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The delegation also pointed out that Pakistan’s gross savings rate, currently at 13% of GDP, remains significantly lower than regional peers such as India, which stands at 30%. The Finance Minister acknowledged the valuable feedback from the PTBA delegation and underscored the government’s commitment to digitalization efforts aimed at reducing human intervention and increasing transparency within the tax administration. The Minister also encouraged the delegation to provide essential data to FBR to refine and strengthen the country’s tax system. Lauding President Xi Jinping’s Belt and Road Initiative (BRI) both the Ministers noted the achievements during the first phase of the China-Pakistan Economic Corridor (CPEC), a flagship project of BRI, for strengthening the infrastructure in energy, transport sectors along with others. It was highlighted that during the next phase of CPEC, focus is on strengthening b2b cooperation, with private sector playing the central role in the development and economic growth. Senator Muhammad Aurangzeb expressed his appreciation for the well-thought-out proposals and underscored the importance of reforming GB’s administrative and fiscal frameworks.

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He emphasized a 30% rise in tax collection in FY 2024 and outlined reforms to broaden the tax base, including new agricultural taxes and digital initiatives at the FBR. He also noted that over 150,000 retailers have registered as first-time taxpayers, marking a significant stride towards broadening the tax base. The Minister mentioned the ambitious targets aimed to increase revenues by 3% of GDP by FY 2027, with plans for a primary surplus of 1% of GDP, demonstrating Pakistan’s commitment to fiscal sustainability and growth. He reiterated his belief in the critical role of public-private partnerships (PPPs) in driving the country’s development, emphasizing that the private sector must take a leading role in this process.

The Finance Minister underscored the significant improvements in Pakistan’s macroeconomic indicators and highlighted the government’s structural reform agenda, including the digitalization of the Federal Board of Revenue (FBR), energy sector reforms, State-Owned Enterprises (SOEs) reforms, and privatization measures. He stressed the government’s focus on transforming Pakistan into an export-led economy and attracting Foreign Direct Investment (FDI) to enhance the country’s export base. 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. 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.

The ECC also approved a proposal of Petroleum Division for release of Rs. 9 billion for clearing the outstanding claims of OMCs including PSO on account of price differential claims. Group Chief Executive of Standard Chartered Bank PLC Mr. Bill Winters called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division today. Standard Chartered Pakistan CEO Mr. Rehan Shaikh and Head CCIB Pakistan Mr Arslan Nayeem were also present in the meeting.

• The participants shared insights on blended financing models, public-private partnerships, and fostering microfinance initiatives.
• The net earnings from the online casino helps to pay for essential services intended for the tribe, including healthcare, education and even family support.
• 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 Minister also mentioned the government’s focus on areas of mutual interest such as climate financing, SME and youth loan schemes, aimed at promoting inclusive growth and development.

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He highlighted the pivotal role of agriculture sector as one of the engines of economic growth, emphasizing its significance in driving national prosperity. He assured exporters of the Government’s support, encouraging them to persist in their efforts to further strengthen Pakistan’s position in the global market. The Finance Minister appreciated the business plans of PARCO in Pakistan and thanked the delegation for their constructive feedback. He highlighted the substantial increase in Pakistan’s foreign exchange reserves and underscored the ongoing support from multilateral institutions and the IMF, which are expected to further stabilize the economic landscape. The Federal Minister also outlined the Government’s efforts to enhance the tax-to-GDP ratio & tax base to improve economic growth and fiscal discipline and reiterated investment facilitation processes of the Government. He highlighted the foreign exchange reserves surpassing USD 9 billion, stable CPI inflation at 12.6%, and a robust 7.7% increase in foreign remittances, reflecting economic resilience.

The meeting concluded with the Committee emphasizing the importance of strategic oversight and effective governance of State-Owned Enterprises to ensure their contribution to national development objectives. After careful consideration, the Cabinet Committee on State-Owned Enterprises (CCoSOEs) approved the proposal, categorizing the NHA as an essential SOE. In addition, Minister Aurangzeb highlighted Pakistan’s achievements related to the Policy-Based Guarantee and the Reko Diq guarantee, both of which have been made possible through the sovereign window.

He said the management of twin deficits, a stable currency, surging remittances and a steady rise in foreign reserves could provide Pakistan enough room to access the international capital market in coming months for enhanced institutional flows. During the meeting which was also attended by Minister of State for Finance and Revenue Mr. Ali Pervaiz Malik and Chairman FBR Mr. Rashid Mahmood Langrial, issues of mutual interest, including bilateral cooperation and collaboration in trade, commerce and socio-economic sectors, were discussed. Discussions focused on the establishment of a robust and transparent tax policy framework to enhance revenue mobilization and improve compliance while ensuring equitable taxation. The World Bank team also offered technical assistance to streamline the budget-making process, adopting modern practices to improve transparency and accountability in public financial management, an effective debt management mechanism to ensure fiscal sustainability and reduce risks. Issues related to Agricultural Income Tax Regime and GST harmonisation in coordination with provinces and enhanced focus on active role of National Tax Council also came under discussion. “Policy frameworks and continuity are the government’s responsibility, but the private sector must lead the economy.

Dr. Kionka extended an invitation to Senator Aurangzeb to attend a business and investment forum, which the EU Mission in Pakistan is planning to host in Islamabad in mid-May 2025. The forum aims to foster collaboration and discuss how Pakistan can continue to attract European business investment. She emphasized that European companies were increasingly viewing Pakistan as a hub for potential business opportunities, especially in light of the upcoming forum. Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue, today held a meeting with Dr. Riina Kionka, Ambassador of the European Union to Pakistan, who called on the Minister at the Finance Division. The meeting focused on a range of matters of mutual interest, particularly on strengthening business and investment ties between the European Union (EU) and Pakistan.

His presentation highlighted the current state of Pakistan’s crypto landscape, shedding light on challenges and barriers to the widespread adoption of cryptocurrencies. Pakistan, like many developing nations, advocates for a more balanced model of globalization—one that promotes fair chicken road trade, sustainable growth, and equitable financial systems. This model must be multilateral, innovation-driven, and inclusive, to foster development and prosperity across all regions. The committee further approved the proposals presented by the Ministry of Maritime Affairs regarding categorisation of the Port Authorities i.e. The Committee was informed that port operations were already outsourced in a number of cases & this policy will continue. The Committee directed M/o Maritime Affairs to ensure that the governance framework of Port Authorities is compliant with the SOE law.

The session focused on advancing innovative financial solutions to drive social impact, enhance financial inclusion, and uplift marginalized communities in Pakistan. A high-level delegation of foreign investors and business professionals, mostly based in the United States, called on Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division today. In his keynote address to the session, the Finance Minister described the conference as reflective of Pakistan’s growing commitment to fostering a robust Islamic capital market, highlighting the country’s dedication to transforming its financial ecosystem in line with Shariah principles. To ensure data-driven discussion and effective policymaking, it was decided to form a working group comprising representatives from FBR, SBP, the IT Ministry, P@SHA, and the Freelancers Association. The group will focus on harmonizing data, identifying significant issues, simplifying processes, enhancing transparency, and ensuring continuity of progress made by SBP and other stakeholders. Participants also explored leveraging the Roshan Digital Account to facilitate international remittances for IT companies and freelancers.