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April 17 , 2024 (PR No. 22)

Federal Minister for Finance and Revenue Mr. Muhammad Aurangzeb engagements in Washington DC for IMF and WB Spring meetings

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.

 
April 16 , 2024 (PR No. 21)

Federal Minister for Finance and Revenue Mr. Muhammad Aurangzeb attends G-24 and holds significant meetings during his visit to Washington DC for IMF and WB Spring meetings

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.

 
April 15 , 2024 (PR No. 20)

Finance Minister Muhammad Aurangzeb attended the JP Morgan Seminar on "Pakistan: Economic Policy Outlook".

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.

 
April 15 , 2024 (PR No. 19)

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April 06 , 2024 (PR No. 18)

Clarification - Misleading impression that ECC has delayed the decision on wheat procurement targets

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.

 
April 03 , 2024 (PR No. 17)

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

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.

 
April 01 , 2024 (PR No. 16)

Meeting of Country Director WB and Country Manager IFC with Minister for Finance and Revenue

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.

 
March 31 , 2024 (PR No. 15)

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March 29 , 2024 (PR No. 14)

Minister for Finance and Revenue Mr. Muhammad Aurangzeb Holds Key Meeting with SBP Governor Jameel Ahmed and Banking Sector Leaders

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.

 
March 28 , 2024 (PR No. 13)

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

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.

 
March 26 , 2024 (PR No. 12)

Ambassador of Japan to Pakistan, H.E. Mitsuhiro Wada, called on Mr. Muhammad Aurangzeb, Minister for Finance and Revenue

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.

 
March 22 , 2024 (PR No. 11)

Ambassador of Germany to Pakistan, H.E. Mr. Alfred Grannas, called on Federal Minister for Finance & Revenue, Mr. Muhammad Aurangzeb

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.

 
March 22 , 2024 (PR No. 10)

British High Commissioner to Pakistan, H.E Ms. Jane Marriott, called on Minister for Finance & Revenue Mr. Muhammad Aurangzeb

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.

 
March 21 , 2024 (PR No. 09)

Country Director of the Asian Development Bank (ADB), Mr. Young Ye, called on Minister for Finance & Revenue, Mr. Muhammad Aurangzeb

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.

 
March 20 , 2024 (PR No. 08)

Turkish Ambassador to Pakistan, H.E. Dr. Mehmet Pacaci, called on Minister for Finance & Revenue, Mr. Muhammad Aurangzeb

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.

 
March 20 , 2024 (PR No. 07)

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

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.

 
March 19 , 2024 (PR No. 06)

Ambassador of China to Pakistan, H.E. Mr. Jiang Zaidong, meets Minister for Finance & Revenue, Mr. Muhammad Aurangzeb

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.

Concluding the meeting, both sides reiterated the desire to collaborate closely to further deepen and enhance the economic relationship between the two countries, reflecting the strong bonds of friendship and cooperation that exist between Pakistan and China.
 
March 19 , 2024 (PR No. 05)

Ambassador of the United States to Pakistan, H.E. Mr. Donald Blome, meets Minister for Finance & Revenue, Mr. Muhammad Aurangzeb

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.

 

 
March 15 , 2024 (PR No. 04)

POL Prices

 
March 13 , 2024 (PR No. 03)

Second review of Stand-By Arrangement (SBA) with International Monetary Fund (IMF)

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.

 
March 13 , 2024 (PR No. 02)

Second review of Stand-By Arrangement (SBA) with International Monetary Fund (IMF)

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.

 
March 11 , 2024 (PR No. 01)

Mr. Muhammad Aurangzeb took over the charge of Minister for Finance & Revenue

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

 
 
 
 
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