Interim Finance Minister Shamshad Akhtar addressed the media in Islamabad on Friday, highlighting the caretaker government’s effective handling of challenges since assuming power.
Minister Akhtar emphasized the government’s prudent approach in managing the nation’s challenges by controlling expenditures and boosting revenue, with the expectation that these measures would lead to an improved situation.
While acknowledging that the signs of economic recovery were in their early stages, Akhtar pointed out that there were discernible indicators of progress.
Notably, she mentioned that the Consumer Price Index (CPI) had declined from 38 percent to 27 percent since May, signifying a significant improvement and raising hopes for price stability in the future.
The minister expressed optimism about the agricultural sector’s performance, stating that it was expected to yield positive results, both in major and minor crop production. She cited data showing improvements in some productive sectors and attributed this to increased economic activity.
Akhtar also praised the vibrant services sector, emphasizing its interconnectedness with other sectors.
Discussing the central bank’s decision to maintain the key policy rate, she noted that this would lower the cost of borrowing for industries, further contributing to economic improvement.
In terms of international cooperation, Akhtar revealed that discussions had taken place with the World Bank, with efforts underway to secure cumulative assistance of up to $2 billion.
She stressed the government’s focus on initiatives to build confidence in Pakistan’s economy and attract foreign direct investment.
The Finance Minister highlighted the government’s actions in cracking down on exchange companies, resulting in the stabilization of the rupee to some extent.
She described this as a positive development and expressed confidence in the government’s ongoing efforts.
Akhtar also touched upon the country’s foreign exchange reserves, characterizing them as stable despite not being exceptionally high.
She reassured that, based on inflow and outflow considerations, the reserves were in a satisfactory condition.
Minister Akhtar emphasized the government’s unwavering commitment to addressing challenges and assured that the results of these efforts would become increasingly evident in due course.
