Islamabad: Federal Finance Minister Muhammad Aurangzeb presented the Economic Survey for the fiscal year 2024-25, claiming improvements across various sectors of the national economy.
The Economic Survey 2024-25 was officially launched by Finance Minister Muhammad Aurangzeb, with Chief Economist Dr. Imtiaz Ahmed handing over the survey document to the minister.
During the presentation, the finance minister stated that global GDP growth had declined from 4.5% to 2.8% over the past two years, while Pakistan's growth rate has shifted from negative to positive territory.
He noted that the country has recorded an increase in GDP, which signals economic recovery. Inflation has also seen a sharp decline from 29% to 4.6%.
Aurangzeb highlighted that the policy rate has decreased from 22% to 11%, and the debt-to-GDP ratio has dropped from 68% to 65%.
According to the minister, the country’s foreign exchange reserves have increased, now covering two months of imports. Remittances have also risen by $10 billion over the past two years.
He mentioned that the government has introduced reforms to improve the performance of the Federal Board of Revenue (FBR), with the tax-to-GDP ratio now at a five-year high.
The process of economic recovery will continue beyond 2024 into 2025. The finance minister termed the economic improvement a significant achievement given the global economic landscape.
Aurangzeb credited the IMF's Stand-By Arrangement (SBA) for stabilizing Pakistan’s economic position, noting that Prime Minister Shehbaz Sharif initiated the program while the caretaker finance minister kept it on track.
He emphasized that major reforms typically require two to three years and reaffirmed the government’s commitment to transforming the economic DNA of the country.
The finance minister said notable improvements have been made in governance and recovery within the power sector, with better performance from power distribution companies.
He revealed that State-Owned Enterprises (SOEs) are still running a deficit of Rs. 800 billion, and the government will now seek loans from the private sector on its own terms.
Aurangzeb also mentioned a 16.5% increase in machinery imports, which he termed a positive sign. Overall imports rose by 12% during the current fiscal year.
He further shared that investment through Roshan Digital Accounts by overseas Pakistanis has increased, and the number of individual tax filers has doubled.
An interesting revelation in the Economic Survey was that the donkey population in the country rose by 100,000, reaching 6 million, up from 5.9 million last year.
