Aurangzeb Reaffirms Fiscal Reform Commitment
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Friday reaffirmed Pakistan’s commitment to fiscal reform and investment-friendly policies. He addressed a visiting Saudi business delegation virtually at the Overseas Investors Chamber of Commerce & Industry (OICCI) in Karachi. The event was co-hosted by OICCI and the Pakistan Business Council (PBC).
Constructive IMF Talks and Economic Stability
Speaking ahead of his departure for Washington for the IMF and World Bank annual meetings, Aurangzeb described Pakistan’s engagement with the IMF as “constructive.” He noted that only minor issues remain unresolved, adding, “We have a few outstanding issues, no showstoppers.”
He highlighted that macroeconomic stability has been restored, citing stable exchange rates, adequate reserves, and alignment among global rating agencies. Referring to Pakistan’s recent $500 million Eurobond repayment, he remarked, “When there is macroeconomic stability, such events become non-events, there is no drama.”
Focus on Structural Reforms and Digitisation
Aurangzeb said the government is now shifting its focus from stabilisation to structural reforms in taxation and energy. These efforts, he added, are being guided by input from the private sector.
He emphasised tax reform and digital transformation as top priorities under Prime Minister Shehbaz Sharif’s agenda. “Nearly half of Pakistan’s $411 billion economy remains undocumented,” he said, stressing that digitisation will expand the tax base and improve fiscal discipline.
Strengthening Ties with Saudi Arabia
The finance minister praised the growing partnership with Saudi Arabia, especially under the new Security Pact approved by Pakistan’s cabinet. He lauded the Kingdom’s Vision 2030 model and said Pakistan seeks to build export-led growth through cooperation in agriculture, mining, IT, pharmaceuticals, and tourism.
Calling the Saudi delegation’s visit “timely and strategically significant,” Aurangzeb said it reflects deepening economic, defence, and investment ties between the two nations.
Positive Outlook and Global Engagements
Aurangzeb also highlighted Pakistan’s balanced ties with Saudi Arabia, China, and the United States. He described the current environment as a “unique confluence of positive factors” for growth, combining macroeconomic stability and geopolitical opportunity.
He concluded by thanking the Saudi leadership and expressing optimism for stronger investment partnerships. The minister added that he looks forward to further engagements at the Future Investment Initiative (FII) in Riyadh.
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