Finance Minister Muhammad Aurangzeb on Saturday stressed the importance of continuity in the country’s economic policy, saying it should be consistent regardless of the government in power.
Speaking to reporters at the Overseas Investors Chamber of Commerce and Industry (OICCI) in Karachi, Aurangzeb said, “When we talk about the charter of economy, it does not matter which administration comes in … the government’s role is policy framework but even more important is policy continuity.”
The finance minister also urged shifting the economy to an export-led one, stating that every investment and action must be driven by exports.
“We have an import-led economy […] We face a balance of payment problem and run into a boom-and-bust cycle.
“If we want economic growth, then it has to be export-led growth,” Aurangzeb asserted.
Highlighting the importance of privatising loss-making state-owned enterprises (SOEs), he said, “Private sector has to lead this country.”
Aurangzeb said SOEs “cost Rs2.2bn per day” and Rs6 trillion in losses in the last 10 years, adding: “If the private sector runs them, our fiscal balance or imbalance will improve.”
The finance minister said that $2.2 billion of dividends and profits, which had been held back, were repatriated between May and June stating, “We started on a clean slate this fiscal year.”
In September, Planning Minister Ahsan Iqbal had stressed the need for consistent policies to set Pakistan back on the path of growth, lamenting that despite abundant resources, the lack of stability hindered the country’s progress.
