Positive signs indicate Pakistan’s economic turnaround, says Musadik Malik

Minister for Petroleum Musadik Malik on Sunday said that according to both internal and external economic indicators, the country’s “economy is heading in the right direction”.

In an interview with Geo News programme Naya Pakistan with Shehzad Iqbal, he said that friendly nations and international economic institutions such as the IMF and World Bank have provided positive signals about Pakistan’s economic trajectory.

He added that internal economic indicators also reflected this optimism, with the stock market breaking records.

“This not only indicates restored external confidence, but also an improvement in internal investor and business confidence,” Malik claimed.

He added that delegations from foreign countries were visiting Pakistan, which demonstrated the stability of the country’s economy.

The petroleum minister underscored the importance of expanding the government’s tax base, noting that the burden currently falls disproportionately on salaried individuals. “Those [who do not pay taxes] will be brought into the tax net, he said.

He also discussed efforts to curb gas and electricity theft, mentioning that a comprehensive plan has been developed to address this issue.

Regarding foreign investment, Malik said that the government will prioritise the private sector.

“I want to make it absolutely clear that this revolution has to be brought about by the private sector. On behalf of the PM, I must say that this shall be led by the private sector,” he said.