Finance Minister Mohammed Aurangzeb emphasized the importance of leveraging Pakistan’s improving economic position to achieve enduring macroeconomic stability. His remarks came during the launch of the ‘Pakistan Economy Dashboard’ on Wednesday.

“We are in a good place economically,” Aurangzeb stated. “However, it is crucial that we leverage this position to ensure lasting macroeconomic stability.”

The Finance Minister highlighted the latest Consumer Price Index (CPI) inflation figures, which have exceeded expectations. Pakistan’s headline inflation dropped to 6.9% year-on-year in September 2024, down from 9.6% in August, according to data from the Pakistan Bureau of Statistics (PBS). This marks the lowest CPI reading since January 2021.

Aurangzeb noted that the government recently rejected all bids, describing it as a “symbolic and important move” that demonstrates the government’s lack of desperation to borrow. “When we borrow, it will be on our terms,” he asserted, urging the banking sector to increase lending to the private sector.

Stressing the need to capitalize on macroeconomic stability, Aurangzeb called for continued structural reforms. “It is a defining moment for the country to pursue these reforms with full rigor and vigor,” he said, adding that successful execution of these reforms is essential for the current International Monetary Fund (IMF) program to be the last.

Pakistan and the IMF reached a staff-level agreement on the Extended Fund Facility (EFF) for approximately USD 7 billion on July 12.

Aurangzeb also highlighted the establishment of the Pakistan Economy Dashboard as a tool to enhance transparency in economic data and decision-making.