CPEC phase-II gains momentum, economic progress, FinMin Muhammad Aurangzeb

Islamabad/Beijing: Pakistan’s Finance Minister, Muhammad Aurangzeb, in a recent interview with Chinese media, stated that the country has made significant progress on the economic front and that the second phase of the China-Pakistan Economic Corridor (CPEC) is advancing steadily.

He highlighted that the inflation rate in Pakistan has dropped to single digits (below 10%), which he termed as a vital sign of economic stability. The minister noted that a decline in inflation, improvements in policy rates, and stabilization of foreign exchange reserves have all contributed to a notable improvement in the country’s economic outlook.

According to Aurangzeb, Pakistan’s current foreign exchange reserves are sufficient to cover two and a half months’ worth of imports — a positive indicator of economic resilience.

The finance minister added that Pakistan’s economic achievements are also being acknowledged on the global stage. He mentioned that three of the world’s major international credit rating agencies have upgraded Pakistan’s credit outlook, reflecting increased investor confidence.

He further stated that Pakistan recorded a 3% GDP growth during the last fiscal year, and the government is optimistic about achieving a 3.5% growth rate by the end of the current fiscal year.

Speaking on the CPEC, Aurangzeb revealed that 24 joint projects were recently signed in the Chinese capital, Beijing. These projects include investments in Pakistan’s energy, infrastructure, agriculture, and industrial sectors.

He also noted that new investment opportunities are under consideration, which will further enhance economic cooperation between the two countries.