KARACHI, Apr 30 (APP): The Federal Minister for Finance and Revenue, Muhammad Aurangzeb expressed confidence that the situation evolving at global level after US Tariffs is manageable for Pakistan.
The minister, while addressing the leadership of the business community during his visit to Federation of Pakistan Chambers of Commerce and Industry (FPCCI) here, said that Pakistan already has constructive engagements with US authorities on the sidelines of World Bank and IMF Summer meetings while Prime Minister has also announced to send a high level delegation to the USA for negotiation on tariff issues.
Pakistan’s exports to the USA are around $ 5 billion and the volume of imports from the USA is nearly $ 2 billion while average tariff difference is 3%, he stated and argued that the difference could be balanced with trade of cotton, Soybean and other such commodities.
Referring to a recent visit to the USA, he said that the Pakistani delegation had over 70 fruitful meetings with executives of World Bank, IMF, Asian Development Bank and other multilateral and bilateral partners and think tanks and counterparts from friendly and supporting countries.
Highlighting the turn around in economic conditions and significant improvements in inflation and current account, Aurangzeb said that the current account is expected to remain surplus this fiscal year while expenditures are also under control owing to the efficient role of all stakeholders including the provincial governments.
The finance minister said that steep decline in inflation is a major achievement which allowed a 1000 basis point reduction in the policy rate while the next meeting of the monetary policy committee is due in the next week.
