Islamabad: Food group exports from the country during the first nine months of the current financial year (2023-24) increased by 48.17 per cent as compared to the exports of the corresponding period of last year.

During the period from July-March, 2023-24, food commodities valued at $5.651 billion were exported as against the exports of $3.814 billion in the same period of the last year, according to the data released by the Pakistan Bureau of Statistics.

During the period under review, rice exports increased by 83.37 per cent and over 4.550 million tons of rice worth $2.930 billion were exported as compared to the exports of 2.939 million tons valued at $1.598 billion in the same period of last year, it added.

Meanwhile, the exports of fruits grew by 17.34 per cent and vegetables by 42.79 per cent as 782,155 metric tons of fruits and 906,836metric tons of vegetables valued at $265.655 million and $94.896 were exported during the period under review, the data revealed.

Similarly, the exports of tobacco increased by 19.99 per cent and spices by 19.90 per cent respectively as 16,968 metric tons of tobacco worth $61.576 million and 29,011 metric tons of spices valued at $87.297 million were exported during nine months of the current financial year.

The exports of oil seed and nuts grew by 131.60 per cent, whereas exports of sugar decreased by 74.63 per cent as compared to the exports of the same period of last year, it added.

The country earned $386.928 million by exporting about 93,508 metric tons of meat and meat products as the exports of meat and meat preparations grew by 28.24 per cent during the period under review. Meanwhile, on a year–on–year basis, the food group exports increased by 16.35 percent going up from $ 588.759 million in March 2023 to $ 685.025 million in March 2024.

 On a month-on-month basis, the textile exports, however, decreased by 2.36 percent when compared to the exports of $ 701.565 million in February 2024.

Islamabad: Federal Minister for Finance and Revenue on Friday appreciated the World Bank’s Thought Leadership and its insightful report titled “From Swimming in the Sand to High and Sustainable Growth,” giving a clear roadmap for propelling Pakistan to a High Middle-Income country.

He expressed these views while attending the “Roundtable on Implementing for Faster Results and Greater Impact,” organized by the financial institution on the sidelines of the World Bank Group-IMF Spring Meetings in Washington D.C.

The report laid out a clear roadmap for Pakistan to become a High Middle- Income country by 2047, with the potential for the economy to grow from GDP of over US$ 300 billion to US$ 3 trillion.

It cited that owing to the disruptive effects of the COVID-19 pandemic, Pakistan has diverged from that outlined path, thus, achieving the objective of reaching upper-middle-income status by 2047 will require returning to a path of sustained and focused structural reforms.

The finance minister emphasized that the World Bank’s focus on climate change, digitalization and human development aligned with the government’s priorities. He commended the World Bank’s initiative to launch a single platform to enhance its operational effectiveness.

Meanwhile, the finance minister met with representatives from Moody’s Investor Service and briefed them on Pakistan’s key economic indicators and macro-economic stabilization achieved after entering into a Stand-by Arrangement (SBA) with International Monetary Fund (IMF). He highlighted the government’s key priorities including tax and energy sector reforms, as well as the privatization agenda.

 The finance minister indicated the government’s intention to tap international capital markets, focussing on the Middle East and China, to support Pakistan’s economic growth and development. He also addressed questions related to inflation, foreign exchange reserves, debt repayments, external account vulnerability, and domestic liquidity, expressing confidence in the government’s ability to address these challenges and create an environment conducive to sustainable economic growth.

He hoped that Moody’s Investor Service would upgrade Pakistan’s credit rating soon, reflecting the country’s improved economic fundamentals and the government’s commitment to reforms. He also addressed an important “Roundtable with Investors” and highlighted Pakistan’s stable macroeconomic indicators and outline the government’s reform agenda.

Aurangzeb apprised the investors of Pakistan’s declining inflation rates, stable currency, robust growth in the agriculture sector, strong remittance inflows, rising foreign exchange reserves and a buoyant stock market. These are positive indicators, he said, adding underscored the country’s improved economic outlook. He informed them about the government’s intention to enter into a larger and extended programme with the International Monetary Fund (IMF), building upon the successful Stand-By Arrangement (SBA). He also discussed key priorities of the government around taxation, energy sector reforms and privatization program. The finance minister noted that the World Bank’s focus on climate change, digitalization and human capital development aligned well with government’s priorities.

The participating investors appreciated the government’s efforts to stabilize the economy and expressed keen interest in exploring potential investment opportunities in Pakistan. In a meeting with Saudi Fund for Development (SFD) CEO Sultan Abdulrahman Al-Marshad, Finance Minister Aurangzeb discussed potential avenues for enhanced economic cooperation between Pakistan and Saudi Arabia. During the meeting, he briefed the CEO on his recent visit to Saudi Arabia as well as the recent visit of a high-level Saudi delegation to Pakistan.

Finance Minister commends WB’s blueprint to propel Pakistan to High Middle-Income status Both sides reviewed and expressed satisfaction with the progress of ongoing development projects. The finance minister also discussed funding of ongoing projects including Diamer Bhasha Dam and the N-25 highway from Karachi to Chaman. He assured Pakistan would pitch bankable and investable projects to Saudi investors, highlighting the country’s investment potential and favourable policies.

Finance Minister commends WB’s blueprint to propel Pakistan to High Middle-Income status The finance minister met with UK’s Minister of State for Development and Africa Andrew Mitchell and acknowledged the long-standing relations between Pakistan and the Kingdom rooted in shared history and mutual understanding.

He expressed gratitude for the UK’s support in areas such as education, health, financial management and governance. Aurangzeb briefed him on the favourable economic indicators of the country and priority areas of taxation, energy sector and state-owned enterprise (SOE) reforms, highlighting government efforts to create a conducive environment for foreign investment and economic growth, transparency, and inclusive participation.

He also invited British International Investment (BII) to invest in bankable projects in Pakistan and thanked the UK Minister for planning a visit to Pakistan in August 2024.

Meeting with Citibank officials, the finance minister briefed them on the positive economic indicators including buoyant stock market, renewed interest of foreign buyers and institutional flows on the back of Stand-by Arrangement (SBA) signed with IMF.

Islamabad: Pakistan said the visit of the Foreign Minister of the Kingdom Saudi Arabia was a positive and constructive one.

At her weekly news briefing in Islamabad on Friday (today), Foreign Office Spokesperson Mumtaz Zahra Baloch said, during the visit, both sides engaged in a constructive discussions with the objectives of further developing Pakistan-Saudi Arabia economic and strategic partnership.

She said the Saudi side was very encouraged with the proposals which have been made by Pakistan. She hoped the negotiations on the investment projects will be completed very soon. 

Describing the recent statement of Indian Minister for External Affairs as unfortunate, the Spokesperson said the Indian leaders are engaged in a belligerent rhetoric in complete disregard of international law and diplomatic norms.

Mumtaz Zahra Baloch said these reckless statements should be avoided as these threaten regional peace and security.  She said the diplomat should not advocate unlawful actions.

The Spokesperson categorically said that Pakistan is fully prepared to respond to Indian provocations and irresponsible behavior.  We have always acted responsibly despite their repeated provocations.

Giving the historical background of Jammu and Kashmir dispute, Mumtaz Zahra Baloch said India should faithfully implement the United Nations Security Council's resolutions and work for a peaceful settlement of Kashmir dispute.

Responding to another question, the spokesperson   expressed disappointment over the United Nations Security Council inability to recommend full UN membership for the State of Palestine.  She said Pakistan regrets the US decision to veto the draft resolution.

She said time has come for admission of Palestine to the United Nations. She said this will be a step towards correcting the historic injustice, faced by the Palestinian people for over seventy-five years and will affirm their right to self-determination.  

The Spokesperson said the people of Palestine have inherent right to live in a sovereign, independent and a contiguous Palestinian State with Al-Quds Al Sharif as its capital.