ISLAMABAD, Dec. 16 (Xinhua) -- Pakistan's Minister of State for Finance Bilal Azhar Kayani said that the country is focusing on private sector-led and export-driven growth to sustain economic stability.
Pakistan's previous growth cycles have largely been consumption-led, resulting in imports outpacing exports and placing pressure on the external account, the minister said while addressing a press conference on Monday.
For sustained and resilient economic growth, he said that export-led growth is essential and a national target, stressing that enhancing competitiveness, diversifying exports and improving productivity are central pillars of the country's medium-term economic strategy.
Highlighting several initiatives the government has been taking recently to boost industrialization and exports, Kayani said the reforms are being designed to crowd in private investment, strengthen industrial capacity and provide exporters with a predictable policy environment.
Discussing Pakistan's improved economic indicators, the minister stated that inflation during the fiscal year 2025 has declined to low single digits, and foreign exchange reserves have increased significantly.
Also, the country's Federal Board of Revenue collections have recorded a 26 percent growth, and the tax-to-gross domestic product ratio has risen by 1.5 percentage points, from 8.8 percent to 10.3 percent, he added. ■
