Pakistan mulls to move towards digital currency: Muhammad Aurangzeb

Finance Minister Muhammad Aurangzeb said on Sunday that Pakistan was considering moving towards the digital currency.

Expressing his thoughts during the World Economic Forum (WEF) session in Riyadh, Aurangzeb said: "The government is providing cash to the poor women of Pakistan. Women say that the male family members take cash from them."

"The women want to get the cash through the digital wallet," said the finance minister. 

– No Plan B can be imagined –

Few days back, Aurangzeb had expressed confidence in the government's efforts to improve the economy, citing increased tax collection through these measures and a reduction in the current account deficit as signs of progress.

Speaking at the Business Summit 2024 in Islamabad, the minister stressed that apart from the IMF, no plan B could be imagined, with the new staff-level agreement expected in June or July. 

He also highlighted the positive impact of government initiatives on tax collection and the economy. He emphasized that despite challenges, the economy is on an upward trajectory, with measures such as the IMF's nine-month program providing crucial support to the economy. 

"Last year, the State Bank's reserves were $3.4 billion, which have now swelled to $8 billion," he stated.