Islamabad: Finance Minister Muhammad Aurangzeb has announced that Pakistan has made significant progress in achieving macroeconomic stability. In a recent interview with CGTN America, Aurangzeb emphasized that the nation’s currency remains stable, and its foreign exchange reserves are robust enough to cover two and a half months of imports.

According to Radio Pakistan, Aurangzeb highlighted that inflation rates are currently in the single digits, and the policy rate has been significantly reduced. He noted that this economic performance has led global rating agencies to upgrade Pakistan’s credit outlook.

When discussing Pakistan’s relationship with China, the Finance Minister described it as a longstanding and ironclad friendship. He elaborated on the second phase of the China-Pakistan Economic Corridor (CPEC), which focuses on enhancing bilateral trade and promoting investments in sectors such as minerals and mining, agriculture, artificial intelligence, and information technology.

Aurangzeb also mentioned that the second review under the International Monetary Fund’s (IMF) Extended Fund Facility had been completed in Islamabad, resulting in a staff-level agreement. The IMF management has shown continued confidence in Pakistan’s reform agenda, which targets structural adjustments in taxation, energy, public finance, and privatization.

He further explained that Pakistan’s improved macroeconomic fundamentals have allowed the country to regain access to international commercial markets after over two years. The government has secured borrowing from Middle Eastern banks and plans to issue its inaugural Panda Bond by the year’s end. Aurangzeb noted that Pakistan had successfully repaid a $500 million Eurobond in September and is well-prepared to meet a $1.3 billion repayment due in April next year.