State Minister Bilal Azhar Kayani Outlines Economic Recovery and KCCI Support

English Translation

Addressing the business community at the Karachi Chamber of Commerce and Industry (KCCI), State Minister for Finance Bilal Azhar Kayani emphasized that the government views the private sector's support as a cornerstone for national economic progress.

Labeling Karachi the economic jugular vein of Pakistan, the Minister stated that his visit aimed to eliminate obstacles hindering industrial growth. He noted that since February 2024, strategic government interventions have led to a noticeable decline in inflation and a strengthening of foreign exchange reserves.

Kayani highlighted that the agreement with the IMF has significantly stabilized the economic landscape, contrasting it with past trends where foreign reserves depleted despite GDP growth. He also commended the Roshan Digital Accounts as a testament to the trust overseas Pakistanis place in the current economic trajectory.

Responding to questions regarding Saudi deposits, the Minister shared that the annual rollover period for the $2 billion deposit has been extended to three years. He assured stakeholders that Pakistan is fully capable of meeting its external debt obligations and that current reserve levels remain sustainable.

Regarding international markets, he informed the traders that Pakistan has successfully returned to the Eurobond market after a four-year hiatus. He concluded by stating that regional stability and a potential ceasefire in global conflicts would benefit the domestic economy, with future policies focusing on long-term sustainability.