Finance Minister Muhammad Aurangzeb says Pakistan has the basic fundamentals for investment, which are being recognized at both the local and international levels.

He was virtually addressing an event organized by the UNDP in Karachi.

The Finance Minister recalled that the economy was contracting about three years ago, but it is now projected to grow by four percent during the current financial year.

He said the government wants to move towards growth, emphasizing that it must be responsible growth to avoid boom-and-bust cycles.

Regarding privatization, Muhammad Aurangzeb mentioned the interest shown by Turkish companies in the DISCOs.

On the external front, the Finance Minister said foreign exchange reserves reached 21.4 billion dollars a couple of weeks ago, which is the highest level ever recorded in the country's history.

He said Pakistan now has almost three months of import cover.