The Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division today.

The meeting was attended by the Minister for Industries & Production Rana Tanveer Hussain, Minister for Petroleum Mr. Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Planning Development & Special Initiatives Mr. Ahsan Iqbal, Minister of State for Finance & Revenue Mr. Ali Pervez Malik, Governor SBP, Dy Chairman Planning Commission, Federal Secretaries, and other senior officers of the relevant ministries.

The Cabinet Committee gave approval of the following Technical Supplementary Grants (TSGs) to various Ministries/Divisions:

1. Rs. 607.03 million to the Ministry of Aviation to provide for the Employee Related Expenses.
2. Rs. 10.477 million to the Communications Division to meet the expenses on account of Adhoc Relief Allowance.
3. Rs. 803.025 million to the Defence Division for PSDP Project titled “Establishment of National Aerospace Science & Technology Park (NASTP) in Project Aviation City Pakistan (ACP).
4. Rs. 8.625 billion to the Military Accountant General and AGPR for the payment of pensions.
5. Rs. 12.1 billion to the Finance Division to pay off liability of Government of Sindh on account of abolition of Octroi and Zila Tax.
6. Rs. 293 million to the Finance Division in favour of the Department of Auditor General of Pakistan to make mandatory payments.
7. Rs. 1.086 billion to the Finance Division for settling pending claims of ZTBL under Prime Minister’s fiscal package for agriculture in wake of Covid-19.
8. Rs. 1.3 billion to the Ministry of Foreign Affairs to meet the requirements of Mission Abroad.
9. Rs. 366.263 million to the Ministry of Information & Broadcasting to meet the contractual obligations and complete the Primary Data Center of the Project.
10. Rs. 96.480 million to the Ministry of Information & Broadcasting pertaining to publicity campaign on Defence Day.
11. Rs. 2.5 million to the Ministry of Interior as an award of outstanding performance by Mr. Arshad Nadeem, Pakistan Olympic Athlete.
12. Rs. 29.131 million to the Ministry of Interior for payment to NTS for Screening Test of Recruitment in ICT Police.
13. Rs. 130 million to the Ministry of Interior to provide ICT Police for the payment of POL charges and clearance of liabilities.
14. Rs. 112.417 million to the Ministry of Law & Justice for the regularization of pay and allowances of Law offices.
15. Rs. 428.806 million to the Ministry of Maritime Affair for development projects in Gawadar.
16. Rs. 49.781 million to the National Disaster Management Authority (NDMA) to fulfill its obligatory payments.
17. Rs. 7.987 billion to the Planning Commission for clearance of liabilities for the 7th Population & Housing Census.
18. Rs. 4,228.429 million to the Federal Board of Revenue (FBR) for clearing the liabilities of foreign funded projects of FBR.
19. Rs. 444.271 million to the Ministry of Interior for the allocation to Federal Investigation Agency (FIA) to meet employee related expenses.

The Cabinet Committee also approved the summary of Finance Division to utilize the funds of Rs. 355.640 million established by Government of Pakistan – Policy Committee and allocate it to National Disaster Management Authority for flood relief assistance. Another summary of Finance Division to launch the “Risk Coverage Scheme for SMEs” was also approved with the direction to monitor and evaluate the scheme on quarterly basis. The ECC also gave the principle approval to the Finance Division for the establishment of Pension Fund. The Committee also approved the proposal of Defined Contributory Scheme for the new entrants w.e.f. 1st July, 2024, and for armed forces w.e.f. 1st July, 2025.

ECC further approved the summary of Ministry of Information Technology & Telecommunication to return Rs. 11.13 billion to Universal Service Fund (USF) to meet the budget shortfall. The committee approved the request of the Ministry of Railways for additional funds and allowed grant of Rs. 2 billion to clear pending liabilities.

A delegation of Pakistan Business Council (PBC) led by Chairman PBC Mr. Shabbir Diwan called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division today. Minister of State for Finance & Revenue Mr. Ali Pervez Malik, Chairman of the Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana also attended the meeting.

The delegation from the Pakistan Business Council (PBC) appreciated the ongoing efforts of government and discussed the Federal Budget 2024-25 with the Finance Minister. They also presented specific suggestions and tax proposals for consideration.

Federal Minister Muhammad Aurangzeb acknowledged and thanked the PBC for their insights. He assured that their recommendations are being noted and will be considered in the finalization of the budget to whatever extent possible. The Minister also highlighted the FBR's ongoing efforts aimed at broadening the tax base and bringing retailers in tax net. He assured that decisions would be made through mutual consultation to ensure favorable outcomes for both the public and the business community.

The Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb presided over a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) at Finance Division today.

The meeting was attended by Minister for Housing & Works Mian Riaz Hussain Pirzada, Minister for Maritime Affairs Mr. Qaiser Ahmed Sheikh, Minister of Federal Education and Professional Training of Pakistan Khalid Maqbool Siddiqui, Federal Secretaries and other senior officers of the relevant ministries.

The Committee considered the summaries presented by different Ministries/Divisions for the categorization of their relevant State-Owned Enterprises (SOEs) as strategic/ essential or otherwise.

Cabinet Division presented summaries related to Pakistan Tourism Development Corporation (PTDC) and Printing Corporation of Pakistan (PCP). The Cabinet Committee directed Cabinet Division to initiate the process for winding up of PTDC by clearing the ongoing litigations etc. The Committee also directed that PCP’s Board be reconstituted in line with SOE Law & Policy & and business viability plan presented to the Committee, before a final decision is taken on the future of the entity.

The CCoSOEs also considered the summaries of the Ministry of Housing & Works relating to PEPAC & National Construction Limited (NCL). The committee approved the proposal for winding up of PEPAC. It also directed the authorities to complete the ongoing projects of the NCL and prepare the plan for winding up its operations.

The committee further approved the proposals presented by the Ministry of Maritime Affairs regarding categorisation of the Port Authorities i.e. Port Qasim Authority (PQA), Karachi Port Trust (KPT), and Gawadar Port Authority (GPA) as Essential. The Committee was informed that port operations were already outsourced in a number of cases & this policy will continue. The Committee directed M/o Maritime Affairs to ensure that the governance framework of Port Authorities is compliant with the SOE law. To this end the Ministry will initiate amendments to their respective statutes.

The summary presented by Power Division to consider the recommendations of Board Nominations Committee (BNC) regarding boards of Electricity Distribution Companies (DISCOs) was approved by the Cabinet Committee, which contained nominations for Boards of 9 electricity distribution companies.

The Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division today.

The meeting was attended by the Minister for Industries & Production Rana Tanveer Hussain, Minister for Petroleum Mr. Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister of State for Finance & Revenue Mr. Ali Pervez Malik, Federal Secretaries, and other senior officials of the relevant ministries.

The Cabinet Committee gave approval of the following Technical Supplementary Grants (TSGs) to various Ministries/Divisions:

1. Rs. 126.848 million to the Cabinet Division for clearing the requirements of outstanding custom duties / taxes.
2. Rs. 29 million to the President Secretariat to meet the expenditures under “Employee Related Expenses”.
3. Rs. 5,400 million to the Ministry of National Health Services, Regulations & Coordination in favour of Federal Directorate of Immunization (FDI) for the immunization activity.
4. 4.92 billion to the Ministry of Kashmir Affairs & Gilgit-Baltistan on account of salary & allowances, family assistance packages and social initiatives in education and health sector in Gilgit-Baltistan.
5. Rs. 6,596 million to the Ministry of National Food Security & Research for payment of pending liabilities to PASSCO.
6. Rs. 370 million to the Ministry of Housing and Works to pay the pending liabilities.
7. Rs. 332 million to the Ministry of Economic Affairs for developing Somali National Identification System by NADRA.
8. Rs. 14,250 million to the Finance Division as Rupee cover to facilitate the successful implementation of the Women Inclusive Finance Project.
9. Rs. 96.9 million to the Finance Division for the implementation of Audit Management Information System (AMIS).
10. Rs. 5 billion to Defence Division as seed money for Green Tourism Pakistan Project.
11. Rs. 23.945 billion to the Defence Division against pay shortfalls for current fiscal year.
12. Rs. 10 billion to the Ministry of Interior for the clearing of pending liabilities of ration for Headquarters Fontier Corps and Headquarters Gilgit-Baltistan Scouts.
13. Rs. 0.6 billion to the Ministry of Interior for raising of 3 additional Corps Headquarters.
14. Rs 5.986 million to the Ministry of Interior to meet additional fund requirements.
15. Rs. 9.576 million to the Ministry of Interior for National Academy for Prison Administration.
16. Rs. 87 million to the Ministry of Interior in respect of Headquarters Frontier Corps KP.
17. Rs. 4,637 million to the Ministry of Interior in respect of Civil Armed Forces for meeting the operational requirement and pending liabilities of ration.
18. Rs. 168.834 billion to the Economic Affairs Division on account of revised budget estimates for FY 2023-24.

Furthermore, the proposal of the Ministry of Federal Education & Professional Training to exempt HEC from Relending Policy of Foreign Loans/Credits to autonomous bodies was approved. The ECC also approved a proposal of Petroleum Division for release of Rs. 9 billion for clearing the outstanding claims of OMCs including PSO on account of price differential claims.

The proposal of Ministry of Industries & Production for the export of 0.15 million MT of surplus sugar was approved by ECC with the condition that in the event of a rise in retail price of sugar, the permission to export would be revoked. It was also directed that it may be ensured that export proceeds be utilized by the mills for clearing the overdue payments to farmers.

The Cabinet Committee also approved the summary of Power Division for the repayment of Rs. 82 billion finance facility extended to PHL by OGDCL. It was decided that OGDCL would also clear its liabilities towards GoP from the funds received through this arrangement.

Chief Minister of Gilgit-Baltistan Mr. Gulbar Khan called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division today. The Federal Finance Secretary was also present in the meeting.

Chief Minister Gulbar Khan expressed gratitude to the federal government for its continued support, particularly the wheat subsidy provided to the region. He highlighted several areas where GB requires further assistance and appealed for increased support in the upcoming budget to address these issues.

In response, the Finance Minister, Senator Mr. Muhammad Aurangzeb emphasized the numerous opportunities available in GB, noting its potential as a prime location for tourism. He pointed out that the region is rich in gems and mineral resources and suggested that GB government can leverage its resources to generate revenue and unlock its true potential. The Finance Secretary also recognized the potential areas for investment in GB, reiterating that the federal government has generously supported the region in the budget.

The meeting concluded with a mutual commitment to continue working together to address the challenges and harness the opportunities in Gilgit-Baltistan for the benefit of its residents.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb had a meeting with the Korean Ambassador and representatives of Korean Companies working in Pakistan at the Finance Division today. The Secretary, Ministry of Communications, Chairman National Highway Authority (NHA), MD Private Power & Infrastructure Board (PPIB), and senior officers from relevant ministries were also present in the meeting.

The Korean Ambassador appreciated the Government's economic initiatives and strong bilateral relations between Pakistan and Korea. He emphasized the need to fully exploit the untapped potential for further collaboration. Representatives from Korean companies briefed the Minister on their concerns regarding project timelines and operational efficiency.

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 meeting concluded with a pledge to strengthen economic cooperation between Pakistan and Korea and to work collectively towards addressing mutual concerns for the benefit of both nations.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Mr. Jason Lamb, Deputy Director, Focus Country Implementation of Bill & Melinda Gates Foundation at the Finance Division today. The meeting was also attended by Minister of State Mr. Ali Pervaiz Malik, Member Reforms FBR, and CEO Karandaaz.

During the meeting, the Federal Minister conveyed his appreciation for the Bill & Melinda Gates Foundation's for their support in engaging McKinsey & Co. for the ongoing digitalization of FBR. He emphasized the significant potential of e-governance in Pakistan, noting that the digitization of the tax system is a pivotal step towards modernizing tax collection, which will enhance transparency and revenue growth. Senator Mr. Muhammad Aurangzeb also mentioned the necessary improvements required in existing data sources to effectively utilize them for tax purposes. The Minister of State Mr. Ali Pervaiz Malik discussed the implementation challenges of RAAST, Pakistan's instant payment system, and ways to improve its functionality.

The meeting concluded with a strong note of commitment from all parties involved to continue working together towards these goals.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with Mr. Tom Isherwood, Regional Head of Technology and Tax McKinsey & Co. along with McKinsey Partner Mr. Ali Malik at Finance Division today. Minister of State Mr. Ali Pervaiz Malik was also present in the meeting.

The Finance Minister emphasized the need for investment in technology and fostering a cultural shift towards digital governance. He underscored the Government’s commitment to improve tax collection through the Federal Board of Revenue's (FBR) ongoing efforts in digitization. The Minister also cited that the data from PRAL (Pakistan Revenue Automation Limited) and REMIT can be utilized in digitizing FBR’s tax system. The discussions covered the possibility of achieving quick wins by leveraging this data and implementing daily reporting through dashboards to monitor progress in real-time.

Minister of State, Mr. Ali Pervaiz Malik, discussed how the ongoing exercise could be enhanced by efficiently generating, organizing, and analyzing data. He stressed the importance of a data-driven approach to improve overall project outcomes.

The McKinsey team thanked the Minister for Finance and Revenue for the meeting and assured the Finance Minister that they would ensure the completion of exercise within the given time frame.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with the representatives from Pakistan Association of Large Steel Producers (PALSP), Pakistan Steel Melters Association (PSMA), and Pakistan Steel Re-Rolling Mills Association (PSRMA), and Pakistan Steel Pipelines Association (PSPA) at Finance Division today. Chairman FBR was also present in the meeting.

The delegation expressed gratitude to the Finance Minister for providing them with the platform to express their concerns. They presented an overview of the steel industry's performance, alongside potential strategies to enhance its growth. Emphasizing the importance of fostering a conducive environment for industry expansion, they proposed adjustments to tax and custom duties. Furthermore, the delegation advocated for the organized sector's encouragement and stressed the necessity of integrating all producers and sellers into the tax net.

Senator Mr. Muhammad Aurangzeb reiterated the Government's commitment to support the local industry. He underscored the FBR’s initiative in expanding the tax net by bringing under-taxed sectors into the tax net. The Minister further emphasized the need for collaborative efforts between the Government and the private sector to address the challenges faced by steel industry. The Chairman FBR also assured the delegation of continued support and favorable actions from the Government.

The delegation thanked the Federal Minister for Finance & Revenue and Chairman FBR for their support and cooperation.

Ambassador of the United States of America to Pakistan H.E. Donald Blome called on Minister for Finance & Revenue Senator Muhammad Aurangzeb at the Finance Division today.

Finance Minister Muhammad Aurangzeb welcomed Ambassador Blome and underscored the long-term mutual relations between Pakistan and the USA. He informed the Ambassador about successful completion of the Stand-By Arrangement (SBA) and that the Government of Pakistan is engaged with the fund to build upon the reforms under the SBA.

Senator Mr. Muhammad Aurangzeb highlighted the priority reform areas of the Government including increasing the tax-to-GDP ratio through end-to-end digitization, bringing the under-taxed sectors into the tax net, and tax administrative reforms.

The Federal Minister reiterated the Prime Minister's commitment to privatizing State-Owned Enterprises (SOEs), which has sparked interest from local and foreign investors in the case of Pakistan International Airlines (PIA). On the energy sector reforms, he mentioned steps being taken to bring private sector experts to enhance efficiency. He also apprised the Ambassador of the potential investments from investors in the Agriculture, Mining, and IT sectors.

Ambassador Mr. Blome appreciated the Pakistani government's efforts and initiatives to improve macroeconomic indicators. He assured the support of the United States in helping Pakistan achieve economic stability and sustainable growth.

The Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb chaired a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division today.

The meeting was attended by the Minister for Commerce Mr. Jam Kamal Khan, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Petroleum Mr. Musadik Masood Malik, Minister for Industries & Production Rana Tanveer Hussain, Minister for Economic Affairs Mr. Ahad Khan Cheema, Minister of State for Finance & Revenue Mr. Ali Pervez Malik, Governor SBP, Chairman SECP, Federal Secretaries, and other senior officials of the relevant ministries.

The Cabinet Committee gave approval of the following Technical Supplementary Grants (TSGs) to various Ministries/Divisions:

1. The ECC approved the request of the Ministry of Interior for the provision of Rs. 2.363 million for the payment of troops costs / subsistence allowance.
2. The request of the Intelligence Bureau Division for the provision of funds to the tune of Rs. 200 million was approved.
3. The request of the Ministry of Law & Justice for the provision of Rs. 19.373 million was approved by the ECC.
4. The Committee approved the request of Strategic Plans Division / SUPARCO for the provision of Rs. 4,050.686 million to meet the requirements of the project titled “Pakistan Multi-Mission Communication Satellite System”.

Furthermore, the proposal of the Ministry of Industries & Production to allow SNGPL based plants to operate for a period of 6 months starting from 31st March, 2024 till 30th September, 2024 was approved the by committee, to ensure smooth supply of urea fertilizer for Kharif season.

The Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet at Finance Division today.

The meeting was attended by the Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Industries & Production Rana Tanveer Hussain, Minister for Economic Affairs Mr. Ahad Khan Cheema, Minister of State for Finance & Revenue Mr. Ali Pervez Malik Governor SBP, Chairman SECP, Federal Secretaries, and other senior officials of the relevant ministries.

The Cabinet Committee approved the summary presented by Ministry of Aviation to allow the utilization of $8 million available with National Bank of Pakistan to pay severance and other operational expenses of Roosevelt Hotel. The ECC allowed the request of Industries and Production Division for the release of Rs. 2,159.53 million from already approved budgeted allocation, to pay gas bills of Pakistan Steel Mill (PSM). The Committee also considered the summary of Finance Division to make amendments in policy for equity investment abroad to facilitate IT exports.

Further, the ECC considered and approved proposals for Technical Supplementary Grants, including:

1. Rs. 1,027.378 million to the Earthquake Reconstruction and Rehabilitation Authority for clearing matured liabilities of the contractors.
2. Rs. 6.2 million to the Ministry of Interior, to be paid to the family of deceased.
3. Rs. 54.490 million to the Ministry of Interior as surrendered by Ministry of National Food Security and Research for the project of ICT Administration, Islamabad.
4. Rs. 12,036.103 million to the Ministry of National Health Services, Regulations & Coordination, in favour of Federal Directorate of Immunization (FDI).
5. Rs. 2,217 million to the Power Division for development expenditures during current fiscal year.
6. Rs. 184.509 million to the Pakistan Nuclear Regulatory Authority.
7. $2.58 million and Rs. 2.5 million to the Ministry of Water Resources as the compensation packages for Chinese and local casualities at DASU Hydropower Project.
8. Rs. 70,484 million to the Ministry of Water Resources as rupee cover for hydropower projects.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb was called on by Huawei Pakistan's Chief Executive Officer Mr. Sun Xiaofei along with his senior management team at Finance Division today.

Mr. Xiaofei briefed the Finance Minister on the various digital and ICT initiatives of Huawei. He highlighted Huawei's significant contribution to the ICT industry in Pakistan over the past 25 years and emphasized the country's potential to become an IT hub. The delegation also informed about Huawei's Pakistan Global Service Centre (GSC) that provides services to the Huawei's Middle East, Central Asia, and Africa partners. They proposed areas of cooperation in tax digitalization, e-invoicing, revenue automation, and IT applications to evolve Pakistan's digital ecosystem and promote sustainable economic growth.

The Federal Minister Senator Muhammad Aurangzeb appreciated the proposals put forward by Huawei. He informed the delegation about the Federal Board of Revenue's (FBR) progress in digitizing the tax system, emphasizing the potential for quick wins through utilization of available data. He appreciated Huawei’s interest in collaborating with Government to promote digital economy in Pakistan.

The CEO of Huawei invited the Finance Minister to visit Huawei's Shenzhen headquarters to participate in discussions with Huawei's executive leaders on finance and digital economy cooperation.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with the Vice Chairman Toyota Motor Corporation (TMC) Mr. Shinji Yanagi and CEO Indus Motor Company Limited, Mr. Ali Asghar Jamali, Aamir Allawala from Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM), along with with Member-IR Operations FBR at Finance Division today.

Mr. Yanagi and Mr. Jamali expressed their interest in strengthening the local auto industry. They briefed the Finance Minister on the performance and volume of locally assembled cars and their impact on Pakistan’s economy. The delegation proposed certain adjustments to import duties to foster local industry growth, thereby contributing to overall economic progress. Furthermore, they gave proposals to enhance the uptake of Hybrid Electric Vehicles (HEVs) to reduce the oil import bill.

The Finance Minister reiterated the government's commitment to support the local industry. He emphasized the need for collaborative efforts between the government and the private sector to address the challenges faced by the automotive industry. He further stated that the Government will proceed within the available fiscal capacity, to ensure favourable outcomes for both the Government and the private sector.

The delegation thanked the Minister for Finance & Revenue and expressed their commitment to work closely with the Government to enhance the growth and competitiveness of the local auto industry.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb was called on by a delegation of Suzuki Motors Corporation (SMC) led by its Japanese Global Vice President Mr. Kenichi Ayukawa at Finance Division today. Japanese CEO & MD of Pak Suzuki Motor Company Limited (PSMCL) Mr. Hiroshi Kawamura, and officers from Finance Division and FBR were also present in the meeting.

The Finance Minister Muhammad Aurangzeb welcomed the delegation and expressed his appreciation for Suzuki's longstanding contributions in the development of Pakistan’s Automobile Industry. Mr. Ayukawa informed the Finance Minister that PSMCL has been present in Pakistan since 1983 and briefed the Minister on their long term investment proposals in Pakistan.The delegation also suggested certain policy interventions to increase volume base in Pakistan to enhance their regional competitiveness.

Senator Mr. Muhammad Aurangzeb appreciated the delegation for their innovative proposals and emphasized that Pakistan is a large market with substantial potential for growth, and has the capacity to become a strategic hub for exports in the future. He added that the Government is committed to promote clean energy and looks forward to investments in this significant domain.

The delegation thanked the Finance Minister and committed to collaborate with the Government to further mutual goals and enhance Pakistan's economic development.

A delegation of representatives from Aerated Beverage Industry led by President of Lotte Akhtar Beverages Mr. Ghazi Akhtar, called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division today. Turkish Ambassador to Pakistan H.E Dr. Mehmet Pacaci also joined the meeting.

The delegation expressed their appreciation for the government's economic initiatives and conveyed that they are encouraged by supportive policies of Government. They presented several tax proposals for the upcoming fiscal year, suggesting adjustments to the Federal Excise Duty (FED) that could support their industry growth and contribute to the government's tax collection efforts.

Finance Minister Muhammad Aurangzeb highlighted the government's commitment to support the private sector. He emphasized the Prime Minister's vision for the private sector led economic growth as reflected in the ongoing privatization efforts. He assured the delegation that the government will proceed with strategic intent and within the available fiscal space.

The delegation thanked the Finance Minister and expressed optimism for continued collaboration and support.

Canadian High Commissioner to Pakistan H.E Ms. Leslie Scanlon called on Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb at Finance Division today.

The Finance Minister welcomed the Canadian High Commissioner and informed her about the successful completion of the nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). He further stated that the Government is currently in talks with the IMF mission for further engagement. Senator Mr. Muhammad Aurangzeb also apprised the High Commissioner about Government's key priority reform areas that include tax-to-GDP ratio by bringing untaxed segments into the tax net, end to end digitalization and administrative reforms. The Minister said that the consultants have been engaged in this regard.

The Federal Minister, while mentioning the privatization initiatives affirmed the Prime Minister's commitment to privatize State-Owned Enterprises (SOEs). He added that a positive response has been received from local and foreign investors for privatization of Pakistan International Airlines (PIA). The Minister also explained the complex energy equation, informing that DISCO boards have been reconstituated with the subject matter experts from private sector, to increase their efficiency. Furthermore, the Finance Minister emphasized the role of the Special Investment Facilitation Council (SIFC) as a pragmatic single-window platform, designed to streamline investment processes and attract foreign investments.

The High Commissioner Ms. Scanlon recognized the efforts of Government to improve the country’s economy. While expressing hope for the economic growth and stability in the country, she assured that the Canadian government will continue to support the socio-economic development of Pakistan.

A delegation of Pakistan Retail Business Council (PRBC) led by Chairman PRBC Mr. Ziad Bashir called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division today. Minister of State for Finance & Revenue Mr. Ali Pervez Malik also attended the meeting.

The PRBC delegation expressed their appreciation for steps being taken by the Government to improve economic conditions in the country. They also extended their support for FBR's Tajir Dost Scheme. Additionally, they informed the Finance Minister about the challenges being faced by the retail businesses. They highlighted the need for the inclusion of untaxed undocumented retail sector in the tax net. Furthermore, they gave proposals to encourage documented business in the country.

The Federal Minister acknowledged their concerns and mentioned that McKinsey & Company has been engaged to assist the FBR's end-to-end digitalization, which will broaden the tax net. He also apprised the delegation that he has asked Minister of State Mr. Ali Pervez Malik to oversee this task on a day to day basis to ensure timely completion of this exercise.

Minister of State appreciated the proposals submitted by PRBC. Finance Minister Muhammad Aurangzeb thanked the PRBC delegation and assured them that the Government will give due consideration to the proposals submitted by them for the benefit of both the country and the business community.

The Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb presided over a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) at Finance Division today.

The meeting was attended by Minister for Housing & Works Mian Riaz Hussain Pirzada, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Maritime Affairs Mr. Qaiser Ahmed Sheikh, Minister for Economic Affairs Mr. Ahad Khan Cheema, Chairman SECP, Federal Secretaries and other senior officers of the relevant ministries.

The Committee approved the proposal of the Power Division for nomination of independent directors for certain electricity distribution companies for onward submission to the cabinet. The committee didn't approve the proposal presented by the Ministry of Railways to categorize four Railway companies as strategic and essential and directed to submit a transformation plan for these four companies before the CCoSOEs. The proposal of the Ministry of Science and Technology was deferred with the direction to submit a business plan to the committee regarding the reforms planned by the Ministry of Science and Technology for STEDEC. While approving the proposal of Ministry of Information & Broadcasting, the CCoSOEs recognized the strategic nature of Pakistan Television Corporation (PTVC) and Pakistan Broadcasting Corporation (PBC) and directed the Ministry of Information & Broadcasting (MoIB) to present a viable business plan to the committee for efficient management of these enterprises.

Ambassador of Italy to Pakistan H.E Ms. Marilina Armellin called on Minister for Finance & Revenue Senator Muhammad Aurangzeb at Finance Division today, to discuss the cooperation and longstanding relations between Pakistan and Italy.

The Finance Minister welcomed the Italian Ambassador and highlighted the significant improvements in Pakistan's economic landscape. He discussed the government's achievements, in decreasing current account deficit, globalization of currency, the stock market reaching an all-time high and the successful completion of the nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). He further mentioned that the ministry is currently in engagement with the IMF mission for a new program on longer term basis.

Minister Muhammad Aurangzeb also outlined the government's strategic initiatives aimed at broadening the tax base by targeting previously untaxed and under-taxed segments. Additionally, he reiterated the government's commitment to privatize various State-Owned Enterprises (SOEs), starting with Pakistan International Airlines (PIA) also followed by major airports. He noted that the Government’s policy reflects a shift from aid to investment in Pakistan's economic strategy. The Minister also shed light on Pakistan’s potential in IT and agriculture sectors, inviting Italian investors to explore these investment areas.

Ambassador Armellin acknowledged the promising economic indicators and appreciated the upward trend in Pakistan's economy. She emphasized the potential for enhanced cooperation between Italy and Pakistan, particularly in the textile, machinery, agriculture, and dairy sectors.

The Finance Minister thanked the Italian government for their continued support and reiterated Pakistan's commitment to longstanding cooperation with Italy.

The Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb was called on by Alternate Executive Directors (AED) of Asian Development Bank (ADB) at Finance Division today to discuss the ongoing and future cooperation between Pakistan and the ADB.

The Finance Minister welcomed members of the delegation and highlighted the improvement in Pakistan's macroeconomic conditions. The Federal Minister also emphasized the need for broadening the tax base and digitalization of the country's tax regime. In this regard he mentioned that the services of Mckinsey & Company have been engaged to assist the initiative of digitalization of FBR which will not only enhance revenue but will also add to the transparency of the tax collection system. Furthermore, the Finance Minister underscored the commitment of this government for SOE reforms and privatization agenda.

The ADB delegation praised Pakistan's efforts to promote economic stability through proactive measures. They expressed confidence in Pakistan's economic trajectory and reaffirmed ADB's commitment to support its development and cooperation.

The Federal Minister, Senator Muhammad Aurangzeb expressed gratitude to the ADB delegation for their visit and continued support towards Pakistan's economic revival and development efforts. Finally, he acknowledged the ADB team's assistance in various initiatives being undertaken by the Ministry of Finance.

The Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb, chaired a meeting at Finance Division today to address the challenges confronted by the industrial sector pertaining to energy. Key participants of the meeting were Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Petroleum Dr. Musadik Masood Malik, Minister for Commerce Mr. Jam Kamal Khan, Minister for Industries & Production Mr. Rana Tanveer Hussain, National Coordinator SIFC Major General Tabassum Habib, Deputy Chairman Planning Commission Mr. Jahanzeb Khan, Chairman APTMA Mr. Asif Inam and other prominent industrialists and concerned federal secretaries.

The primary agenda was to discuss and devise solutions for addressing the power sector issues affecting the business community. Chairman Nishat Chunian Group, Mr. Shahzad Saleem presented a comprehensive overview of the challenges and proposed measures, with a focus on energy pricing.

Finance Minister appreciated the issues raised by the industry and assured that the Government is committed to provide support to the business community and will undertake all necessary measures to ensure a stable supply of power. Finance Minister nominated Mr. Ali Pervaiz Malik MNA as the focal person for coordinating with ministries for early resolution of the issues.

The Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister for Power Sardar Awais Ahmad Khan Leghari, Minister for Industries & Production Mr. Rana Tanveer Hussain, Minister for Petroleum Dr. Musadik Masood Malik, Minister for Commerce Mr. Jam Kamal Khan and concerned federal secretaries.

Secretary Kashmir Affairs and Gilgit-Baltistan briefed the Committee that during a high-level meeting held on Monday, the Prime Minister of Pakistan, Mr. Shehbaz Sharif, had authorized an additional grant of Rs. 23 Billion to the Government of AJ&K, in the paramount national interest.

The ECC gave approval to the summary for "Provision of Rs. 23 Billion as Additional Grant to the AJ&K Government" through Technical Supplementary Grant as proposed by the Ministry of Kashmir Affairs and Gilgit-Baltistan.

A delegation of Pakistan Business Council (PBC) led by Chairman PBC Mr. Shabbir Diwan called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division, today. Chairman of the Federal Board of Revenue (FBR) Malik Amjed Zubair Tiwana also attended the meeting to discuss and understand the concerns of the business community.

The delegation from the Pakistan Business Council (PBC) discussed the current economic outlook of the country with the Finance Minister and presented specific budgetary and tax proposals for consideration.

Federal Minister Muhammad Aurangzeb acknowledged and thanked the PBC for their proposals, and asked the Chairman FBR to take note of the same.He discussed the ongoing digitalization efforts of the FBR, aimed at bringing untaxed segments into the tax net. He assured that all actions would be taken with mutual consultation to ensure the best outcomes for both the government and the business community.

Australian High Commissioner to Pakistan H.E Mr. Neil Hawkins, called on Minister for Finance & Revenue Senator Muhammad Aurangzeb, at the Finance Division today, to discuss bilateral matters and to strengthen the longstanding relations between Pakistan and Australia.

The Finance Minister welcomed the Australian High Commissioner and underscored the long-standing mutual relations between Australia and Pakistan. Mr. Neil Hawkins extended his felicitations to Senator Muhammad Aurangzeb on his appointment as the Finance Minister. The Minister highlighted that Pakistan greatly values the relation with Australian Government and emphasized on the need to work together to further enhance and strengthen bilateral relations between the two countries especially in the areas of economic cooperation and trade.

During the course of discussion, the Finance Minister apprised the Australian High Commissioner of the various initiatives being undertaken by the Government under the leadership of the Prime Minister. While underscoring the need for digitalization, it was highlighted that the services of Mckinsey & Company have been engaged for digitalization of the tax system.

The Finance Minister further spoke of the resolve of government to privatize various
State-Owned Enterprises (SOEs), and also apprised the High Commissioner on the likely investments from Saudi Arabia and Qatar and the need to focus on the second phase of China-Pakistan Economic Corridor (CPEC).

The Australian High Commissioner briefed the Finance Minister on the engagements of the Australian Government with Agriculture Universities in Pakistan with a view to maximize production in the agriculture and livestock sectors. He assured continued support of Australian government for socio-economic development of Pakistan.

The Finance Minister appreciated the Australian High Commissioner for his Cooperation and support.

The Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb presided over a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs), today.

The meeting was attended by Minister for Maritime Affairs Mr. Qaiser Ahmed Sheikh, Minister for Economic Affairs Mr. Ahad Khan Cheema, Minister for Housing & Works Mian Riaz Hussain Pirzada, Governor SBP, Chairman SECP, Federal Secretaries and other senior officers of the relevant ministries.

The primary agenda of the meeting was to conduct a review of implementation of the State-Owned Enterprises Policy 2023 and the periodic evaluation of financial and operational performance across SOEs.

The Chairman Cabinet Committee on SOEs Muhammad Aurangzeb directed the concerned Ministries/Divisions to submit proposals for the categorization of their respective SOEs by May 20th. This step is aimed at reviewing the rationale for retaining any commercial functions within the public sector. The objective is to retain only the essential functions within the public sector & to assign the remaining functions to the private sector. At the same time the entities which remain in public sector have to be more competitive, accountable, and responsive to the needs of citizens.

The Central Monitoring Unit of Finance Division presented its on-going work on the compilation of the Federal SOE Annual Financial Report for fiscal year 2023. The DG CMU informed the meeting that the data of all commercial entities has been obtained & collated, while the analytical work was currently underway.

The Committee was briefed on the highlights of the performance of SOEs during the reporting period. The Chairman noted that there were a number of gaps in governance and financial management of companies which needed to be addressed immediately. He directed that the vacancies on the BOD’s should be filled without delay. He also directed that the companies who had not had their accounts independently audited, should ensure that the audits are completed forthwith. The Chairman emphasised that continued losses & fiscal haemorrhage had to be stopped as a national priority. Therefore SOEs restructuring & privatisation agenda needed to be expedited in order to improve the efficiency of these entities. The Committee directed the CMU to finalize & publish the report at the earliest after including the requisite analytical portions prescribed under the SOE Policy.

The meeting concluded with a commitment to fostering transparency, efficiency, and sustainable growth within the State-Owned Enterprises, reflecting the government's dedication to ensuring the optimal utilization of public resources.

The IMF mission led by Mr. Nathan Porter, IMF Mission Chief called on the Finance Minister on 13th May, 2024 at the Finance Ministry to kickstart the discussions on further engagement with the Fund. The meeting was attended by Governor-State Bank of Pakistan, Chairman-Federal Board of Revenue, and senior officers of the Finance Ministry.

The Finance Minister welcomed the IMF team and thanked them for the successful completion of the Standby Arrangement (SBA). The Finance Minister apprised the IMF team of the improvement in the macro-economic indicators over the course of the SBA and underscored the government’s commitment to continue with and expand upon the reform agenda.

A high-level meeting was held at the Federal Board of Revenue (FBR) Headquarters, following the signing of the contract by the global consulting firm, McKinsey & Company, for the Digitalization of the Tax System. The meeting was attended by officials from the Ministry of Finance, FBR, Karandaaz and the consulting firm. The digitalization of the tax system is a pivotal step towards modernizing tax collection which will enhance transparency and revenue growth.

At the meeting, the Federal Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, sharing the GOP’s vision stated, "Digital transformation is a key priority for the government, and this collaboration underscores the Government’s commitment to improving tax collection for promoting sustained economic growth. We look forward to seeing the positive impact of this initiative on Pakistan's economy."

FBR Chairman, Mr. Malik Amjed Zubair Tiwana, emphasized FBR's commitment to enhance revenue collection via leveraging technology to modernize its operations. He highlighted “This project is a significant step towards achieving FBR’s goals of transparency and efficiency to better serve the people of Pakistan.”

CEO of Karandaaz Pakistan, Waqas ul Hasan, expressed confidence that this collaboration will help FBR in defining and implementing its digital strategy and highlighted that the experience, the contracted firm brings for this assignment would contribute to realizing the broader vision of the Pakistan Digital Stack initiative. He also thanked the Bill and Melinda Gates Foundation for providing financial assistance for this project of critical importance.

The Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb delivered a keynote speech via online platform at the UK-Pakistan Green Investment Forum, organized by the British High Commission in Pakistan. In his address, he emphasized Pakistan's commitment to addressing climate change and promoting green investment opportunities.

The Finance Minister highlighted Pakistan's vulnerability to the adverse effects of climate change, despite its low contribution to global greenhouse gas emissions. He cited a recent World Bank study, estimating potential annual GDP losses of up to 1% due to climate-related risks.

Acknowledging the significant funding gap in adaptation, resilience, and mitigation projects, the Federal Minister stressed the importance of bridging this divide. He noted that the changing weather patterns in Pakistan are impacting agricultural yields and posing threats such as flooding, storms, and heatwaves.

Expressing gratitude to the British High Commission for organizing the forum, the Minister Muhammad Aurangzeb acknowledged the need for a better portfolio of green investment projects. He emphasized Pakistan's reliance on the private sector for support and highlighted the government's efforts to enhance investor confidence in bankable green opportunities. The Minister also outlined Pakistan's plans to utilising innovative financing instruments to raise international climate finance. He said that the government is working on issuing domestic green sukuk bonds by December 2024 to finance sustainable development projects.

The Finance Minister Muhammad Aurangzeb elaborated on the significant improvements in various macroeconomic indicators over the past 10 months. He provided an overview of the country's macroeconomic stability, including improvements in inflation, GDP growth in the agricultural sector, increased forex reserves, upward trend in stock market and the projected reduction of the Current Account Deficit. The minister also communicated about the successful completion of the 9-month-long Standby Arrangement (SBA) of IMF, and expressed the intent to engage with the IMF for a medium-term fund-supported program which demonstrates Pakistan's resolve to pursue sustained economic growth and stabilization.

The Minister for Finance & Revenue concluded the speech with an invitation to investors, expressing eagerness to hear about the challenges they encounter when investing in Pakistan. He reiterated the Government's determination to make the business environment more conducive for international investors.

Chief Economist and Director for Economics and Evaluation Directorate in the Foreign, Commonwealth & Development Office (FCDO) Professor Adnan Qadir Khan accompanied by British High Commissioner to Pakistan H. E. Ms. Jane Marriot CMG OBE called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb.

The Finance Minister extended a warm welcome to both guests. The Minister highlighted the government's efforts to stabilize the economy, including achievements such as increased forex reserves, stable currency, decreasing inflation, and a flourishing stock market. Additionally, he outlined key reforms, including privatization, SOE restructuring, FBR digitization, export-driven growth initiatives, and energy sector reforms. Acknowledging the support extended by the UK government, he emphasized that KPI based project would lead to effective implementation, with a view to making support more impactful.

Prof. Adnan Qadir Khan informed the Minister that the FCDO has successfully concluded work on several pivotal initiatives and extended support for a domestically driven reform program aimed at fostering economic growth and sustainability in Pakistan.

H.E. Ms. Jane Marriott expressed the British government's commitment to support Pakistan in its socio-economic development endeavors and expressed confidence in the potential for deeper collaboration in the future.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Pakistan Dairy Association (PDA), led by CEO Fauji Foods Ltd Mr. Usman Zaheer, at Finance Division, today.

While addressing the delegation, Minister Muhammad Aurangzeb underscored the significant role the dairy industry played in increasing agricultural GDP and fostering economic development. He highlighted the government's commitment to providing a conducive environment for business growth, particularly in the dairy sector, which presents promising opportunities for increased exports. The Finance Minister encouraged executives from the dairy industry to seize the moment and launch the initiatives that would not only benefit large-scale producers but also create opportunities for small-scale farmers.

During the meeting, the industry leaders emphasized their commitment to capitalizing on the upward trend in dairy exports, citing it as a key area for growth and revenue generation. They stressed the importance of creating an enabling environment for dairy exports, urging the government to consider exempting dairy exports from taxation to further incentivize expansion in this sector. In response, the Federal Minister directed the concerned authorities to put up a proposal keeping in view the merit criteria.

The meeting ended with both the government and the Pakistan Dairy Association (PDA) aligning on a vision to enhance the sector's export capacity, promote innovation, and upgrade practices to meet international standards. They expressed confidence in the dairy industry's ability to contribute significantly to Pakistan's economic growth.

The Ambassador of France to Pakistan Mr. Nicholas Galey, called on Minister for Finance and Revenue Senator Muhammad Aurangzeb, at the Finance Division, today, to discuss matters of mutual interests and to further strengthen the bilateral relations between Pakistan and France.

Finance Minister Muhammad Aurangzeb welcomed the French Ambassador and appreciated the support extended by the French government for renewal of GSP Plus status to Pakistan.

The Finance Minister briefed the envoy on the steps taken by the government to stabilize the economy including notable increases in agricultural production, forex reserves reaching $9 billion, stable rupee, declining inflation, and upswing in the stock market. He also informed the French Ambassador about the successful conclusion of the second IMF review under the Standby Arrangement (SBA). The Federal Minister further apprised the Ambassador of key reforms being undertaken by the government including Privatization, SOEs reforms, FBR end-to-end digitization, export-led growth, and energy sector reforms to bring costs down. Moreover, the Finance Minister emphasized the role of the Special Investment Facilitation Council (SIFC) as a key platform for investor facilitation, streamlining processes to foster investment and economic growth.

Acknowledging the efforts of the Pakistani government, the French Ambassador expressed optimism about the future trajectory of economic cooperation between Pakistan and France. The Ambassador offered technical cooperation in the areas of interest for sustainable economic growth. He recognized the progress made by the government of Pakistan in stabilizing the economy and expressed confidence in the potential for further collaboration.

Looking ahead, both parties affirmed their commitment to deepen economic relations, exploring investment opportunities, and expanding bilateral trade.

The Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet, today.

The meeting was attended by the Minister for Commerce Mr. Jam Kamal Khan, Minister for Petroleum Mr. Musadik Masood Malik, Minister for Privatization Mr. Abdul Aleem Khan, Minister for Industries & Production Rana Tanveer Hussain, Chairman SECP, Dy Chairman Planning Commission, Federal Secretaries, and other senior government officials of the relevant ministries. Minister for Economic Affairs Mr. Ahad Khan Cheema and MD PASSCO attended the meeting online.

The Economic Coordination Committee (ECC) reviewed and approved a number of proposals from various Government Ministries and Divisions.

The ECC gave approval to increase the wheat procurement target for PASSCO from 1.40 to 1.80 MMT along with the required Cash Credit Limit for the purchase of additional quantity. The approval would help PASCCO scale up its on-going wheat procurement drive.

The ECC also approved the proposal for import of 200,000 MTs of Urea fertiliser to meet the requirements for Kharif 2024 as proposed by Ministry of Industries & Production. The Ministry was also directed to continuously assess the demand & supply situation of urea and suggest appropriate measures to the ECC in a timely manner.

ECC also gave go-ahead to Ministry of Industries & Production’s request for the disbursement of salaries of PSM workers and directed the Ministry to present a detailed plan for the future use of the asset alongwith timelines.

ECC also allowed Power Division’s request for release of budgeted expenditures to clear the arrears of tariff differential subsidy Rs. 70 billion for KE and Rs 55 billion for AJK. This would help ease the liquidity requirements of the Power Sector.

The ECC considered a summary to authorize BISP to arrange funds from its allocated budget for financing the Special Relief Package for Daily Wage Workers on the Chaman Border, highlighting government support for the vulnerable group.

Further, the ECC considered and approved proposals for Technical Supplementary Grants, including:

1. Rs. 4.8 billion for Pakistan Atomic Energy Commission.
2. Rs. 5.8 billion for the Earthquake Reconstruction & Rehabilitation Authority's to clear matured liabilities of the contractors.
3. Rs. 3.2 billion to Finance Division as rupee cover for the WB funded Financial Inclusion and Infrastructure Project (FIIP).
   
4. Rs. 162 million to the Ministry of Housing & Works for Repair and Maintenance of Public Buildings in Islamabad.
5. Rs. 2.2 billion to the Ministry of Interior for the FATA TDP-ERP Project.

A delegation of international investors led by Mr. Ahmad Bozai, MD Citibank Pakistan, called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division, today, to explore the investment prospects and economic dynamics in Pakistan.

The Finance Minister welcomed the delegation and assured them that the Government of Pakistan is committed to foster an enabling business environment in Pakistan. Throughout the session, he emphasized Pakistan's improving macroeconomic trends over the past 10 months, characterized by positive economic indicators that have bolstered investor confidence. Additionally, the Minister highlighted Pakistan's progress towards economic stability, stating that it is now opportune to invest in the country, especially the IT and agriculture sectors, stressing the need for both local and international investment to invigorate the nation's economy.

Mr. Bozai expressed Citibank Pakistan's commitment to supporting Pakistan's economic development through strategic partnerships and initiatives that aim to unlock the country's potential and enhance its competitiveness on the global stage. He stressed the need for collaborative efforts between local and international stakeholders.

Reiterating the commitment to promotion of economic growth, the Federal Minister for Finance and Revenue encouraged the delegation to explore opportunities with confidence, as the government remains dedicated to facilitating their investments.

The meeting concluded on a shared note of commitment to foster economic growth.

South Asia Regional Vice President (SARVP) of the World Bank, Mr. Martin Raiser called on the Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division, today. The meeting was also attended by Country Director of the World Bank (WB) Mr. Najy Benhassine and senior officers from Finance and Economic Affairs Divisions.

The Finance Minister briefed Mr. Raiser on the macro-economic situation of the country and efforts of the Government for stabilization of the economy. The Finance Minister outlined the Government’s priority reform areas including increasing the tax to GDP ratio, reducing the costs in energy sector, SOE reforms, privatization and human capital development.

Mr. Martin Raiser acknowledged Pakistan's commitment to economic reforms and reiterated the World Bank's readiness to extend technical assistance and financial support to facilitate the country in achieving its developmental objectives.

The Finance Minister requested the World Bank Vice President to align country partnership framework of WB with the priority reform areas of the GoP. Mr. Raiser acknowledged the request and stated that the World Bank Group will provide necessary support to GoP in implementing its reform agenda in energy sector, boosting exports, microfinance, building climate resilience and social protection.

The meeting concluded with both sides reaffirming their commitment to strengthening the partnership for the betterment of Pakistan's economy and its people.

A delegation of International Investors called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb to delve into the economic dynamics and investment prospects of Pakistan at Finance Division, today.

The meeting, organized by Standard Chartered Bank, was attended by Chief IR Ops. FBR Mr. Ijaz Hussain, Special Secretary Finance and other senior officers from Finance Division. Senior officials from the bank were also present in the meeting.

The Finance Minister welcomed the delegation and assured that the present government has taken all pragmatic measures to facilitate the business environment in Pakistan. During the session, he highlighted the macroeconomic stability in terms of reduced inflation and surge in stock market signaling burgeoning investor confidence.

Moreover, Senator Muhamamd Aurangzeb shed light on the government's tax initiatives, emphasizing the agenda to broaden the tax base and expedite the digitalization process of the Federal Board of Revenue (FBR). Privatization endeavors, commencing with Pakistan International Airlines (PIA), were also delineated, with a commitment to extend privatization efforts to additional sectors in the near future.

The Minister for Finance and Revenue shared that Pakistan is gradually moving toward economic stability and it is high time to invest in Pakistan. He stressed upon the potential of IT and Agriculture sector in Pakistan and the need for local as well as international investment in these sectors to boost the country's economy.

The delegation discussed the economic situation and outlook of the country with the Finance Minister. Investors held a comprehensive discussion with the Finance Minister regarding IMF program, upcoming budget targets, market perception and outlook, as well as the situation of foreign reserves.

Reaffirming the commitment to fostering economic growth, the Federal Minister for Finance and Revenue pledged to streamline processes, provide necessary incentives, and ensure a stable regulatory framework. Investors were encouraged to explore opportunities with confidence, as the government remains dedicated to facilitating their ventures and contributing to the nation's prosperity.

In conclusion, the meeting underscored the collaborative efforts between Pakistan and international investors in fostering economic resilience and sustainable growth. The dialogue served as a testament to Pakistan's commitment to fiscal prudence, investor-friendly policies, and inclusive economic development.

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired the meeting of the Steering Committee on the Digitalization of the Federal Board of Revenue (FBR).

The meeting was attended by key stakeholders including Chairman FBR, CEO Karandaaz Mr. Waqas ul Hasan, Bill and Melinda Gates Foundation Country Lead Mr. Syed Ali Mahmood, and representatives from FBR.

The committee reviewed the progress made so far in the digitalization of FBR's operations and explored the avenues to further enhance efficiency and transparency of tax administration across the country.

The Finance Minister reaffirmed the government's commitment to collaborate with the private sector and all relevant stakeholders in propelling Pakistan towards a modernized taxation framework. He underscored that digitalization of FBR is not only crucial for improving tax collection & administration, but also for promoting sustained economic growth.

During the meeting, the committee approved the top proposal from McKinsey and Company, a globally renowned consulting firm, for the digitalization project. Director DFS Karandaaz Mr. Sharjeel Murtaza briefed the committee on the procurement process, which involved comprehensive technical evaluation by an approved committee comprising senior officials from FBR and technical experts from Karandaaz Pakistan. McKinsey and Company emerged as the top bidder after thorough evaluation of technical and financial aspects. The negotiated full and final proposal from McKinsey and Company was presented to the committee, leading to the approval for contracting and onboarding McKinsey and Company and commencing the project.

The Finance Minister commended the Procurement Committee for ensuring the selection of high-quality consulting services for this important national project, and stressed upon the need for a result-oriented approach, leveraging existing knowledge on digitalization, and prioritizing early successes.

The meeting concluded with the agreement on the next steps for commencement of the process of digitalization of FBR's operations through collaboration between FBR and the private sector for a digitally empowered tax ecosystem in the country.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Mr. Keith Svendsen, CEO of APM Terminals accompanied by Ambassador H.E. Jakob Linulf, along with representative from APM Terminals, at Finance Division, today.

The meeting was attended by Secretary Maritime Affairs, representatives from APM, and senior officers from FBR and Finance Division.

The Finance Minister commenced the discussion by expressing gratitude to the Danish Government for its commitment, notably in the form of the grant for flood-affected communities in 2022 and the $3.8 million grant pledged during the Geneva pledges. He emphasized the need to capitalize on this momentum to further enhance economic ties between the two nations.

The Finance Minister further apprised the representatives about the government's reform agenda and expressed optimism that Pakistan's reform actions would lead to improved business confidence and attract investments to Pakistan. He also expressed that the government is committed to facilitate an environment conducive to business and is keen to explore opportunities for future projects & investments with APM, particularly in the maritime sector.

Mr. Keith Svendsen expressed that APM Terminals is pleased to engage with the Government of Pakistan to discuss the ongoing and future projects in Pakistan. He stated that the company sees great potential in the Pakistani market and is committed to enhance its investment and operations to support the country's trade, affirming confidence in the country's growth prospects and commitment to its development agenda.

Additionally, the matter regarding the need of improvisation in customs rules and regulations for efficient execution of the maritime affairs in a seamless manner was also discussed. The Finance Minister assured his support in this regard.

Both sides acknowledged the importance of continuous dialogue and collaboration between public and private sectors to further boost the economic ties.

Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb, held a meeting with Mr. Syed Ali Mahmood, Country Lead for Pakistan at the Bill and Melinda Gates Foundation (BMGF), and Mr. Waqas ul Hassan, CEO of Karandaaz, today. The meeting focused on exploring avenues for collaboration and innovative solutions to address key developmental challenges in Pakistan.

During the meeting, Minister Aurangzeb welcomed Mr. Syed Ali Mahmood and Mr. Waqas ul Hassan, acknowledging the valuable contributions of the Bill and Melinda Gates Foundation and Karandaaz towards the development landscape of Pakistan, specifically appreciating the role BMGF plays through Karandaaz for increasing financial inclusion in Pakistan. He also emphasized the importance of public-private partnerships in driving sustainable development and promoting inclusive growth.

Mr. Syed Ali Mahmood shared insights from the Bill and Melinda Gates Foundation's ongoing initiatives in Pakistan, particularly in context of financial inclusion. He appreciated the Government’s ambition for digitalizing the economy and offered support. He further expressed the Foundation's commitment to supporting Pakistan's efforts in achieving its development goals and improving the lives of its citizens.

Mr. Waqas ul Hassan provided an overview of Karandaaz's role in promoting financial inclusion and entrepreneurship in Pakistan. He highlighted the Foundation's focus on fostering innovation and expanding access to financial services for underserved communities, thereby contributing to economic empowerment and poverty alleviation.

The discussions revolved around potential areas of collaboration between the government, the Bill and Melinda Gates Foundation, and Karandaaz, with a particular emphasis on leveraging technology and data-driven solutions to address development challenges. Minister Aurangzeb reiterated the government's commitment to creating an enabling environment for innovation and entrepreneurship, emphasizing the importance of partnership and collaboration in driving sustainable development. During the discussions, Sustainable growth and management of Raast, connectivity of Raast with Buna and digitalization of the tax system were discussed as the critical initiatives for collaboration. Moreover, the importance of revitalizing the National Financial Inclusion Strategy (NFIS) of Pakistan was also stressed upon. The strategy aimed to promote financial inclusion and expand access to financial services across the country. The minister highlighted the need for a renewed focus on it's objectives including increasing access to formal financial services, expanding branchless banking and mobile financial services, and promoting financial literacy and consumer protection.

The meeting concluded with a commitment from both sides towards collaborative efforts required for fostering a more inclusive and resilient financial ecosystem in Pakistan.

Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb held a meeting with the Board of Directors of Albaraka Bank Pakistan Ltd and all foreign shareholders to discuss the future economic and financial outlook of Pakistan. The meeting provided a platform for constructive dialogue and collaboration to chart a course for Pakistan's economic growth and stability.

During the meeting, Finance Minister emphasized the government's commitment to implement prudent economic policies to ensure sustainable development and prosperity for all stakeholders. He highlighted the progress made in various sectors and outlined the government's vision for fostering a conducive business environment and attracting foreign investment.

The Board of Directors and foreign shareholders expressed their confidence in Pakistan's economic potential and reaffirmed their commitment to support initiatives aimed at promoting growth and financial stability. They commended the government's efforts in implementing structural reforms and fostering a business-friendly environment conducive to investment.

Discussions during the meeting focused on Pakistan's future economic prospects, including opportunities and challenges in key sectors such as banking, finance, and infrastructure development. The participants exchanged views on strategies to enhance Pakistan's competitiveness, attract foreign investment, and promote sustainable economic growth.

Minister Aurangzeb underscored the importance of continued cooperation and collaboration between the government and the private sector to identify opportunities for investment and growth and for achieving shared objective of Pakistan's economic prosperity.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb welcomed H.E. Ms. Kanni Wignaraja, Assistant Secretary General, Assistant Administrator and Director of Regional Bureau for Asia and the Pacific, along with the Country Representative of UNDP in Pakistan, today. The meeting served as a platform to discuss collaboration between the Government of Pakistan and UNDP in addressing key developmental challenges and promoting sustainable development.

The Minister expressed sincere appreciation to Ms. Kanni Wignaraja and the UNDP Pakistan Country Office team for their unwavering support to Pakistan, particularly during critical times such as the 2022 floods. He also expressed appreciation for UNDP's support in mobilizing national and international expertise for inclusive and innovative development financing for Pakistan.

The Minister further highlighted the Government of Pakistan's focus on implementing policy reforms to unleash the country's growth potential. The Minister reiterated Pakistan's commitment to engaging with UNDP in a constructive manner to achieve shared goals of reducing poverty, increasing prosperity, and promoting sustainable development. Furthermore, Minister Aurangzeb shared that Pakistan has initiated discussions with the IMF for an Extended Fund Facility (EFF) to support the government's economic reform agenda.

In her remarks, H.E. Ms. Kanni Wignaraja commended Pakistan's commitment to sustainable development and expressed UNDP's dedication to supporting Pakistan's efforts in achieving its development goals. She emphasized the importance of continued collaboration and partnership between Pakistan and UNDP to address the challenges and opportunities for sustainable development in the region.

H.E. Ms. Kanni Wignaraja also presented to the Minister a copy of the recently launched report of UNDP titled "Doing Digital for Development," tailored specifically for Pakistan, highlighting the critical role of digital technologies in advancing development initiatives within the country.

In the end, both sides reaffirmed their commitment for continued collaboration and partnership to address the challenges faced by Pakistan and to achieve sustainable development goals.

Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb held a productive meeting with Mr. Naeem Mir, Chairman Supreme Council All Pakistan Anjuman-e-Tajran, today. The meeting was also attended by Chairman FBR. The meeting served as a platform to discuss pertinent issues concerning the business community and economic policies.

During the meeting, Finance Minister appreciated the valuable contributions of the business community towards the economic development of Pakistan. He emphasized the government's commitment to address the concerns and promote the interests of traders and businessmen across the country. Minister Aurangzeb also highlighted the importance of encouraging the business community to register under the recently launched Tajir Dost App, designed specifically to support and facilitate the needs of the business community.

Mr. Naeem Mir conveyed the concerns and suggestions of the business community to Finance Minister, highlighting the challenges faced by traders and businessmen in Pakistan. He also appreciated the efforts of the government for creating a conducive business environment, streamlining taxation policies, and promoting investment opportunities to foster economic growth and prosperity. He further assured of the solidarity of the business community regarding their participation in the Tajir Dost App.

Finance Minister reaffirmed the government's resolve to work closely with the business community to address their grievances and facilitate their efforts in contributing to the country's economic development. He underscored the significance of collaboration between the government and the private sector to formulate policies that promote entrepreneurship and business growth.

Both sides engaged in a constructive dialogue on various issues, including taxation reforms, trade facilitation measures, and initiatives to promote small and medium-sized enterprises (SMEs). Minister Aurangzeb reiterated the government's commitment to implement policies that promote inclusive economic growth and empower the business community.

The meeting concluded with a mutual understanding to continue the dialogue and collaboration between the government and the business community for the betterment of Pakistan's economy.

Federal Minister for Finance & Revenue Mr. Muhammad Aurangzeb held meeting with foreign investors in Dubai and explored ways to enhance investment activity between the UAE and Pakistan by supporting existing economic partnerships and exploring further diversification to include areas of Information technology, renewable energy, transport and logistics, infrastructure and real estate development.

He highlighted the competitive advantages that make Pakistan an ideal destination for investors seeking high returns and sustainable growth.
The Finance Minister also highlighted the role of SIFC in assisting investors at every stage of their journey, comprehensive support services including market research, regulatory guidance, investment facilitation, and post-investment support, ensuring a smooth experience.

During his meeting held with the senior officials of Mashreq Bank and First Abu Dhabi Bank in Dubai, he discussed strengthening of financial and economic cooperation. The Minister emphasized upon the bankers to reconsider their appetite for arranging financing for the country given significant improvements in economic fundamentals.

In another meeting with the members of Pakistan Business Council UAE, he stressed upon the need of collaboration with industry leaders, government agencies, financial institutions, and local stakeholders to forge strategic partnerships that facilitate trade and investment inflows into Pakistan.

The Minister further said that the macro-economic indicators have started showing positive trends in the country both at internal and external fronts. The ongoing structural reforms and enforcement mechanism would further set the direction of the economy in a right way.

He also applauded Pakistani businessmen based in UAE for showcasing Pakistan's best business practices and conducive environment for forward-thinking investors especially in the area of IT, digitalization, climate change, agriculture and human capital.

Federal Minister for Finance and Revenue Mr. Muhammad Aurangzeb has strongly condemned the incident of firing on Customs Officials in Dera Ismael Khan while performing anti-smuggling duties. The Finance Minister expressed deep grief and sorrow over the martyrdom of two officials of Customs Department in the incident. He conveyed his heartfelt condolences and unwavering support to families of the martyrs in these testing times.

The Minister also prayed for early recovery of the injured Customs officials in the incident. He said that sacrifices of these martyrs will not go in vain and expressed resolve that the smugglers will be dealt with iron hands. The Minister said that FBR and Pakistan Customs will continue their anti-smuggling operations for elimination of the menace of smuggling from the country.

The Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with the representatives of S&P Global and Fitch Ratings on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C. During the meetings, he highlighted positive indicators of the country on the back of the Standby Arrangement (SBA) signed with International Monetary Fund (IMF). He provided details on the government's ongoing reforms in priority areas, including taxation, energy, and privatization over short, medium and long-term horizons. He also referred to his recent engagements with Managing Director of the IMF, President of the World Bank, and heads of multilateral institutions including Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB). He reaffirmed that the World Bank's agenda aligns with Pakistan's priorities on climate change, digitalization, and human development. The Finance Minister also mentioned potential investments in the pipeline from Saudi Arabia. He also addressed the rating agencies' concerns related to Pakistan's external position, inflation levels, primary fiscal balance, and interest rate regime.

Other engagements of Finance Minister included interaction with officers of the Embassy of Pakistan, Washington D.C., media interviews with the Voice of America and The National and Press Conference with Pakistani media.

Finance Minister is leading Pakistan’s delegation in the IMF / World Bank’s 2024 Spring Meetings being held in Washington DC. Other delegates include Mr. Imdadullah Bosal, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division, Mr. Jameel Ahmed, Governor State Bank of Pakistan and Mr. Adil Akbar Khan, Senior Joint Secretary, Economic Affairs Division.

The Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with the Chinese Finance Minister, Mr. Lan Fo'an, on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C. Finance Minister conveyed condolences on behalf of the leadership and people of Pakistan over the recent terrorist attack against Chinese nationals in Pakistan. He reaffirmed Pakistan's unwavering commitment to ensuring the safety and security of Chinese citizens and investments in the country. He lauded China's invaluable contribution to Pakistan's development through initiatives such as the China-Pakistan Economic Corridor (CPEC) and support at international financial institutions. Apprising the Chinese counterpart of the progress on CPEC, Finance Minister stated that Phase-I focused on infrastructure development, while Phase-II would emphasize monetizing assets through the operationalization of Special Economic Zones and relocation of Chinese Private-Owned Companies (POCs). He expressed the government's resolve to accelerate Phase-II of CPEC. Finance Minister also expressed gratitude to the Chinese government for the SAFE deposits and their regular roll-overs, which have played a crucial role in addressing Pakistan's external financing gaps. He informed the Chinese Minister that Pakistan was entering into a larger and extended program with International Monetary Fund (IMF) and looked forward to China's continued support. He also briefed him on the government's priorities, including broadening the tax base, fixing the energy sector, and overhauling the state-owned enterprises (SOEs). He stated that Pakistan aimed to tap into the Chinese Bond Market and launch Panda Bonds during the fiscal year 2025-26. Both sides agreed on the need to continue their cooperation within international institutions, reflecting deep-rooted economic ties between the two countries.

Finance Minister also met with Mr. Martin Raiser, the World Bank's Regional Vice President for South Asia, to discuss Pakistan's reform initiatives and development priorities. During the meeting, Finance Minister expressed satisfaction that the new Country Partnership Framework (CPF) between Pakistan and the World Bank would be finalized soon. He underlined the government's reform thrust in the areas of energy, taxation, and state-owned enterprises (SOEs), highlighting the pursuit of both short and long-term goals in these crucial sectors. Referring to his earlier meetings with the Senior Leadership of the World Bank, Finance Minister stated that the Bank's focus on climate change, digitalization, and human capital development aligns well with the priorities of the government. Finance Minister highlighted the government's vision to realize Pakistan's true economic potential in terms of sustainable economic growth. He stressed the importance of timely completion of development projects and the realization of intended impacts and outcomes, emphasizing the need for effective implementation and monitoring. He also briefed Mr. Raiser on the role of the Special Investment Facilitation Council (SIFC) as a one-window facility for investment promotion and facilitation. Both sides agreed on the need for reforms in the agriculture sector, water management, and waste-water treatment.

Finance Minister met with Mr. Brent Neiman, Deputy Under Secretary for International Finance at the U.S. Department of Treasury, on the sidelines of the IMF/World Bank Spring Meetings in Washington D.C. Finance Minister briefed Mr. Neiman on Pakistan's positive economic indicators in the wake of the Stand-By Arrangement (SBA) signed with the International Monetary Fund (IMF). He informed that the government has prioritized reforms in taxation, energy sector, and state-owned enterprises (SOEs). He underscored the United States' significance as Pakistan's largest trading partner and a key source of remittances and Foreign Direct Investment (FDI). He briefed Mr. Neiman on the role of the Special Investment Facilitation Council (SIFC) in facilitating foreign investment into the country. Finance Minister welcomed his visit to Pakistan after the presentation of the budget and assured full support in this regard.

The Finance Minister, Mr. Muhammad Aurangzeb, held a meeting with Mr. Jin Liqun, President of the Asia Infrastructure Investment Bank (AIIB), to discuss Pakistan's economic trajectory and explore avenues for enhancing cooperation in infrastructure development. During the meeting, the Finance Minister briefed the AIIB President on Pakistan's positive economic indicators, including improving foreign exchange reserves, a stable currency, declining inflation rates, and a surging stock market. He highlighted the renewed institutional and foreign inflows into the market, on the back of the successful 9-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). The Finance Minister informed Mr. Jin Liqun that Pakistan was looking to enter into a larger and extended program with the IMF, building upon the progress achieved under the SBA. He identified broadening the tax base, fixing the energy sector, and undertaking state-owned enterprise (SOE) reforms as key priorities of the government. Finance Minister expressed gratitude for AIIB's support in the aftermath of the devastating 2022 floods, particularly the co-financing of US$ 250 million for the RISE-II program of the World Bank. He reaffirmed Pakistan's commitment to continue working closely with AIIB on the infrastructure development of the country. He appreciated AIIB's additional commitment of US$ 500 million in project assistance and acknowledged the satisfactory progress on project implementation and disbursements.

Finance Minister met with Mr. Makhtar Diop, Managing Director of the International Finance Corporation (IFC). In the meeting, Finance Minister briefed Mr. Diop on Pakistan's positive economic indicators, including improving foreign exchange reserves, stable currency, declining inflation rates, and a surging stock market. He highlighted the renewed institutional and foreign inflows into the market, bolstered by the successful 9-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). He informed the IFC Managing Director that Pakistan looked forward to entering into a larger and extended program with the IMF. The Finance Minister identified broadening tax reforms, fixing the energy sector, and undertaking state-owned enterprise (SOE) reforms as key priorities of the government. He expressed gratitude to IFC for its support in the outsourcing of the Islamabad airport, which will be followed by similar initiatives in Lahore and Karachi. He noted with satisfaction the uptick in IFC activities in the country and requested the corporation's support in assisting the government in shifting its Public Sector Development Program (PSDP) to PPP mode.

Other engagements of the Finance Minister included luncheon meeting with Country Management Unit (CMU) of the World Bank, participation in the High-level Closed-door Roundtable on Financial Markets Access: Challenges and Opportunities organized by the Middle East and Central Asia Department (MCD), IMF and meeting with Mr. Andrew Torre, Regional President, VISA.

Finance Minister is leading Pakistan’s delegation in the IMF / World Bank’s 2024 Spring Meetings being held in Washington DC. Other delegates include Mr. Imdadullah Bosal, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division, Mr. Jameel Ahmed, Governor State Bank of Pakistan and Mr. Adil Akbar Khan, Senior Joint Secretary, Economic Affairs Division

The Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, met with representatives from Moody's Investor Service on the sidelines of the World Bank Group-IMF Spring Meetings in Washington D.C. During the meeting, Finance Minister briefed Moody's on Pakistan's key economic indicators and macro-economic stabilization achieved after entering into a Stand-by Arrangement (SBA) with International Monetary Fund (IMF). He highlighted government's key priorities including tax and energy sector reforms, as well as the privatization agenda. Finance Minister indicated the government's intention of tapping international capital markets, with a focus on the Middle East and China, to support Pakistan's economic growth and development. He also addressed questions related to inflation, foreign exchange reserves, debt repayments, external account vulnerability, and domestic liquidity and expressed confidence in the government's ability to address these challenges and create an environment conducive to sustainable economic growth. He hoped that Moody’s Investor Service would upgrade Pakistan's credit rating soon, reflecting the country's improved economic fundamentals and government's commitment to reforms.

Finance Minister attended an important “Roundtable with Investors” to highlight Pakistan's stable macroeconomic indicators and outline the government's reform agenda. He apprised the investors of Pakistan's declining inflation rates, stable currency, robust growth in the agriculture sector, strong remittance inflows, rising forex reserves, and a buoyant stock market. These positive indicators, he added, underscored the country's improved economic outlook. He stated the government's intention to enter into a larger and extended program with the International Monetary Fund (IMF), building upon the successful Stand-By Arrangement (SBA). He also discussed key priorities of the government around taxation, energy sector reforms, and privatization program. He noted that the World Bank's focus on climate change, digitalization, and human capital development aligned well with government's priorities. Investors appreciated the government's efforts to stabilize the economy and expressed keen interest in exploring potential investment opportunities in Pakistan.

The Finance Minister also met with Mr. Sultan Abdulrahman Al-Marshad, CEO of the Saudi Fund for Development (SFD), to discuss potential avenues for enhanced economic cooperation between Pakistan and Saudi Arabia. During the meeting, Finance Minister briefed Mr. Al-Marshad on his recent visit to Saudi Arabia as well as the recent visit of a high-level Saudi delegation to Pakistan. Both sides reviewed and expressed satisfaction with the progress of ongoing development projects. Finance Minister also discussed funding of ongoing projects, including Diamer Bhasha Dam and the N-25 highway from Karachi to Chaman. He assured that Pakistan would pitch bankable and investable projects to Saudi investors, highlighting the country's investment potential and favorable policies.

Finance Minister attended the "Roundtable on Implementing for Faster Results and Greater Impact" organized by the World Bank. In his intervention, he appreciated the World Bank's Thought Leadership and its insightful report titled "From Swimming in the Sand to High and Sustainable Growth." The report laid out a clear roadmap for Pakistan to become a High Middle- Income country by 2047, with the potential for the economy to grow from over US$ 300 billion to US$ 3 trillion. He emphasized that the World Bank's focus on climate change, digitalization, and human development aligned with the government's priorities. Finance Minister commended the World Bank's initiative to launch a single platform to enhance its operational effectiveness.

Finance Minister met with Mr. Andrew Mitchell, UK’s Minister of State for Development and Africa. During the meeting, the Minister acknowledged the long-standing relations between Pakistan and the UK rooted in shared history and mutual understanding. He expressed gratitude for UK's support in areas such as education, health, financial management, and governance. Finance Minister briefed him on the favourable economic indicators of the country and priority areas of taxation, energy sector and SOE reforms and highlighted government's efforts to create a conducive environment for foreign investment and economic growth, transparency, and inclusive participation. He also invited British International Investment (BII) to invest in bankable projects in Pakistan and thanked UK Minister for planning a visit to Pakistan in August 2024.

Finance Minister, Mr. Muhammad Aurangzeb, met with Citibank officials. He briefed them on the positive economic indicators including buoyant stock market, renewed interest of foreign buyers and institutional flows on the back of Stand-by Arrangement (SBA) signed with IMF. He informed them that Pakistan had successfully repaid Eurobond on time. He further apprised them that government had initiated discussions with IMF on a larger and extended programme and it was fully committed to carrying out both short-term and long-term reforms in the areas of taxation, energy sector overhaul and SOE reforms.

As part of his media engagements, Finance Minister gave media interviews to Reuters and China Global Television Network (CGTN).

Finance Minister is leading Pakistan’s delegation in the IMF / World Bank’s 2024 Spring Meetings being held in Washington DC. Other delegates include Mr. Imdadullah Bosal, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division, Mr. Jameel Ahmed, Governor State Bank of Pakistan and Mr. Adil Akbar Khan, Senior Joint Secretary, Economic Affairs Division.

The Federal Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, attended the JP Morgan Seminar on "Pakistan: Economic Policy Outlook". During the Seminar, he presented an overview of Pakistan’s economic landscape, highlighting strong performance of agriculture sector, diminishing inflationary pressures, stable exchange rates, declining trade deficit and strong remittances. He said that the government was cognizant of the challenges/risks ahead and was taking short and long-term measures to address them. Outlining the government’s reform agenda, he identified taxation, energy and privatization as key areas of reforms for the government. He said that the country had achieved a semblance of economic stability after the 9-month SBA with IMF and was fully committed to entering into a larger and extended program with the Fund to continue on the path of economic growth and sustainable development.

Finance Minister attended the Middle East, North Africa, Afghanistan and Pakistan (MENAP) Ministers and Governors meeting with the Managing Director of the International Monetary Fund (IMF), Ms. Kristalina Georgieva. The meeting provided an opportunity for the Finance Minister to engage with IMF leadership and counterparts from MENAP region on key economic issues and policy priorities. The Minister, in his intervention, highlighted the impact of geo-economic fragmentation on Pakistan's economy. He expressed gratitude to the IMF, multilateral development banks, and bilateral partners for their support in helping the country respond to unprecedented challenges. He underscored the government's aggressive reform agenda, including broadening the tax net, privatizing loss-making state-owned enterprises (SOEs), expanding the social safety net, and facilitating the private sector. The Finance Minister underlined the importance of rechanneling Special Drawing Rights (SDRs), reviewing the surcharges policy, and prioritizing the Resilience and Sustainability Trust (RST) in view of Pakistan's climate vulnerabilities. He called for a more proactive and responsive Global Financial Safety Net to tackle elevated risks. The Finance Minister also welcomed the IMF's renewed emphasis on capacity building through Regional Capacity Development Centers (RCDCs).

Mr. Donald Lu, Assistant Secretary and Ms. Elizabeth Horst, Principal Deputy Assistant Secretary of US State Department met Finance Minister Mr. Mohammad Aurangzeb at World Bank headquarters to underline the political will in Washington to strengthen Pak-US ties. The emphasis during the meeting was on upgrading economic partnerships, with special emphasis on alternate energy, agriculture, climate resilience, and tech industry. The Minister briefed them on Pakistan’s reform agenda encompassing broadening the tax base, streamlining the energy sector and fast-tracking the privatization process of state-owned enterprises. He identified emerging opportunities for American investments in IT, renewables, agriculture and minerals extraction. The Minister said that Pakistan will work closely with US International Development Finance Corporation and Exim Bank.

Finance Minister met with UAE’s Minister of State for Financial Affairs H.E. Mohamed bin Hadi Al Hussaini to discuss bilateral economic cooperation and explore avenues for strengthening ties between the two brotherly nations. The Finance Minister acknowledged the long-standing ties between Pakistan and the UAE, anchored in shared history, culture and faith. He expressed gratitude for UAE’s financial support to Pakistan in times of need. He said that the Government intended to continue with reforms initiated under the current IMF program in the priority areas of taxation, energy and privatization of SOEs. He highlighted Pakistan's firm resolve to address economic challenges and create a conducive environment for sustainable growth and investment. He also expressed Pakistan’s keen interest to re-engage with Middle Eastern Banks to revive their interest in potential investment opportunities in the country.

The Finance Minister held a meeting with Mr. Hiroshi Matano, Executive Vice President of the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group, to discuss Pakistan's investment landscape and measures to enhance investor confidence. During the meeting, the Finance Minister appreciated MIGA's continued support in attracting foreign direct investment (FDI) into Pakistan. He highlighted government's ongoing economic reforms aimed at improving the investment climate and creating a business-friendly environment for both domestic and international investors. He briefed Mr. Matano on the efforts being made to resolve the issues faced by a Korean investment company operating in Pakistan, underscoring the government's commitment to addressing investor concerns and facilitating the ease of doing business. The Finance Minister reiterated Pakistan's focus on promoting sustainable and inclusive economic growth, emphasizing the crucial role of FDI in achieving this objective. Mr. Matano commended the government's efforts to enhance investor confidence and expressed MIGA's readiness to continue supporting Pakistan in attracting quality foreign investments across various sectors of the economy.

The Finance Minister held a productive meeting with representatives from Deutsche Bank. During the interaction, he appreciated the long-standing support extended by Deutsche Bank to the Government of Pakistan in various financial endeavors. The representatives from Deutsche Bank briefed the Minister on different transaction structures that could assist the Government in accessing international capital markets effectively. A key area of discussion was the establishment of a Sustainable Finance Framework for the issuance of green or sustainability bonds.

Other engagements of the Finance Minister included meetings with Fund-Bank Staff Association, Mr. Daniel M. Zelikow, Vice Chairman, Public Sector, JP Morgan, print and electronic media interviews at the Bloomberg Headquarter and get-together with representatives of think tanks and media hosted by the Ambassador of Pakistan.

Finance Minister is leading Pakistan’s delegation in the IMF / World Bank’s 2024 Spring Meetings being held in Washington DC. Other delegates include Mr. Imdadullah Bosal, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division, Mr. Jameel Ahmed, Governor State Bank of Pakistan and Mr. Adil Akbar Khan, Senior Joint Secretary, Economic Affairs Division.

The Federal Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, met with Ms. Hela Cheikhrouhou, Regional Vice President for MCT, at the International Finance Corporation (IFC). The Minister briefed her on the government’s structural reform agenda focused on taxation, energy and privatization. He appreciated IFC's efforts in enhancing investment climate in Pakistan, particularly their support in improving national and provincial ease of doing business rankings, and meeting universal financial access targets. He encouraged IFC to scale up its engagement and work with Pakistan in the priority areas of securitization of remittances, mining, airport management and capacity building. Ms. Cheikhrouhou expressed her keen interest in furthering IFC's collaborative efforts, emphasizing the importance of tailored financial solutions to support sustainable development in these sectors.

Finance Minister, Mr. Muhammad Aurangzeb, attended the G-24 Finance Ministers and Central Bank Governors’ Meeting on the sidelines of the IMF/World Bank Spring meetings in Washington D.C. During the meeting, the Minister engaged in important discussions on sustainable and inclusive economic growth and financial stability. He appreciated the ongoing support provided by the IMF and World Bank to Pakistan to stabilize its economy. The Minister highlighted that government undertook difficult but necessary reforms to move the economy in the right direction. He underscored the need for enhanced private sector engagement, terming it crucial for driving economic growth and innovation. He also highlighted the adverse impact of climate change on developing countries, including Pakistan and stressed the importance of leveraging the Adaptation Fund to implement effective mitigation and adaptation strategies.

In his meeting with Mr. Mohammed Al-Jadaan, Finance Minister of Saudi Arabia, Finance Minister expressed gratitude for Kingdom’s steadfast financial support to Pakistan in times of economic challenges. Both sides exchanged views on deepening economic and investment relations between the two countries. They also explored new avenues for collaboration to further strengthen trade and investment ties in diverse areas.

Finance Minister met with Mr. Axel Van Trotsenburg, Senior Managing Director, World Bank to discuss World Bank’s ongoing support and engagement with Pakistan. The meeting explored the option of maximizing Regional IDA resources for development projects in Pakistan including flood-affected areas. It was agreed to use the story of effective utilization of Pakistan IDA resources more effectively and benefit from the Knowledge Centre of the Bank.

Finance Minister also met with Mr. Scott Nathan, CEO, U.S. International Development Finance Corporation (DFC). The Minister highlighted government’s commitment to attract investments across various sectors in Pakistan, including priority areas of agriculture, IT, extractive industry and renewable energy. He hoped that DFC would expand its portfolio in Pakistan following the resolution of outstanding issues and tap the significant investment opportunities by leveraging private sector investments and public-private partnerships. He also requested DFC’s assistance in the areas of debt financing, political risk insurance and capacity building to develop and implement potential DFC projects. Mr. Nathan appreciated the progress made by Pakistan under the structural reforms agenda leading to macro-economic stabilization. He emphasized the importance of continuing to build on existing investments, while at the same time pursuing new opportunities.

Finance Minister held a meeting with Mr. Ajay Banga, President, World Bank Group. He appreciated World Bank’s continuous support to Pakistan to implement its development agenda. He highlighted the government’s commitment to advance significant reforms in taxation, energy and privatization sectors. He underscored the importance of digital technologies to enhance governance and public service delivery. He said that the government was keen to work closely with the Bank to pursue the revenue reform agenda as well as timely investment in critical areas to help improve the domestic revenue mobilization. Both sides agreed on the need for a rolling Country Framework Plan for 10 years. President Ajay Banga assured his full support for Pakistan’s reforms and digitalization programs to stabilize the economy. The Foreign Minister extended the invitation to the President to visit Pakistan at his earliest convenience.

Finance Minister, in his meeting with Mr. Masatsugu Asakawa, President Asian Development Bank, appreciated ABD’s partnership with Pakistan to support its development agenda and address its emerging needs. The Finance Minister highlighted the importance of ongoing projects and future collaboration, emphasizing the important role ADB’s support played in addressing macro- economic imbalances, stabilizing the economy, boosting growth and achieving sustainable development. Mr. Masatsugu Asakawa, President ADB reaffirmed the bank’s commitment to support and assist Pakistan and expressed keen interest in working together to promote long-term, sustainable development in Pakistan.

Finance Minister spoke at the V20 Ministerial Dialogue XII “Unlocking Growth and Prosperity through Innovations in Climate Finance and Debt”. He highlighted Pakistan’s vulnerability to climate-induced disasters, such as the 2022 floods that affected 33 million people and caused GDP losses of approx. US$ 15.2 billion. He underscored that developed countries must fulfill their financial commitments and provide additional financing, technology transfer, and capacity building assistance to developing countries including Pakistan to address the climate challenges. He also underscored Pakistan’s efforts at COP 27 to establish the Loss and Damage Fund and emphasized the need for innovative financial solutions for climate emergencies.

Finance Minister met with Türkiye’s Treasury and Finance Minister, H.E Mr. Mehmet Şimşek. He acknowledged historical, political, defense, cultural, and educational relations between Pakistan and Türkiye. He stated that the current bilateral trade between Pakistan and Türkiye is not commensurate with existing potential. Both sides agreed on the need to deepen cooperation by giving a fresh impetus to bilateral trade and investment and benefit from Turkiye’s experience in power generation and distribution.

The Federal Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, met with the members of U.S. Pakistan Business Council (USPBC) on the sidelines of the IMF/World Bank Spring meetings in Washington D.C. He appreciated the important role of U.S. corporate sector in strengthening Pak-U.S. economic ties. He said that despite the challenges, the government was committed to implementing difficult but necessary reforms to ensure long-term economic growth and macro-economic stability. He highlighted key initiatives, including the Investment Policy 2023, aimed at attracting more foreign investments across various sectors in Pakistan to enhance investors’ confidence and streamline project implementation, particularly in priority sectors such as agriculture, IT, energy, and minerals & mining. He elaborated that the new policy would simplifying business regulations, provide foreign investors freedom to repatriate their profits abroad in their own currency and receive special protection. He also apprised them of government’s efforts to digitalize the economy and expand the tax base to ensure sustainable economic growth. USPBC members welcomed the steps taken by the government of Pakistan to improve the ease of doing business and assured the Minister of USPBC’s continued support to enhance bilateral trade and investment cooperation.

In his meeting with Climate Vulnerable Forum (CVF) Secretary-General, H.E. Mohamed Nasheed, former President of the Maldives, Finance Minister highlighted Pakistan’s vulnerability to climate- induced disasters, drawing attention to the 2022 floods in Pakistan, which affected 33 million people and caused losses of approx. US$ 15.2 billion. He emphasized the need for developed economies to scale up their efforts to provide additional financing, technology transfer, and capacity-building assistance to developing countries, including Pakistan. He also highlighted Pakistan’s pro-active role in mobilizing global support for Loss and Damage Fund at the COP 28. Mr. Nasheed acknowledged Pakistan’s efforts in addressing Climate Change and agreed on the need for providing more resources to developing countries, enabling them to respond effectively to the climate challenge.

Finance Minister, in his meeting with influential Pakistani American businessmen and tech entrepreneurs, lauded the important role of Pakistani diaspora in the socio-economic development of Pakistan. He termed them as bridge-builders in deepening trade and investment ties between. Pakistan and the United States. The Minister highlighted various initiatives taken by the government to improve business-friendly environment and attract foreign investment in Pakistan. He specifically highlighted the potential of Pakistan in the IT sector as it hosted a community of over a million freelancers, ranked 3rd globally in the freelance market and annually produced over 75,000 IT graduates from 250+ recognized universities. The Minister invited the participants to capitalize on the growing opportunities in Pakistan in key sectors of agriculture, IT, mining and energy. The attendees appreciated the government’s efforts to improve the investment climate in Pakistan and expressed their keen interest in taking Pak-U.S. economic ties to a new level.

Finance Minister also attended a Seminar on “Opportunities and Challenges for the Pakistani Economy through 2024 and Beyond” hosted by the Atlantic Council. In his address, he highlighted the prevailing economic conditions in Pakistan and measures being taken by the government to put the economy on a higher growth trajectory by facilitating exports, increasing remittances, expanding the tax-base, improving ease of doing business, digitalizing economy and attracting FDI into the country. Positive trends in the industrial activity, better agriculture outlook, and improvements in the Composite Leading Indicators (CLI) of Pakistan's major export markets were all signs that economy was on a recovery path. The implementation of reforms under the 9th IMF Stand-By Agreement (SBA) provided Pakistan with much-needed macro-economic stability. He said that Pakistan was prioritizing investment in key areas of agriculture, IT, mining and energy to enhance productivity and ensure sustainable growth. He invited international stakeholders to become close partners in Pakistan’s journey towards economic prosperity and development.

The media engagements of Finance Minister included interviews with Wall Street Journal and Agence France-Presse (AFP).

Finance Minister is leading Pakistan’s delegation in the IMF / World Bank’s 2024 Spring Meetings being held in Washington DC. Other delegates include Mr. Imdadullah Bosal, Finance Secretary, Dr. Kazim Niaz, Secretary Economic Affairs Division, Mr. Jameel Ahmed, Governor State Bank of Pakistan and Mr. Adil Akbar Khan, Senior Joint Secretary, Economic Affairs Division.

News stories appearing in a section of the Press have given the misleading impression that ECC has delayed the decision on wheat procurement targets. There is no truth to these assertions.

ECC of the Cabinet discussed the matters related to wheat procurement in its meeting held on 4th April 2024. After considering the views of the relevant Federal Ministries, the members of the ECC felt that it would be advisable to include the Provincial governments in the deliberations, as they would be responsible to implement the decisions on the ground. The meeting was therefore reconvened on 5th April and representatives of all the Provincial governments participated. They provided updates to the Committee on the latest situation relating to procurement of wheat in their respective areas and apprised it of their requirements for bank credit for the purpose. The Committee after detailed deliberations approved the procurement target proposed by the Ministry of Food Security and the Provinces and the cash credit limits required for the purpose.

The relevant departments did not suggest any enhancement or reduction in targets presented by the Ministry of Food Security, neither did the ECC approve any such change. The Government of Punjab informed the Committee that it was closely monitoring the wheat situation in the Province and had initiated procurement process. They further informed that the provincial government would continue to intervene to make sure that farmers are able to sell their produce at the support price level.

The ECC in its inaugural meeting resolved that all the matters brought before it would be deliberated in detail with a view to make informed decisions, instead of rushing through and rubber-stamping hasty measures. The Committee would also continue to ensure that all the stakeholders are onboard before arriving at decisions which have far reaching implications. The detailed discussions during the meetings of the ECC on 4th & 5th April, 2024 are reflective of this policy.

H.E. Mrs. Henny de Vries, Ambassador of the Kingdom of the Netherlands to Pakistan, called on Mr. Muhammad Aurangzeb, Minister for Finance and Revenue, to discuss matters of mutual interest and strengthen the existing ties between Pakistan and the Netherlands.

Minister for Finance & Revenue Mr. Muhammad Aurangzeb warmly welcomed the Ambassador and expressed appreciation for the longstanding friendship and cooperation between Pakistan and the Netherlands. He highlighted the importance of the bilateral relationship, rooted in shared values and a history of collaboration. The discussion also touched upon the structural reforms being implemented by the government of Pakistan for promoting economic growth and ensuring fiscal sustainability. The minister further highlighted that Pakistan is interested in technology transfer and leveraging the expertise of Netherlands in agriculture, dairy, and farm production that would lead to increased production and exports, contributing significantly to Pakistan's economy.

Ambassador de Vries reciprocated the sentiments, emphasizing the Netherlands' commitment to furthering cooperation with Pakistan across various sectors. She also appreciated the government’s efforts being taken towards reforms in major economic and financial sectors of the economy.

The Ambassador also informed about the pilot projects being run by the Netherlands in Pakistan, including fish production, ensuring labor safety and environmental standards in textile industries, and projects on water management in agriculture. She expressed the Netherlands' commitment to furthering these initiatives and expanding cooperation in other areas of mutual interest.

In conclusion, both sides agreed on the significance of enhancing bilateral relations and exploring new opportunities for partnership in areas of mutual interest.

The Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, was called on by Mr. Najy Benhassine, Country Director of the World Bank (WB) and Mr. Zeeshan Ahmed Sheikh, Country Manager of the International Finance Corporation (IFC), to discuss the collaborative development strategies and initiatives aimed at promoting economic growth, enhancing financial stability, and fostering sustainable development within the country.

During the meeting, the importance of strengthening partnerships with international financial institutions like IFC and WB was highlighted. Discussion was done to leverage their expertise and resources for the country's development agenda. The Minister also highlighted the Government's commitment to creating an enabling environment for private sector investment and ensuring transparency and accountability in financial matters.

Respective representatives from WB and IFC appreciated the efforts of the Government aimed at bringing reforms in economic and financial sectors to ensure sustained economic growth in terms of expanding the tax base, SOEs restructuring, and Privatization. They also discussed potential areas of cooperation and investment opportunities in various sectors, including agriculture, power sector, and IT. The delegates expressed their organizations' continued support for the country's development goals and agendas for the welfare of the people of Pakistan.

The Federal Minister for Finance and Revenue, Mr. Muhammad Aurangzeb, convened a significant meeting with the Governor of the State Bank of Pakistan (SBP), Mr. Jameel Ahmed during his visit to Karachi.

The meeting was also attended by CEOs and Presidents of various leading banks in Pakistan.

The primary agenda of the meeting was to discuss and strategize on enhancing financing and lending to priority sectors to stimulate economic growth and development in Pakistan.

During the meeting, Minister Aurangzeb provided a comprehensive briefing on the current economic situation of the country, highlighting the government's ongoing efforts to promote economic stability, fiscal discipline, and sustainable growth. He emphasized the critical role of the banking sector in supporting the government's development agenda and urged the banks to increase financing and lending to priority sectors, namely agriculture, Small and Medium-sized Enterprises (SMEs), and Information Technology (IT).

Furthermore, Minister Aurangzeb requested the Pakistan Banks' Association (PBA) to lead a task force comprising representatives from the banking sector, government, and relevant stakeholders, with the primary objective to accelerate financing in the priority sectors and devise actionable strategies to overcome the existing challenges and bottlenecks hindering the growth of these vital sectors.

Governor Jameel Ahmed expressed his support for the Minister's initiatives and emphasized the SBP's commitment to facilitating an enabling environment for banks to increase lending to priority sectors. He highlighted the SBP's role in providing regulatory support, policy guidance, and financial incentives to encourage banks to expand their financing activities in alignment with the government's priorities.

The meeting concluded with a mutual understanding to strengthen collaboration between the Ministry of Finance, SBP, and the banking sector to promote inclusive and sustainable economic growth in Pakistan. Minister Aurangzeb reiterated the government's commitment to working closely with the banking sector to address the financing needs of priority sectors and ensure the effective implementation of the proposed strategies and initiatives.

The Finance Minister, Mr. Muhammad Aurangzeb, held a meeting with Mr. You Hang, the Chief Representative of China Financial Futures Exchange (CFFEX) in Pakistan, and Director of the Pakistan Stock Exchange (PSX), today.

The meeting focused on enhancing cooperation and exploring new opportunities for strengthening Pakistan's financial markets and investment landscape.

During the meeting, Finance Minister Aurangzeb and Chief Representative Hang engaged in detailed discussions on various aspects of financial market development, including the potential for collaboration between CFFEX and PSX to promote innovative financial instruments in Pakistan.

Minister Aurangzeb highlighted the government's commitment to implementing reforms aimed at improving the regulatory framework, enhancing market transparency, and facilitating the development of a vibrant and resilient financial sector in Pakistan. He also emphasized the role of strategic partnerships with international financial institutions and exchanges, such as CFFEX, in achieving these objectives and advancing the country's financial market infrastructure.

Chief Representative Hang expressed CFFEX's keen interest in collaborating with PSX and other stakeholders to explore opportunities for launching new financial products, sharing technical expertise, and promoting cross-border investment between China and Pakistan. He reaffirmed CFFEX's commitment to supporting the development of Pakistan's financial markets and contributing to the country's economic prosperity.

In the end, PSX also extended an invitation to the Federal Minister Mr. Muhammad Aurangzeb to participate in upcoming financial sector events and visit key financial institutions in Pakistan to have an overview of the financial market dynamics and regulatory environment. The meeting concluded with both parties agreeing to further explore potential areas of cooperation, facilitate knowledge exchange, and develop actionable strategies to strengthen Pakistan's financial markets.

The Ambassador of Japan to Pakistan, H.E. Mitsuhiro Wada, called on Mr. Muhammad Aurangzeb, the Minister for Finance and Revenue, today. The Japanese Ambassador congratulated the Finance Minister on assuming the office.

The Minister for Finance & Revenue welcomed the Ambassador and stated that the Government is committed to undertake reforms to bring macroeconomic stability and sustainability. He stated that increasing the tax to GDP ratio remains a priority area. In this regard, the Government will strive to achieve end to end digitization with an aim to expand the tax base, bring transparency in the tax system and improve the client experience. He further apprised the Ambassador about energy sector reforms. While focus would be on reducing the costs in the sector but governance issues of the distribution companies will be addressed through private participation in the management and eventual privatization.

Ambassador Wada noted the commitment of the Government to continue with the implementation of prudent fiscal policies and structural reforms. He informed that presently 80 Japanese companies are operating in Pakistan. He highlighted some of the issues being faced by Japanese automakers in Pakistan. He appreciated the government’s efforts towards economic revival and expressed Japan's continued support for Pakistan's initiatives aimed at fostering growth and prosperity.

The Finance Minister informed that agriculture and IT sectors have demonstrated robust growth recently and the Government would make efforts to support these sectors to become growth leaders.

Concluding the meeting, both sides expressed their desire to further enhance the bilateral cooperation between Pakistan and Japan and pledged to work together towards achieving common goals for the benefit of both nations.

The Ambassador of Germany to Pakistan, H.E. Mr. Alfred Grannas, called on Federal Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, to discuss matters of mutual interest and to further strengthen the bilateral relations between Pakistan and Germany.

Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, acknowledged the long-standing bilateral relations between Pakistan and Germany. He appreciated the support provided by the German Government for various projects in Pakistan.

The Minister also apprised the German Ambassador about the conclusion of the second review of IMF under the Standby Arrangement (SBA) and reiterated Pakistan's commitment to implement prudent fiscal policies and structural reforms in various sectors to enhance economic resilience and attract investments.

Ambassador Alfred Grannas appreciated Pakistan's commitment to economic reforms and expressed Germany's continued support for Pakistan's development initiatives. Ambassador Grannas also highlighted the importance of mutual cooperation in various sectors and reiterated Germany's commitment to further strengthen the economic ties with Pakistan.

Minister Muhammad Aurangzeb underscored the significance of bilateral trade between the two nations, recognizing Germany as the most important trading partner for Pakistan in the European Union (EU). He stressed the need to further enhance bilateral trade.

In conclusion, both sides reaffirmed their commitment to deepen bilateral cooperation and foster stronger economic ties between Pakistan and Germany.

British High Commissioner to Pakistan, H.E Ms. Jane Marriott, called on Minister for Finance & Revenue Mr. Muhammad Aurangzeb today, to discuss matters of bilateral significance and strengthening the longstanding relations between Pakistan and the United Kingdom.

Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, acknowledged the enduring relations between Pakistan and the UK. The minister also apprised the High Commissioner about the conclusion of the second IMF review under the Standby Arrangement (SBA) and reiterated the Government's commitment to implement prudent fiscal policies and structural reforms in various sectors such as FBR, privatization, and private sector facilitation.

The British High Commissioner, H.E Ms. Jane Marriott, commended Pakistan's commitment to economic reforms and expressed the UK's continued support for Pakistan's development goals. She emphasized the importance of further enhancing bilateral cooperation, particularly in areas of mutual interest, and reiterated the UK's commitment to strengthen the partnership between the two nations.

Concluding the meeting, the both sides expressed their mutual commitment to further strengthening bilateral relations and enhancing cooperation between Pakistan and the United Kingdom for the benefit of both nations.

The Country Director of the Asian Development Bank (ADB), Mr. Young Ye, called on Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, at Finance Division, today to discuss ongoing collaborations and future initiatives aimed at fostering economic development in Pakistan.

ADB Country Director, Mr. Young Ye, congratulated Minister for Finance and Revenue on staff level agreement with the IMF and stated that the market has positively responded to the development.

During the meeting, Minister Aurangzeb expressed appreciation for the support provided by ADB over the years. He particularly highlighted ADB's assistance through Policy Based Lending (PBL) to mitigate the impacts of the pandemic and floods.

Furthermore, the status of ongoing policy-based programs, including the Public Private Partnership (PPP) Program and the Climate and Disaster Resilience Enhancement Program (CDREP) were also discussed.

Acknowledging ADB's pivotal role in promoting climate-conscious programs across Asia and the Pacific, the Minister emphasized the alignment of ADB's climate operations with Pakistan's own climate goals and commitments. The Minister outlined Government’s priority areas for achieving macro-economic stability and sustainability, including measures to enhance revenue, SOEs reforms, privatization, and public-private partnerships.

Concluding the meeting, both parties reaffirmed their commitment to strengthening the partnership between Pakistan and ADB, with a shared goal of promoting sustainable economic growth and development in the country.

The Turkish Ambassador to Pakistan, H.E. Dr. Mehmet Pacaci, called on Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, at the Finance Division today, to discuss matters of mutual interest and further strengthening the bilateral relations between Pakistan and Turkiye.

Ambassador of Turkiye, H.E. Dr. Mehmet Pacaci, extended felicitations to Mr. Muhammad Aurangzeb upon his appointment as Minister for Finance and Revenue and expressed confidence towards further strengthening of economic ties between the two countries.

Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, expressed sincere acknowledgment of the brotherly relations between Pakistan and Turkiye, which are deeply rooted in shared common faith, history, and cultural affinities.

Highlighting the excellent political and social relations between the two countries, Minister Aurangzeb emphasized the necessity of translating these relations into robust economic and commercial collaboration to their full potential. He welcomed the signing of the Trade in Goods Agreement/Preferential Trade Agreement (PTA) on 12 August 2022, as a positive step towards achieving the bilateral trade target of USD 5 billion in the medium term.

The Minister also apprised the Turkish Ambassador of the recently established Special Investment Facilitation Council (SIFC) in Pakistan, aimed at attracting investments from friendly countries in various sectors, such as defense, agriculture, mines and minerals, energy, and the IT industry. He further emphasized the need to actively work on enhancing trade and investment portfolios through Government-to-Government (G2G) and Business to Business (B2B) arrangements in mutually agreed areas of interest.

The Minister also highlighted the establishment of the High-Level Strategic Cooperation Council (HLSCC) in 2010 between Pakistan and Turkiye, aimed at developing a Strategic Economic Framework (SEF) for cooperation in various sectors including energy, banking, commerce, railways, and tourism. He noted that a Joint Plan of Action under the SEF is currently being implemented.

Concluding the meeting, both sides expressed their mutual desire to strengthen cooperation in the financial sectors between Pakistan and Turkiye, fostering deeper economic ties and enhancing bilateral relations for the prosperity of both nations.

Ambassador of the United Arab Emirates (UAE) to Pakistan, H.E. Hamad Obaid Ibrahim Salim Alzaabi, called on Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, at the Finance Division today, to discuss matters regarding bilateral relations and economic cooperation between Pakistan and the UAE.

Ambassador of UAE, H.E. Hamad Obaid Ibrahim Salim Alzaabi, extended felicitations to Mr. Muhammad Aurangzeb upon his appointment as Minister for Finance and Revenue and expressed confidence towards further strengthening of economic ties between the two countries.

Minister for Finance & Revenue, Mr. Muhammad Aurangzeb, expressed sincere appreciation for the long-standing brotherly relations between Pakistan and the UAE, which are deeply rooted in shared history, culture, and faith. He emphasized the cherished nature of these traditional and longstanding relations.

The Minister discussed the establishment of the Special Investment Facilitation Council (SIFC) in Pakistan, aimed at attracting investments from friendly countries in various sectors and highlighted the progress made with the government's privatization program, specifically mentioning the privatization of Pakistan International Airlines (PIA).

The Ambassador of UAE appreciated the measures being taken by the government to bring reforms in various sectors of the economy. Concluding the meeting, both sides reaffirmed their commitment to strengthening bilateral relations and enhancing economic cooperation between Pakistan and the UAE.

Ambassador of China called on Minister for Finance & Revenue Mr. Muhammad Aurangzeb to discuss key matters pertaining to economic cooperation and bilateral relations between Pakistan and China, at Finance Division, today.

Ambassador of China H.E. Mr. Jiang Zaidong extended felicitations to Mr. Muhammad Aurangzeb upon his appointment as Federal Minister for Finance and Revenue and expressed confidence towards further strengthening of economic ties between the two countries.

Minister for Finance & Revenue Mr. Muhammad Aurangzeb expressed gratitude towards the Chinese leadership for their invaluable support to Pakistan in various sectors, particularly highlighting the roll-over of SAFE deposits and the refinancing of commercial loans, which have significantly contributed to Pakistan's economic stability. He further emphasized the paramount importance of the China-Pakistan Economic Corridor (CPEC) in Pakistan's growth strategy and overall economic recovery.

Both sides agreed to advance their collaboration in various sectors, including industrial zones, agriculture, mineral and mining, as well as renewable energy. It was discussed that next phase of CPEC would focus on monetisation of gains made during the first phase.

Ambassador of the United States to Pakistan, Mr. Donald Blome, paid a courtesy visit to Minister for Finance & Revenue Mr. Muhammad Aurangzeb at the Finance Division today, to discuss important matters related to bilateral cooperation and mutual interests between Pakistan and the United States.
Ambassador of the US, Mr. Donald Blome, extended felicitations to Mr. Muhammad Aurangzeb upon his appointment as Minister for Finance and Revenue and conveyed confidence towards further strengthening of economic ties between the two countries.

Minister for Finance & Revenue Mr. Muhammad Aurangzeb warmly welcomed Mr. Donald Blome and underscored the significance of Pakistan-US bilateral relations, highlighting their importance at political, economic, and security levels.

Minister Aurangzeb shared that the new government is fully prepared to tackle the economic challenges and is determined to bring about macroeconomic stability in the country. He reiterated the government's commitment to completing the ongoing IMF program and continuing the economic reform process initiated under the Extended Fund Facility (EFF) 2019 and Stand-By Arrangement (SBA) 2023, with a focus on achieving fiscal and debt sustainability, social protection, and rebuilding foreign exchange reserves.

Highlighting the priority areas for reforms, Minister Aurangzeb outlined the the government's foremost priority of bringing reforms in the Federal Board of Revenue (FBR) to prevent revenue leakages through end-to-end digitization, enhancing the State-Owned Enterprise (SOE) reforms, strengthening social protection measures, improving public financial management, implementing energy sector reforms, removing distortionary subsidies, and fostering private sector-led economic growth. Recognizing the United States as one of Pakistan's largest trading partners and a significant source of foreign direct investment, Minister Aurangzeb expressed appreciation for the economic ties between the two nations.

Ambassador Blome congratulated Government on positive step taken so far that resulted in visibly positive signs in the economy and hoped that it will help further stabilise the economy.

Concluding the meeting, both sides acknowledged the critical nature of the relationship between Pakistan and the United States and expressed the desire to continue enhancing bilateral relations between the two countries.

Documentation of Economy and End to End Digitization of Tax System is the Top Priority, Finance Minister

Finance Minister Muhammad Aurangzeb visited the Federal Board of Revenue (FBR) Headquarters in Islamabad today. Chairman FBR Malik Amjed Zubair Tiwana warmly welcomed the Minister who led an introductory meeting with the FBR board members to discuss the board’s performance and future initiatives.

In the meeting, Minister Aurangzeb stressed the urgent need for digitizing the FBR to enhance transparency and efficiency in tax collection. These initiatives would focus on enhancing tax collection through improved FBR governance, comprehensive documentation of the economy, and full-scale digitization. The government is considering strategies to broaden the tax base by incorporating wholesale/retail, real estate, and agriculture sectors into the tax framework.

Finance Minister Aurangzeb stated that digitization is a means to an end and implementing digital solutions are pivotal to modernizing our tax administration. He said that by leveraging technology and enhancing transparency, we can build a more equitable tax system that fosters economic growth and benefits all citizens.

The meeting concluded with a firm commitment from both sides to work towards promoting the welfare of the Pakistani people. Minister Aurangzeb praised the dedication of the FBR team and pledged the government's full support in implementing transformative measures.

The Finance Minister's visit to the FBR Headquarters underscores the government's dedication to strengthen fiscal governance and promoting economic prosperity in Pakistan.

The second review of Stand-By Arrangement (SBA) with International Monetary Fund (IMF) is scheduled from 14th to 18th March 2024 in Islamabad.

Pakistan has met all Structural Benchmarks, Qualitative Performance Criteria and Indicative Targets for successful completion of the IMF review. This would be final review of SBA, and staff level agreement is expected after this appraisal.

Once Staff level agreement is reached, final tranche of USD 1.1 billion will be disbursed, following the approval of Executive Board of IMF.

Mr. Muhammad Aurangzeb officially took over the responsibility as Finance Minister of Pakistan after taking oath at the Presidency, today.