Pakistan has reached ‘pivotal moment’ of economic recovery: finance minister

Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Monday that the country had reached “a pivotal moment of economic recovery” as he outlined the government’s key achievements during a conference at Harvard University in the US, the [Associated Press of Pakistan (APP) [reported]. The World Bank had predicted Pakistan’s economy to grow by 2.8 per cent during the current fiscal year in its Pakistan Development Update (PDU), released in October last year. However, the Bank last week slightly lowered its growth forecast for the country to 2.7pc for the current fiscal year, citing continued economic stabilisation but persistent constraints from tight monetary and fiscal policies. “After inheriting an economy facing significant challenges —from contracting GDP (gross domestic product) to depleting reserves—we have stabilised the fundamentals, restored confidence, and reignited growth,” the report quoted the finance minister as saying.