Karachi:Finance Minister Muhammad Aurangzeb stated that Pakistan continues to consolidate its macroeconomic gains during his virtual address at the 10th Annual Microfinance Conference.

According to Radio Pakistan, the Finance Minister highlighted that the country's foreign exchange reserves recently reached a historic high of 21.4 billion dollars, sufficient to cover three months of imports. This development signifies a positive trend towards economic stability.

Aurangzeb noted that Pakistan is on a path to growth, with the economy achieving a 3.7 percent growth rate in the last financial year and a projected growth of four percent for the current financial year. He emphasized the government's commitment to sustainable and responsible economic growth, aiming to avoid boom-and-bust cycles and enhance the private sector's role in economic activities.

The Finance Minister stressed the importance of expanding financial access for individuals and communities with limited financial services. In pursuit of this, approximately six billion rupees have been approved, and over two billion rupees distributed to small farmers through a collateral-free financing scheme over the past seven to eight months.

Aurangzeb also underscored the need for stronger cooperation between commercial banks and the microfinance sector to boost financing for small and medium enterprises (SMEs), agriculture, and affordable housing. Additionally, he announced an increase in the export refinance limit from one trillion rupees to 1.5 trillion rupees, with twenty percent of the facility allocated to SMEs.