Finmin says economic recovery remains intact amid regional conflict, assures uninterrupted fuel supply

Minister for Finance and Revenue Senator Muhammad Aurangzeb on Saturday said Pakistan’s economy continued to show signs of recovery despite ongoing regional tensions, citing strong growth in large-scale manufacturing, exports, remittances and foreign investment inflows. Addressing a news conference alongside Minister for Petroleum Ali Pervaiz Malik, the finance minister said the country’s large-scale manufacturing (LSM) sector recorded 11 per cent year-on-year growth in April, while cumulative growth during the first nine months of the current fiscal year stood at 6.5pc. He said the government expected the GDP growth rate to remain close to 4pc during the current fiscal year, compared to 3.1pc last year. Exports have grown by 9pc month-on-month and 14pc year-on-year, driven by value-added textiles, IT and other sectors, he said, adding that the export growth was broad-based. Highlighting overseas inflows, Aurangzeb said remittances reached $3.5 billion in April after touching $3.8bn in March during Ramazan, describing the sustained inflows as a strong vote of confidence from overseas Pakistanis. The finance czar added that inflows under the Roshan Digital Account (RDA) also rose sharply to $320 million in April, the highest monthly volume in the scheme’s history. “This is an investment-led discussion. Overseas Pakistanis are investing in New Pakistan Certificates, real estate and the stock market,” he remarked. The minister further said Pakistan had re-entered international capital markets after four years and recently raised $750 million through a Eurobond issuance despite the ongoing regional conflict. He added that Pakistan was set to access Chinese capital markets for the first time through a Panda Bond next week. “Next week you will hear good news that, for the first time, we will be accessing Chinese capital markets through a Panda Bond,” he said. The finance minister further said the country’s foreign exchange reserves were projected to reach a level equivale