Caretaker Finance Minister Dr Shamshad Akhtar has said that the Pakistan economy is expected to grow by 2-2.5% in the ongoing fiscal year.
“Despite challenges, there is a significant progress in macroeconomics, exchange rates, and financial stability. Growth is to rebound into the positive trajectory in the range of 2-2.5%, with agriculture expected to grow by 5.6%, and industry by 2.5% this fiscal year,” she said.
The projections were made during Dr Akhtar’s keynote address via video link at the IPO Summit-2024 in Karachi.
She said that despite the Federal Board of Revenue (FBR) “struggles to launch additional reforms”, the tax collection target is projected to touch Rs10 trillion.
The interim minister said that owing to adopting austerity measures, the government has managed to generate a primary surplus, and the “substantial deficit on the current account itself has turned to a surplus thus far”.
“Until and unless you have two of these accounts manageable, the fiscal and current account, we will not be able to reduce the interest rates,” she said.