Finance Minister Muhammad Aurangzeb stated on Thursday that Pakistan's economy is moving in the right direction as foreign investors express interest in the country. Addressing the media at the Overseas Chamber of Commerce and Industry in Karachi, the finance czar noted that PIA privatisation hit a lot of boxes and received bids of $1.2 billion from two large conglomerates.

"Foreign investors come after local investors express interest. There was no foreign interest in the PIA privatisation," Aurangzeb added, while noting that three Turkish firms are now expressing interest in investing in state-owned power distribution companies alongside Saudi and Turkish interest in privatising the first three discos.

"This is a waterfall that you first bring economic stability, gain confidence of local investors and then the foreign investors come in," he said, adding that a comprehensive plan is being formulated to boost investment. The minister hailed the Federal Board of Revenue for fetching Rs3,066 billion by September 30 against the desired target of Rs3,053 billion, and said the government is seeking export-led economic growth to avoid the boom-and-bust cycle.

Aurangzeb admitted that inflation had been reduced to single digits before rising again amid a surge in global oil rates due to the US-Iran conflict, and stressed the need for political dialogue to ensure economic stability.