Daily Times

A high-level meeting to discuss the establishment of Pakistan’s Sovereign Wealth Fund (PSWF) was convened under the chairmanship of Minister for Planning, Development and Special Initiatives, Prof Ahsan Iqbal.

According to press release issued by the ministry of planning, the meeting was attended by a delegation from consulting company Alvarez and Marsal that included MD and Global Practice Leader, Dr. Reza Baqir; MD, Abdalla El Ebiary and Senior Associate, Amine Yaaqoubi.

The key focus of the meeting was the development of the Pakistan Sovereign Wealth Fund, modeled after the Egyptian experience, with the goal of attracting significant foreign direct investment (FDI) and reinforcing the country’s foreign exchange reserves.

The Egyptian model, known for its effectiveness in driving economic growth, was highlighted as a potential template for Pakistan to ensure sustainable economic stability and growth through the PSWF.

On the occasion, Ahsan Iqbal underscored the importance of expanding Pakistan’s export base to achieve the ambitious target of $100 billion in exports over the next eight years.

This target aligns with the objectives set out in the government’s 5Es program, which focuses on economic empowerment through exports, entrepreneurship, environment, energy, and equity.

During the meeting, the delegation briefed the Minister on their strategy for establishing the fund and pledged to submit a comprehensive report on the operationalization of the Sovereign Wealth Fund by the first week of December.

The report will outline key steps to ensure the fund’s smooth functioning and its role in boosting economic development.

Furthermore, the delegation emphasized the pivotal role the Sovereign Wealth Fund will play in enhancing Pakistan’s export potential, especially through the participation of state-owned enterprises (SOEs), which are expected to have a significant stake in the fund.

The delegation also highlighted that the establishment of the PSWF will not only attract FDI but also provide a sustainable mechanism to support Pakistan’s long-term economic objectives, including strengthening its foreign exchange reserves.

The meeting concluded with a commitment to fast-track the development of the Sovereign Wealth Fund to ensure it becomes a key driver of economic growth and financial stability in Pakistan.