News Desk
ISLAMABAD:
Days after pressure from the business community and launching of the five-year plan, Finance Minister Muhammad Aurangzeb on Monday ruled out the possibility of “accelerating” economic growth and preferred stability over debt-led growth model.
Meanwhile, the Governor State Bank of Pakistan Jameel Ahmad urged the government to expedite critical structural reforms to avoid any pressure on foreign exchange reserves and spend more on quality health and education.
Pakistan’s key economic wizards – the Finance Minister and the central bank Governor – made the policy statements during a meeting of the Senate Standing Committee on Finance. They underscored their commitments to the solid and sustainable economic growth irrespective of the rate.
“Let it be clear to everyone that irrespective of how much pressure is put on me, I will not accelerate the economic growth”, said Muhammad Aurangzeb.
The minister’s statement came days after he held meetings with the business community in Karachi and Lahore and the launching of the five-year economic plan with the title of Uraan Pakistan. The sources said that the business community pressurized the country’s key decision makers to let the economy grow.
“We will not do anything which can cause a balance of payment problem and the government remains committed to the IMF programme”, said the finance minister when the PTI legislators inquired about plans announced under the Uraan Pakistan plan.
The Leader of the Opposition in the Senate Shibli Faraz had asked about the veracity of the claim made under the Uraan Pakistan plan, which the prime minister launched last week with a goal to achieve 6% annual growth rate by 2029.
“Despite 0.92% economic growth rate in the first quarter, I will not accelerate the growth”, Aurangzeb clarified. He said that the only sustainable growth is the one that can be achieved by enhancing exports.
