Daily Times

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb attended a series of investor fora organized by Citibank, Standard Chartered and JP Morgan and highlighted positive trends of economy.

The minister, who is leading Pakistan delegation to the Annual Meetings WB and IMF, being held in Washington DC from 21-26 October 2024, briefed investors about the positive performance of the economy during the last fiscal year (2023-24) and expressed satisfaction that all economic indicators were moving in the right direction.

According to press release issued by finance ministry here, the minister highlighted important reforms in the taxation, energy, SOEs, privatization and right-sizing of the government and especially talked about the role of the provincial governments in increasing tax-to-GDP ratio and the National Fiscal Pact signed by the Federal Government.

He also talked about reforms being carried out in the Federal Board of Revenue (FBR), the statement added.

Aurangzeb in a meeting with President Islamic Development Bank, Dr. Muhammad Sulaiman Al Jasser, acknowledged bank’s role as a reliable partner in Pakistan’s progress and appreciated its financing in diverse sectors such as energy, transportation, education and health.

He especially talked about the visit of Saudi Minister for Investment to Pakistan for business-to-business (B2B) engagements with the private sector. He lauded IsDB’s investment in Mohmand dam, along with other members of the Arab Coordination Group, which could serve as the template for co-financing of similar and even bigger projects in future

Meanwhile, the minister had a luncheon meeting with the leadership and members of the US-Pakistan Business Council (USPBC), where he acknowledged USPBC’s contributions in deepening trade and investment ties between Pakistan and the United States. He informed the participants that presence of more than 80 US enterprises in Pakistan was a testimony to the profit potential of 240 million strong market. He invited US firms to benefit from the government’s investment-friendly policies and one-window facility provided by the Special Investment Facilitation Council (SIFC).

He recalled Prime Minister’s invitation for the USPBC to lead a business delegation to Pakistan this year which would provide an opportunity to explore mutually beneficial partnerships in Pakistan.

He also met with the representatives of JP Morgan Bank and provided an overview of recent improvements in Pakistan’s economic outlook on the back of recently concluded Standby Arrangement (SBA).

He underlined the criticality of Extended Fund Facility (EFF) to lending permanence to macroeconomic stability and executing the structural reforms.

He highlighted important reforms in the areas of taxation, privatization and overhauling of SOEs and expressed the resolve to tap into International Capital Markets (ICM) through the issuance of inaugural Panda Bond.

In a meeting with Ms. Anneliese Dodds, Minister of State for Development, Women and Equalities of the United Kingdom, he appreciated the long standing partnership between the two countries in the development sector.

He welcomed the contribution of USD 120 million to IFC’s Climate Investment Funds for Pakistan. He informed that the State Bank had cleared the backlog of all cases of repatriation of profits and dividends. He invited UK companies to invest in the agriculture, IT, mines and minerals sectors to avail the opportunities that are emerging because of the improved investment climate.

Finance Minister also met with Ms. Anna Bjerde, Managing Director of Operations at the World Bank and discussed Pakistan’s development priorities supported by the Country Partnership Framework (CPF).

He briefed the Managing Director about the Joint Domestic Resource Mobilization Initiative (JDRMI) being launched with the support of World Bank and IMF.

He welcomed the decision of the Board not to levy any commitment fee for four years for PforR and Investment Project Financing (IPF) instruments. He appreciated that the Bank was considering a grant facility for project preparation. According to press release, the minister noted with satisfaction that IDA replenishment was proceeding satisfactorily. While appreciating the recent improvements in the disbursements, it was agreed that efforts will continue to sustain the continued improvements.