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Ms. Afke Bootsman, Head of UN Resident Coordinator Office and Dr. Luay Shabaneh, UNFPA Representative were also present along with senior officers from the Finance Division. He called on governments and international bodies to establish global AI and fintech funds to support digital inclusion in developing economies. While Pakistan has initiated the Digital Pakistan program, there is a need for stronger international collaboration in artificial intelligence (AI), fintech, and e-commerce to empower small and medium enterprises (SMEs) and drive inclusive economic participation in the country. The Minister also called for a global coalition among developing nations to collectively demand fairer trade rules and greater representation in international financial institutions.
He reaffirmed the Government of Pakistan’s unwavering commitment to providing a stable policy framework and continuity, enabling the private sector to lead the country toward progress and prosperity. Before initiating the meeting, Finance Minister Senator Muhammad Aurangzeb emphasized the significance of addressing both economic reforms and critical existential challenges facing Pakistan. “While we are focused on steering the economy through various reforms, we are equally committed to tackling pressing issues such as the rapid population growth, which contributes to child stunting and learning poverty, and the ongoing climate change crisis. This meeting holds immense importance in resolving and addressing both of these challenges,” remarked the Finance Minister. The Finance Minister directed relevant stakeholders to formulate a comprehensive framework that ensures security, transparency, regulatory compliance, and economic viability while safeguarding against financial crimes and illicit activities.
He also extended appreciation on behalf of the trade delegation of Turkiye and noted that these engagements would further solidify economic ties and help unlock the vast potential for bilateral trade and investment. The Minister also took the opportunity to request ADB to further engage the private sector in Pakistan, emphasizing that the private sector will play a leading role in driving the country’s future growth and development. Mr. Zafar Masud, Chairman of PBA, apprised the Minister on various initiatives planned by PBA for building an inclusive and sustainable financial ecosystem. He proposed that electronic warehouse receipt finance, SME index, corporate farming financing, venture capital fund for fintechs, revival of agri cooperatives and establishment of financial data exchange could be some of the potential initiatives to create a long-term impact towards a sustainable financial ecosystem. He also proposed initiatives such as fan financing, EV financing, solarization of tube-wells and markup subsidy and first loss coverage for SME financing for a short-term and more immediate impact on the system. “We must ensure that Islamic finance is not only rooted in Shariah principles but also practical, transparent, and capable of meeting the evolving needs of our people,” he added.
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The Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb, presided over the meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs) at the Finance Division today. The meeting focused on various critical issues related to the management and strategic direction of key State-Owned Enterprises (SOEs). During the meeting, the Finance Minister presented a comprehensive overview of the Pakistan economy with focus on the stabilisation and growth trajectory achieved over the last one and a half year that had brought back the interest of investors and lenders into Pakistan. These establishments are engaged in national security and defence-related activities that fulfill the operational requirements of the Armed Forces. The meeting considered a proposal by the Revenue Division regarding the reconstitution of the Board of Directors of Pakistan Revenue Automation (PVT.) Ltd. (PRAL) as per terms specified under the State Owned Enterprises Act 2023. The meeting considered the recommendation of five majority independent directors and four ex-officio members by the Board Nominations Committee as per Section (1) of Section 10 of the Enterprises (Governance and Operations) Act, 2023.
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The Minister greeted Mr. Ahmed Abdelaal and expressed appreciation for Mashreq Bank’s interest in Pakistan’s financial landscape and expressed keen interest of the Government of Pakistan to re-engage with Mashreq Bank. Condition of revoking of export quota in case of non-payment of dues of the growers from proceeds of export of sugar shall be applicable only to the non-compliant mills rather than PMSA as a whole. The discussions today were deemed highly fruitful, marking a step forward in Pakistan’s efforts to boost its aviation capabilities and foster stronger economic ties with Turkiya. Attendees included Mr. Saad ur Rehman Khan Managing Director Pak-Kuwait Investment Company, the Finance Secretary, and senior officials from the Finance Division. The Committee also deliberated on a summary from the Ministry of Maritime Affairs regarding the appointment of Independent Directors to the Pakistan National Shipping Corporation (PNSC) and recommend the appointment of the proposed independent directors to the cabinet. Attendees included PCICL Chairman Mr. Sun Bo, Managing Director Mr. Hassan Raza, and senior officials from the Finance Division and PCICL.
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- The CCoSOEs deliberated on both the plans and approved them, emphasizing the importance of achieving operational excellence and the need for timely implementation of planned actions to achieve desired results.
- Concluding the meeting, the Finance Minister reaffirmed that the textile sector will remain a central pillar of Pakistan’s future economic strategy, with its growth and competitiveness being treated as a top priority in the broader agenda of reforms and sustainable development based on investment and export-led growth.
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Prof. Dr. Omer Bolat, Trade Minister of Turkiye, which helped in exploring new avenues for cooperation in sectors such as energy, agriculture, infrastructure, and technology. During the meeting, the Minister also answered questions from participants about the state of economy, ongoing economic reforms, including privatisation, taxation, energy sector and the government’s efforts for promoting various sectors, including IT and agriculture. In line with the government’s vision for sustainable economic growth, the Finance Minister discussed the ongoing structural reforms aimed at enhancing market conditions and creating a conducive environment for both domestic and foreign investments.
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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. Senator Mr. Muhammad Aurangzeb acknowledged the significant contributions of P@SHA and assured the association of government’s support. He reiterated the commitment of the government to provide a conducive environment for the IT industry, recognizing its potential to drive economic growth and innovation in Pakistan. The meeting concluded with a mutual commitment to ongoing collaboration and dialogue aimed at achieving enhanced fiscal efficiency and economic development. Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb chaired the Advisory Committee meeting on the “Release of International Mobile Telephony (IMT) Spectrum for Improvement of Next Generation Mobile Broadband Services in Pakistan” at Finance Division today.
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 Cabinet Committee approved the summary proposals presented by the Petroleum Division related to natural gas sale pricing. The Minister for Finance chicken road and Revenue, Senator Muhammad Aurangzeb held a meeting with the delegation of Standard & Poor’s (S&P) Global Rating Agency led by Directors of Sovereign & International Public Finance Ratings Mr. Yee Farn Phua and Mr. Andrew David Wood, at Finance Division today. In a meeting with Vice Administrator NEA, Minister for Power expressed government’s conviction to introduce energy reforms aimed at enhancing efficiency of power sector by addressing systemic issues and cutting transmission losses. He appreciated NEA for signing the MoU on improving governance of the Power Sector and expressed resolve to fast-track implementation of the agreement.
He expressed hope that due to opening up of more investment opportunities in Pakistan in the wake of ongoing economic reforms, there would be more business collaborations. The Committee reviewed the work done by the stakeholders in different sectors of the economy, particularly revenue mobilisation, investment climate, macroeconomic governance, trade and climate change for the purpose of strengthening macroeconomic stability and improving conditions for high and sustained inclusive growth. The Minister also shared with the Ambassador an update on the state of economy and the significant improvement in various macroeconomic indicators.
He proposed introducing new products and financial instruments tailored to meet the evolving needs of the Pakistani market. Senator Muhammad Aurangzeb called the macroeconomic reforms “work in progress” and pointed to more serious challenges of climate change and child stunting which threatened to perpetuate inequalities and disrupt the pace of economic growth and stability in Pakistan over the medium to long term. He said Pakistan looked forward to building climate resilience through adaptation reforms and averting malnutrition with the technical and financial support of development partners for ensuring holistic development goals. The Finance Minister underscored the government’s commitment to equitable taxation policies that foster economic growth while ensuring sustainable revenue generation.
