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Aurangzeb: Private Sector to Drive Country’s Progress, Bureaucrats Should Step Back

Aurangzeb: Private Sector to Drive Country's Progress, Bureaucrats Should Step Back

Finance Minister Muhammad Aurangzeb underscored the significant role of the private sector in propelling the country’s progress during his address at the Pak-Saudi Investment Conference. He stressed the importance of private business owners taking the lead, suggesting they play a prominent role while ministers and bureaucrats offer supportive assistance in the background.

Aurangzeb expressed confidence in further economic recovery and forecasted that the current fiscal year’s current account deficit would be less than $1 billion. Reflecting on the economic developments over the past 10 months, he highlighted the remarkable growth of the Pakistan Stock Exchange (PSX) and the stability of the Pakistani Rupee (PKR) during this period.

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Furthermore, Aurangzeb announced the commencement of discussions with the International Monetary Fund (IMF) for a new loan program in the coming days. He also disclosed plans for the privatization of Pakistan International Airlines (PIA) and the outsourcing of the Islamabad Airport, scheduled to be completed by June-July 2024.

Emphasizing the need for long-term solutions to economic challenges, Aurangzeb reiterated the government’s clear strategy in addressing them and attributed the ongoing stability to the federal government’s economic policies.