Citing World Bank report, Finance Minister says Pakistan’s economy can reach $2 trillion by 2047
Caretaker Finance Minister Dr Shamshad Akhtar said Pakistan has the potential to become a major economic player and its economy can reach $2 trillion by 2047.
“According to a World Bank report, Pakistan’s economy can reach $2 trillion by 2047, from $350 billion today,” she said while addressing the Future Summit (TFS) in Karachi on Thursday.
The Finance Minister said that Pakistan needs the formulation and implementation of sound economic and sectoral policy agendas and determination to pursue difficult structural reforms.
“Pakistan needs more innovation and diversity in the economic structure for sustainable growth,” he added.
Last week, Akhtar said that Development Finance Institutions (DFIs) with the required expertise, efficiency and flexibility can be the potential drivers of capital market growth and development.
He stated this while chairing a meeting with the Chairman of the Securities and Exchange Commission of Pakistan (SECP) and heads of DFIs to review the progress made by the DFIs on setting up a Private Equity and Venture Capital (PE & VC) Fund.
The DFIs, reaffirming their commitment, also briefed the Finance Minister on the progress and obstacles facing the process.
Pakistan on Wednesday reached a staff-level agreement with the International Monetary Fund on the first revision of a short-term bailout, paving the way for the release of $700 million.
The state, currently under a caretaker government, has taken several fiscal measures to avert a looming financial crisis, including an increase in the petrol levy, more taxes and sweeping changes to the electricity sector.
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