-to-person (P2P) payments. To date, customers have created approximately 34 million RAAST IDs and executed over 270 million transactions totaling approximately PKR 5.5 trillion (approximately USD 19 billion).
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