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Hong Kong: Finance Minister Muhammad Aurangzeb has emphasized Pakistan’s commitment to sustainable economic growth, revealing plans to shift the nation towards an export-led economy. This strategic pivot comes as the country navigates a phase of economic stabilization.
According to a statement by Ministry of Information and Broadcasting, Aurangzeb shared his insights during an interview with Bloomberg Television at the Asian Financial Forum. He highlighted the government’s plan to introduce Yuan-denominated bonds, known as Panda bonds, within the year, aiming to strengthen national finances and meet the conditions of the International Monetary Fund’s bailout package.
Aurangzeb expressed enthusiasm about engaging with Chinese capital markets, noting a previous oversight in not tapping into these financial avenues. He conveyed optimism about the prospects of integrating Panda bonds into Pakistan’s financial strategy.
The finance minister also addressed the IMF’s upcoming visit, indicating the organization’s focus on broadening Pakistan’s tax base. The government is tasked with increasing the tax-to-GDP ratio from 10% to 13.5%, a goal Aurangzeb believes is essential not only to satisfy IMF requirements but to ensure the long-term fiscal sustainability of the country.
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