Finance Minister Muhammad Aurangzeb credited strict financial discipline and robust coordination between the federal and provincial governments for enabling the achievement of a primary surplus, according to a Finance Ministry statement released on Friday.

Last November, unprecedented profits by the State Bank of Pakistan, driven by the highest-ever interest rates and record petroleum levy revenue — both non-tax sources — have helped the country convert its entrenched budget deficits into a fiscal surplus for the first time in at least 24 years.

The finance minister “credited strict financial discipline and robust coordination between the federal and provincial governments for enabling the achievement of a primary surplus,” the statement said.

Aurangzeb, along with his team, held a Zoom meeting today with representatives of S&P Global Ratings as part of the ongoing Pakistan Sovereign Ratings Review, the statement added.

“During the session, the finance minister presented a detailed overview of the government’s macroeconomic reform agenda and reaffirmed Pakistan’s commitment to achieving sustainable and inclusive economic growth by enhancing productivity and promoting exports, the statement continued.”

He emphasised the continuity of reforms........

© Dawn Business