Pakistan has potential to become major economic player: Dr Akhtar

Caretaker Finance Minister Dr Shamshad Akhtar has said that Pakistan has the potential to become a major economic player and its economy can reach up to $2 trillion by 2047.

“According to a World Bank report, the economy of Pakistan can reach up to $2 trillion by 2047, from $350 billion today,” she said while addressing The Future Summit (TFS) in Karachi on Thursday.

The finance minister said Pakistan needs the formulation and implementation of sound economic and sector route policy and determination to pursue challenging structural reforms.

“Pakistan needs more innovation and diversity in the economic structure for sustainable growth,” she added.

Last week, Akhtar said the Development Finance Institutions (DFIs) having requisite expertise, efficiency, and flexibility can be the potential drivers of growth and development of the capital market.

She stated this while chairing a meeting with the Chairman Securities and Exchange Commission of Pakistan (SECP) and the heads of DFIs to review the progress made by the DFIs on the establishment of a Private Equity and Venture Capital (PE & VC) Fund.

The DFIs while re-affirming their commitment also apprised the finance minister about the progress and impediments faced in the process.

Pakistan Wednesday reached a staff-level agreement with the International Monetary Fund on the first review of a short-term bailout programme, paving the way for unlocking $700 million.

The state, currently under a caretaker government, has taken several fiscal measures to avert a looming economic crisis, including increasing petrol levy, applying more taxes, and making major changes in the power sector.