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Addressing the issue of financial inequality, Senator Aurangzeb stressed the need for debt relief and financial justice through restructuring sovereign debt mechanisms to prevent cyclical debt crises, which are impeding the economic growth of many emerging economies, including Pakistan. He highlighted that global debt has soared past $100 trillion, with over 60% of low-income countries at risk of debt distress, diverting resources from critical social and economic investments. He called for reforms in international financial institutions to offer developing economies greater financial flexibility and sustainable debt relief mechanisms. 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. The Finance Minister congratulated Mr. Sheikh on his new appointment as Ambassador to USA and underscored the importance of bilateral relations between the two countries. For the Spring Meetings and informed about the recent Staff Level Agreement with the International Monetary Fund (IMF).
Both the Minister and Ms. Bohannaon agreed on the importance of adopting a responsive and proactive approach to reforms. In the end, the minister also emphasized the need to stay the course to ensure that the reform initiatives achieve lasting impact and contribute to Pakistan’s long-term economic and social development. “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.
The key stakeholders from the telecommunication sector and regulatory authorities briefed the Finance Minister on strategic plans for the allocation and utilization of the IMT spectrum. It was mentioned that the release of this spectrum is expected to significantly improve connectivity, enhance internet speeds, and meet the increasing demand for high-quality data services. The auction process, technical specifications, and the timeline for the spectrum release were discussed in the meeting.
Federal Minister for Communications Mr. Abdul Aleem Khan also gave a perspective on the core functions of the Ministry and how its departments, particularly National Highway Authority (NHA), could be made profitable. He said the NHA could become a major revenue spinner for the government if its resources were diverted to construction of revenue-based motorways like the M-6 leading from Sukkur to Karachi port. The Minister also said the implementation of the decisions taken by the Committee and subsequently endorsed by the federal cabinet so far would be followed up for implementation by the sub-committee of the Rightsizing Committee, and the main Committee would intervene only in case of matters requiring escalation. The meeting featured detailed presentations from both the Revenue Division and the Ministry of Poverty Alleviation & Social Safety regarding their mandates, organizational structures, budget allocations, expenditures, and the impact of their work on public services.
During the meeting, the Finance Minister highlighted the significant strides achieved in recent months to stabilize the economy and put it on a sustainable path of growth. 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. Minister Aurangzeb welcomed Mr. Akamatsu on assuming his diplomatic responsibilities in Islamabad, commending Japan’s longstanding partnership with Pakistan. The Minister highlighted the positive momentum in Pakistan’s macroeconomic stability, which he attributed to key reforms and structural adjustments across various sectors, including fiscal framework, taxation, Special Economic Zones (SEZs), energy, rightsizing of the federal government, and privatization efforts. The Finance Minister appreciated Mr. Winters visit to Pakistan, which signifies Standard Chartered’s commitment to the country.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired a meeting on the New Energy Vehicle (NEV) Policy 2025 at the Finance Division today. The policy aims to address key challenges in the adoption and production of electric vehicles (EVs) and sets ambitious targets for transitioning to clean energy in the transport sector. The ECC further discussed and approved the proposal from the Power Division regarding the revision in the annual rebasing determination timeline. Policy guidelines were approved to be issued to NEPRA for revising the annual tariff determination process timeline by amending the legal and regulatory framework. The ECC directed that rebasing should be notified with effect from January 1, 2025, onward each year, following the completion of regulatory proceedings.
The Finance Minister shared the commitment of the government towards policy reforms and sustainable economic development and appreciated the cooperation provided by the UN and its agencies in this regard. The Minister reiterated that climate finance and energy transition were essential areas for improving energy sector viability in the country and welcomed the cooperation with UNESCAP in this regard. The delegation commended the government’s efforts to create a business-friendly environment and expressed optimism about the prospects of increased investment flows into Pakistan. The discussions covered a range of potential investment areas, including renewable energy, information technology, infrastructure development, and the financial sector. The investors expressed keen interest in these sectors, recognizing Pakistan as a market with immense potential and a strategic location as a gateway to regional markets where foreign investors are eager to explore opportunities for investment in various sectors. He reaffirmed the all-weather strategic cooperative partnership between Pakistan and China and thanked the Government of China for its unwavering support to Pakistan’s socio-economic development and growth, including in securing the IMF’s Extended Fund Facility (EFF).
The discussions centered on the interests of the institutional investors exploring fixed income investment opportunities in Pakistan’s economy. During the discussion, the Finance Minister said that PCICL was an important partner for Pakistan’s economic growth and development. He said that in the CPEC phase 2, development and growth of industry and relocation of businesses were going to be the priority areas. In such a scenario, it was imperative for PCICL to reposition itself with a clear view of the target market and play the role of an anchor in identifying areas for joint ventures and SMEs and providing advisory and support in financing to boost investment and trade flows, he said.
- Additionally, the Minister outlined ongoing initiatives, including end-to-end digitization in the Federal Board of Revenue (FBR) to broaden the tax base, reforms in the energy sector, restructuring of state-owned enterprises (SOEs), and focus on export-led growth.
- Minister for Finance and Revenue Senator Muhammad Aurangzeb lauded the step to have majority independent directors in the Board, and complemented the selection of very prominent professionals from the SME sector to run the Board in a professional manner.
- Envisioning a Khyber Pakhtunkhwa where every child, regardless of region, language, ethnicity, or culture, receives free, equitable, and high-quality education in a supportive and inclusive environment — empowering him to thrive as lifelong learner and responsible citizen.
- Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb had a meeting with the Korean Ambassador and representatives of Korean Companies working in Pakistan at the Finance Division today.
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 said the government was determined to pursue its reform agenda as staying the course without any complacency was a key to ensuring permanence to the macro-economic stability achieved during the last 14 months.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has described the digitization of economy as a key requisite for driving the economic growth and mobilizing ample resources for growing development needs and ending Pakistan’s reliance on persistent financing. 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. The Minister also acknowledged the potential for challenges, noting that not every aspect of Saudi Arabia’s transformation model could be replicated in Pakistan.
As of December 2024, solar net-metering consumers had transferred a burden of Rs 159 billion to grid consumers, a figure expected to rise to Rs 4,240 billion by 2034 without timely amendments. The exported units will be purchased at the revised buyback rate of Rs 10 per unit, while the imported units will be billed at the applicable peak/off-peak rates, inclusive of taxes and surcharges, during the monthly billing cycle. The Economic Coordination Committee (ECC) of the Cabinet, under the chairmanship of Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, met today and approved a set of amendments to the existing net-metering regulations aimed at reducing the growing financial burden on grid consumers.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting today with Ms. Natalie Baker, Charge d’Affaires and chicken road game Acting US Ambassador to Pakistan, who called on the Minister at the Finance Division. The inaugural meeting of the Pakistan Crypto Council (PCC) was held today under the chairmanship of Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb. The Minister reiterated that the future of globalization must be one of inclusivity, fairness, and shared prosperity. He made this call while attending a high-level session titled ‘Inclusive Globalization That Benefits All – Pathways and Actions’ at the Boao Forum for Asia Annual Conference 2025, held in Boao, Hainan Province, China. The Government of Pakistan is proud to announce a major milestone in the nation’s sustainable finance journey with the launch of its first Green Sukuk.
The Committee also approved a proposal of the Ministry of Maritime Affairs to declare the Pakistan National Shipping Corporation (PNSC) as a Strategic SOE under Para-9(a) of Chapter-3 of the SOEs Ownership and Management Policy, 2023. The Committee discussed a summary of the Ministry of Commerce regarding the plan to reinvigorate the Trading Corporation of Pakistan (TCP). It was decided that in view of the peculiar nature of the entity, TCP may be categorized as a an essential SOE under the SOEs Policy, 2023. It was further decided that a detailed financial plan of the entity should be prepared, which should address the question of settlement of its liabilities. 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 delegation also presented proposals aimed at promoting the growth of the local industry and increasing the exports of the mobile phone manufacturing industry. The meeting commenced with a detailed briefing by the Chief Secretary, who outlined the issues faced by the GB government. Some of these issues were related to insufficient fund allocations and delays in PSDP projects which lead to employee related and other liabilities. He also proposed initiatives for the digitization of land records and the expansion of airports to enhance tourism potential. These proposals aim to modernize GB’s infrastructure and capitalize on its natural beauty, further contributing to the region’s economic development. The discussion underscored the importance of strengthening economic cooperation between Pakistan and Dubai Islamic Bank.
