Aurangzeb urges private sector-led growth, reforms | The Express Tribune
Key Takeaways
- Finance Minister Aurangzeb presented the government's economic reform agenda at the Pakistan Business Summit in Peshawar.
- Positive economic indicators cited include falling financing costs, stronger foreign exchange reserves, and a stable rupee, boosting investor confidence.
- Remittances are projected to rise to $41-43 billion this year, and Pakistan has managed recent Eurobond repayments.
- Future reforms will focus on comprehensive tax reforms, SOE restructuring, privatization, and energy pricing adjustments.
- The government is emphasizing export-led growth, FDI attraction, and plans to issue Pakistan's first Panda Bond by year-end.
Finance Minister Senator Muhammad Aurangzeb addressed the Pakistan Business Summit in Peshawar, outlining the government's economic reform agenda centered on fostering private sector-led growth supported by macroeconomic stability and structural reforms. He reported several positive economic indicators, such as a sharp fall in financing costs following policy rate cuts, improved foreign exchange reserves covering nearly three months of imports, and a stabilized rupee, all contributing to increased investor confidence and easier profit repatriation. Remittances are also showing strong performance, projected to reach $41-43 billion this year, and Pakistan has successfully managed recent Eurobond repayments. Key future reforms include comprehensive tax restructuring, separating tax policy from administration, restructuring State-Owned Enterprises (SOEs), privatization initiatives, and energy pricing adjustments. Aurangzeb stressed the importance of export-led growth, tariff reforms, and attracting Foreign Direct Investment (FDI), concluding with the announcement of plans for the country's inaugural Panda Bond issuance by the end of the year.
