ISLAMABAD: Pakistan is set to increase its exports to $60 billion within the next five years, announced Federal Finance Minister Muhammad Aurangzeb in an interview with Saudi media, as reported by ARY News.
Key Highlights from the Minister’s Statement
- Over the past 12-14 months, Pakistan has achieved significant economic progress.
- The government has implemented key measures to:
- Control inflation and lower interest rates.
- Stabilize foreign exchange reserves.
- Accelerate privatization of state-owned enterprises.
- Right-size public sector institutions to reduce losses and improve efficiency.
Aurangzeb emphasized that Prime Minister Shehbaz Sharif envisions sustainable economic growth, with the government making strategic efforts to ensure long-term stability. He noted that Pakistan has successfully:
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- Reduced the twin deficits.
- Lowered the current account deficit.
- Achieved a fiscal surplus.
Boosting Regional Trade & Foreign Exchange Reserves
- The government is working to increase Pakistan’s share in regional trade, which will further support economic expansion and exports.
- Pakistan’s total foreign exchange reserves stood at $15.86 billion as of February 7, 2025.
- SBP reserves: $11.16 billion (decreased by $252 million due to external debt payments).
- Commercial banks’ reserves: $4.69 billion.
With a clear roadmap for economic development, Pakistan remains optimistic about achieving its ambitious $60 billion export target in the coming years.
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