ISLAMABAD  -  Federal Finance and Revenue Minister Senator Muhammad Aurangzeb on Monday outlined the government’s priority reform areas including increasing the tax to GDP ratio, reducing the costs in energy sector, SOE reforms, privatisation and human capital development.

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. 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 stabilisation 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, privatisation 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. Meanwhile, 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, on Monday.

The meeting, organised 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 macro-economic 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, emphasising the agenda to broaden the tax base and expedite the digitalisation process of the Federal Board of Revenue (FBR). Privatisation endeavours, commencing with Pakistan International Airlines (PIA), were also delineated, with a commitment to extend privatisation efforts to additional sectors in the near future.

The minister 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 programme, upcoming budget targets, market perception and outlook, as well as the situation of foreign reserves.

Reaffirming the commitment to fostering economic growth, the minister 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.