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The Finance Minister highlighted the government’s comprehensive policy framework aimed at enhancing tax revenues through improved documentation and financial transparency. He emphasized the importance of standardizing financial regimes to align with global practices, which are crucial for fostering investor confidence, both domestic and international. He reiterated the government’s commitment to ensuring policy continuity to create a conducive environment for sustainable economic growth. During the meeting, the delegation discussed the potential for fostering economic collaboration between Pakistan and the United States, emphasizing the need to create a conducive business environment for foreign investment. The delegation briefed the Minister on the issues and challenges faced by the business community, highlighting areas that require policy intervention to foster a more favorable business environment. They also highlighted opportunities for growth in sectors such as technology, agriculture, and consumer goods, underlining the contributions of ABC member companies to Pakistan’s economic development.
This measure would facilitate the industry using gas in it’s processes, as they would be included in the top priority category. The meeting was told that all the five members recommended for positions of independent directors were drawn from the private sector and possessed vast relevant experience in top management positions besides having high-end professional qualifications, expertise and academic background in law, accountancy and management. Mr. Karan Bhatia, Vice President and Global Head of Government Affairs and Public Policy of Google called on the Finance Minister. He provided an overview of Google’s recent work and engagements in Pakistan and their plans for deepening investment and tangible economic contributions in Pakistan. The AIIB team said the Bank views Pakistan as an important partner country, and reiterated the Bank’s commitment to supporting Pakistan in meeting its development goals and overcoming climate-related challenges through policy and budgetary support. Ambassador Shoaib Sarwar apprised the Minister about the current state of bilateral ties and the scope and opportunities for further business ventures and collaborations.
The Minister attributed these positive indicators to the successful completion of the nine-month stand-by arrangement (SBA) with the IMF and mentioned that a staff-level agreement (SLA) has been reached to ensure continued economic stability. The Federal Minister also spoke about ongoing reforms in the energy sector, state-owned enterprises (SOEs), and taxation, emphasizing the government’s initiative to incorporate undertaxed and untaxed entities into the tax net. He appreciated the PepsiCo’s seed lab initiative and its impact in driving agricultural and overall economic growth. Talking about the digitization in FBR, the Minister discussed the integrating RAAST (the digital payment system) and NADRA (the national database and registration authority) to further improve efficiency. During the meeting, the Finance Minister emphasized Pakistan’s strategic shift towards an export-led growth model aimed at ensuring sustainable economic development across various sectors.
- He expressed Mashreq Bank’s interest in deepening its engagement in Pakistan’s financial sector and contributing to the country’s economic development.
- Senator Aurangzeb thanked Dr. Kionka for taking the initiative to host the forum and assured her of his full support.
- Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb had a zoom meeting with the representatives from Moody’s Ratings at Finance Division today.
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Underlining Pakistan’s plan to launch Panda Bonds, Minister for Finance briefed PBoC and other Financial Institutions about the steps taken so far and sought cooperation of the Chinese institutional investors in the capital market and seek benefit from the pro-business policies of the new Government. The meeting concluded with an announcement that next week, the International Finance Corporation (IFC) will be expecting banks to share their updates and initiatives. “We are aware of the current challenges, but with the IMF’s core approval, we believe the situation is manageable. It is essential to continue focusing on agriculture and support initiatives like SIFC.” Karachi, 30th July 2024 – Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb addressed the Executive Committee of the Pakistan Banks Association (PBA) on Tuesday, highlighting key initiatives and discussing the macroeconomic situation in the country.
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He described the use of data analytics as vital to have a fact-based discussion rather than harassment around FBR’s efforts for revenue generation and resource mobilisation. During the meeting, various aspects of bilateral ties and ways for further enhancing cooperation and collaborations in the field of trade and commerce between Pakistan and Denmark were discussed. Mr. Najy Benhassine appreciated the government’s chicken road reform initiatives and assured continued support from the World Bank in key areas identified during the discussions. He reiterated the World Bank’s commitment to assisting Pakistan in addressing economic challenges and achieving its developmental objectives. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with a delegation of the International Accounting Standards Board (IASB) led by Dr. Andreas, Chairman IASB.
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Discussions during the meeting also focused on strengthening energy cooperation, with Pakistan expressing interest in expanding the procurement of crude oil and investments in oil and gas exploration. The two dignitaries also delved into opportunities for collaboration in the hydropower sector, with Pakistan welcoming Russia’s technical expertise and investment. The Finance Minister underscored the significant macroeconomic improvements and noted the positive trend in foreign exchange reserves. Furthermore, Senator Mr. Muhammad Aurangzeb reiterated the commitment of the Government to address the challenges faced by Korean companies operating in Pakistan and in this regard urged the relevant authorities to ensure their facilitation for smooth business operations. The Executive Committee Members of P@SHA highlighted the organization’s ongoing initiatives and the need for government support in promoting growth in IT sector.
Internationally, Pakistan’s progress has been acknowledged, with all three top global rating agencies upgrading the country’s sovereign ratings. Moody’s revised Pakistan’s economic outlook to ‘Positive’ in September 2024, recognizing the impact of our policy measure. In July 2024, we introduced a reform-oriented budget with an ambitious goal of raising Rs13 trillion in revenue – a 40% increase from the previous year.
The Minister also informed the delegation about the recently agreed upon ten-year partnership framework with the World Bank. This strategic partnership aims to facilitate various projects that are expected to significantly contribute to the country’s economic development. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with TPG Capital, led by Mr. Jide Olanrewaju, Partner at TPG. The meeting focused on strengthening investment ties and exploring opportunities to enhance economic growth in Pakistan.
They invited the Finance Minister to the Pakistani Investors Day in London, scheduled for May 2025, as part of efforts to strengthen engagement with global investors. The meeting concluded with a shared understanding that a well-regulated and growing mutual fund industry would not only contribute to economic stability but also offer secure and profitable investment opportunities for the public, promoting financial security and sustainable development. He assured that the government is committed to facilitating investments, promoting ease of doing business, and supporting sustainable growth through structural reforms. Addressing the issue of financial inequality, Senator Aurangzeb stressed the need for debt relief and financial justice through restructuring sovereign debt mechanisms to prevent cyclical debt crises, which are impeding the economic growth of many emerging economies, including Pakistan.
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The discussions encompassed ongoing reforms in the energy sector and State-Owned Enterprises, including privatization and rightsizing of federal government entities to streamline operations and improve governance. Mr. Ahmed Abdelaal, President / GCEO of Mashreq Bank, appreciated the policies and initiatives of the government towards improving the investors’ confidence and creating a business-friendly environment in the country. He expressed Mashreq Bank’s interest in deepening its engagement in Pakistan’s financial sector and contributing to the country’s economic development. He also discussed the potential areas for investment in Pakistan such as such as infrastructure, energy, technology, agriculture, and SMEs in order to enhance collaboration between Pakistan and the UAE for remittances, trade, finance, and Islamic banking.
Federal Minister for Communications Mr. Abdul Aleem Khan also gave a perspective on the core functions of the Ministry and how its departments, particularly National Highway Authority (NHA), could be made profitable. He said the NHA could become a major revenue spinner for the government if its resources were diverted to construction of revenue-based motorways like the M-6 leading from Sukkur to Karachi port. The Minister also said the implementation of the decisions taken by the Committee and subsequently endorsed by the federal cabinet so far would be followed up for implementation by the sub-committee of the Rightsizing Committee, and the main Committee would intervene only in case of matters requiring escalation. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with a high-level delegation from Hutchison Ports, led by Mr. Andy Tsoi, Managing Director, Middle East & Africa Division.
“We have a comprehensive understanding of the mining potential in Pakistan, and we are keen to explore further investment opportunities through local partnerships and collaborations,” stated Mr. Keto. The Minister said that Pakistan economy was moving in the right direction with serious and significant reforms undertaken in various sectors to ensure permanence to macroeconomic stability. He said the decision to go for a $ 7 billion program with IMF was also aimed at ensuring permanence to macroeconomic stability and executing structural reforms. During the meeting, Minister Aurangzeb highlighted the positive trajectory of Pakistan’s economic indicators. He pointed out the notable decline in the current account deficit, which reflects improved economic stability. The Minister also emphasized the government’s commitment to boosting exports through diversification strategies, noting that the recent efforts have resulted in a marked increase in export performance.