LAHORE: Global conflicts could affect the prices of essential commodities, Finance Minister Muhammad Aurangzeb warned Saturday, as he said the country’s economic recovery was continuing despite uncertainty in the global economy.
Addressing a ceremony in Lahore, Aurangzeb said the government was providing investors with all possible facilities, adding that international investors were considering Pakistan alongside other markets. Investors from Europe and the United States have also shown interest in Pakistani bonds, he said.
He said the government was pursuing reforms to improve the tax system and broaden the tax base while encouraging private-sector participation in economic growth.
Aurangzeb said the government had sought to ensure that people in Pakistan did not have to queue for petrol, as had happened in some other countries. The government had provided targeted subsidies, he said, arguing that owners of large vehicles did not need such support.
The finance minister said work was underway to meet the country’s energy requirements for winter, including ensuring adequate supplies of gas and liquefied natural gas (LNG). He said Pakistan had avoided energy shortages and that supplies of crude oil and other energy sources remained satisfactory.
Aurangzeb said Pakistan’s heavy reliance on imports had contributed to balance-of-payments crises in the past. However, after four to five years of efforts, the country’s credit rating had returned to the “B” category, he added.
He expressed confidence that Pakistan’s remittances would reach $44 billion in the current fiscal year. Despite concerns that the war could reduce remittance inflows, the country had recorded an increase, he said.
