ISLAMABAD, Feb 18 (NNI): Federal Minister for Finance Muhammad Aurangzeb said that Pakistan aims to increase its exports to $60 billion in the next five years.
In an interview with Saudi Arabian media outlet, the minister said that over the past 12-14 months, Pakistan has made significant progress in economic development,
According to minister, the government has taken key decisions to curb inflation and interest rates, stabilize foreign exchange reserves, and accelerate the privatization process.
The government is committed to right-sizing public sector institutions to reduce losses and improve efficiency. This initiative is expected to result in a significant reduction in government expenditures, said Aurangzeb.
He said that PM Shehbaz Sharif envisions sustainable economic growth, and the government is working tirelessly to achieve this goal. Pakistan has successfully addressed twin deficits, reduced the current account deficit, and achieved a fiscal surplus.
The government is also focusing on increasing Pakistan’s share in regional trade, which will help boost exports and promote economic growth. With a clear roadmap for economic development, Pakistan is poised to achieve its export target of $60 billion in the next five years.
It’s worth mentioning here that Pakistan’s total foreign exchange reserves were recorded at US$15.86 billion during the week ended on February 7.
Pakistan’s reserves held by the SBP decreased by US$ 252 million to US$ 11.16 billion during that time, the central bank said in a statement.
During the same period, Pakistan’s net foreign reserves held by commercial banks stood at US$4.69 billion.
“During the week ended on 07-Feb-2025, SBP reserves decreased by US$ 252 million to US$ 11,166.6 million due to external debt repayments,” the SBP added. NNI
