KARACHI ( WNAM REPORT):Federal Minister for Commerce Jam Kamal Khan said Pakistan’s economy has shown continuous improvement over the past three years, citing better macroeconomic indicators and stronger engagement with the private sector.
Speaking to the media after a meeting with the American Business Council (ABC) at the council’s office, the Minister said economic recovery has been ongoing and the situation today is significantly better compared to two-and-a-half to three years ago.
He said Pakistan is currently part of an International Monetary Fund (IMF) programme, which required the government to introduce discipline and take difficult decisions. In the past, he added, it was easier to rely on subsidies and cross-subsidies, but under the IMF framework, several programmes had to be restructured and properly implemented.
Jam Kamal Khan said Pakistan has improved its economic indicators across the board in recent years. He pointed out that the interest rate has come down from 22.5 percent to 10.5 percent, while inflation has declined from 38 percent to single digits. He also said foreign exchange reserves have increased three to four times, and the stock market is performing well.
The Commerce Minister said Prime Minister Muhammad Shehbaz Sharif and his entire team remain in constant contact with the private sector. He added that all joint working groups formed by the government are being headed by representatives from the private sector, reflecting a collaborative approach to economic policy.
Speaking on the occasion, ABC President Akram Wali Muhammad thanked the Commerce Minister and described the meeting as productive. He said the business community is satisfied that Pakistan is moving in the right direction.
Akram Wali Muhammad noted that some time ago there were widespread concerns about a possible default, but such fears no longer exist. He said the American Business Council remains optimistic about Pakistan’s economic outlook.
