Pakistan’s reform momentum can spark an “East Asia Moment”

October 15, 2025 (MLN): Pakistan’s ongoing reform drive and economic liberalization could pave the way for an “East Asia moment” a period of dynamic, export-driven growth inspired by the experience of high-performing Asian economies such as Singapore.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said this in an interview with CNBC during his visit to Washington D.C. to attend the 2025 World Bank Group IMF Annual Meetings, as reported by APP.

He discussed Pakistan’s continued engagement with the IMF and the government’s emerging export-led growth strategy.

The minister highlighted the steady progress Pakistan has made toward macroeconomic stability over the past year, pointing to improvements in currency stability, foreign exchange reserves, inflation, and policy rate alignment.

He noted that the recent upgrades by all three major global rating agencies validate the country’s economic trajectory and reform agenda.

Senator Aurangzeb said Pakistan’s reform momentum was rooted in a balanced approach that links macroeconomic stability with deep structural transformation.

“Macroeconomic stability and structural reforms must go hand in hand,” he emphasized, citing ongoing efforts in taxation, energy, state-owned enterprise restructuring, and public finance as key pillars of this agenda.

Looking ahead, the minister said the government is determined to end the historical cycle of boom-and-bust by moving from an import-led to an export-led growth model.

He underlined the introduction of an ambitious tariff rationalization regime aimed at improving industrial competitiveness, reducing input costs, and supporting export-oriented industries.

Discussing global trade trends, Senator Aurangzeb said Pakistan’s focus was on fostering competitiveness rather than protectionism. “We cannot continue to shield industries indefinitely our priority is to enable industries to compete, grow, and export,” he said.

He also acknowledged Pakistan’s strong partnership with the United States and appreciated the World Bank Group’s continued support for Pakistan’s reform efforts.

The minister reaffirmed Pakistan’s commitment to sustaining reforms, strengthening resilience, and steering the economy toward a sustainable, outward-looking growth path.

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