ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb was called on by a delegation from British International Investment (BII) Board at the Finance Division on Friday.

The meeting was attended by CEO BII Nick O’Donohoe, Chairperson Diana Layfield, MD & Head of Asia Srini Nagarajan, Regional Director South Asia Habib Yousaf, Development Directors Alex Woods & Jo Moir, Senior Economic Advisor Louie Dane and officials from the Finance Division.

The Finance Minister extended a warm welcome to the delegation and provided an overview of Pakistan’s improving economic landscape including GDP growth rate of 2.4% for FY 24, which is expected to improve to about 3.6% in FY 25, buildup of foreign exchange reserves to USD 9.4 billion, revived confidence of investors in the capital markets and decrease in CPI inflation at 12.6% in June 2024, and increase in foreign remittances by 7.7% as compared to last year.

He highlighted the successful completion of 9-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) and the government’s commitment to achieve sustainable economic growth in future under a fund supported medium term programme, negotiations for which are under way.

Copyright Business Recorder, 2024