ISLAMABAD: Finance Minister Mohammad Aurangzeb has announced that inflation in Pakistan has decreased to 3% this month, attributing the decline to ongoing economic reforms.
In an interview with Nikkei Asia, the finance minister highlighted the importance of these reforms, noting that inflation was as high as 38% in May of 2023.
He expressed confidence in continuing with reforms in line with International Monetary Fund (IMF) conditions, emphasising that the 25th IMF program would be the final one.
Aurangzeb stated that Pakistan is focusing on stabilising its export growth model, attracting foreign investment, and re-engaging with global financial markets.
He added that Pakistan is prepared to access China’s financial markets, including plans for issuing yuan bonds and encouraging corporate stock listings in Hong Kong.
The finance minister also anticipates the initial issuance of Panda Bonds by the end of this fiscal year. Additionally, he expects an improved credit rating for Pakistan, with expectations of a ‘B’ rating from global agencies.
Aurangzeb further expressed interest in potential joint listings of Pakistani-Chinese ventures in Hong Kong, with further listings planned for Pakistani companies.
Highlighting the importance of China-Pakistan Economic Corridor (CPEC), he underscored that the initiative is pivotal for strengthening bilateral relations, serving as a flagship project of the Belt and Road Initiative. He stressed that CPEC remains crucial for the country’s development.
The finance minister assured that Pakistan continues to maintain high-level security for Chinese citizens and all foreigners, ensuring their safety amid ongoing projects.
