Stability Done, Job Creation and Growth Next: Finance Minister

Finance Minister Muhammad Aurangzeb announced that Pakistan has progressed beyond the stabilization phase and is now concentrating on long-term growth, investments, exports, and job creation. During a discussion with Asian Development Bank (ADB) Vice President Yingming Yang, the government's focus shifted towards economic reforms, private sector development, and enhancing access to finance for small and medium enterprises (SMEs).

Yang praised Pakistan's improvement in fiscal management, external account, and economic stability. He also welcomed the recent upgrades in sovereign credit ratings, attributing them to the progress made in economic reforms.

Aurangzeb mentioned that the next step for the government is to transform economic stability into sustainable and inclusive growth by boosting investments, increasing exports, generating employment, and fostering private-sector participation. He also addressed the efforts to enhance financing for SMEs and assist them in joining global value chains.

Both parties spoke about broadening ADB support beyond government financing, covering private-sector operations, public-private partnerships, and SME value-chain financing. They also reviewed cooperation in infrastructure, transportation, clean energy, water management, climate resilience, and measures to improve project preparation and implementation.

Yang reiterated ADB's backing for Pakistan's reform agenda and indicated readiness to increase assistance for private-sector development and other priority areas. The conversation also touched upon pension reforms, institutional strengthening, and existing and planned ADB policy-based programs aimed at promoting structural reforms and long-term economic growth.