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The PBA meeting was attended by all prominent members, including presidents of all leading banks of Pakistan, along with the Chairman PBA and President of the Bank of Punjab Zafar Masood, Chairman FBR, Minister of State Mr. Ali Pervaiz Malik, as well as the Director to Finance Minister Mr. Sheharyar Ahmad. Looking ahead, both parties affirmed their commitment to deepen economic relations, exploring investment opportunities, and expanding bilateral trade. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with a delegation led by Executive Vice President Oceania and South Asia PARCO, Mr. Mehmet Celepoglu. The delegation also included CEO and co-founder of Gunvor Group, Mr. Torbjörn Törnqvist, a key investor in Pakistan’s oil sector. The meeting concluded with both parties expressing optimism about Pakistan’s economic growth and the potential for continued collaboration to achieve mutual goals. Minister of Power Sardar Awais Ahmad Khan Leghari said that the Government of Pakistan greatly appreciates the Chinese investment in the energy sector of Pakistan.
- 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.
- He assured the government’s full support in facilitating foreign investors and resolving their issues and reaffirmed his resolve to make Pakistan an attractive business and export hub for the international markets.
- In conclusion, the meeting highlighted the strong partnership between Pakistan and Mashreq Bank in promoting sustainable economic development.
- Over this period, the company has contributed more than PKR 225 billion in government revenues and has provided employment to a workforce of 5,000 individuals.
- The Minister thanked Mr. Winters and his team for presenting his proposals on improving Pakistan’s domestic banking industry, partnering with multilateral institutions, and enhancing Pakistan’s access to international capital markets.
The Minister also asserted that the government and the industry stakeholders shall work together towards introducing such innovations that can contribute to the country’s sustainability goals and economic stability in the coming years. The meeting was attended by Minister of State Mr. Ali Parvez Malik, Secretary Finance, and other senior officers from the Finance Division. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a virtual meeting with Dr. Adnan Chilwan, Group CEO of Dubai Islamic Bank, to discuss Pakistan’s economic trajectory and explore potential avenues for increased investment in the country. Similarly, CEO Saudi-Pak Industrial and Agricultural Investment Company (SPI&AIC), also gave a presentation about the major development initiatives of the company in the country for promoting Islamic finance, food security, digital finance, trade, and agriculture and livestock. Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb has said that agriculture and information technology are the backbone of our economy and the real levers of economic growth of the country.
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.
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The Cabinet Committee approved the proposals of Finance Division and Power Division for the appointment of candidates as independent directors/ chairman on the boards of ZTBL and NTDC respectively. The Committee also considered the proposal presented by the Ministry of Housing & Works and decided to categorize Pakistan Housing Authority – Foundation (PHA-F) as essential with further directions to present a revised plan of PHA-F to the Committee. Senator Muhammad Aurangzeb appreciated the success of Turkish aviation industry and added that collaboration in the aviation sector with Turkiya was an important part of the bilateral relations, noting that it aligns with the Prime Minister’s vision to enhance Pakistan’s aviation industry. The Steering Committee Meeting concluded with a strong consensus on the need for concerted efforts to implement the PRRP and achieve its objectives.
He reaffirmed the government’s focus on export-led growth, stating that all sectors must contribute to a structural shift in Pakistan’s economic model. The Minister informed the delegation about key tax reforms, including the activation of the National Tax Council to enhance coordination between the federal government and provinces. He elaborated on the expansion of the tax base, with a focus on formally bringing the wholesale, retail, and real estate sectors into the tax net. He also discussed the agricultural income tax, stating that all four provinces have approved the bill, and it is expected to take effect from July 1, 2025. Additionally, he noted that tax policy has been moved from the Federal Board of Revenue (FBR) to the Finance Division, ensuring a more strategic and policy-driven approach.
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Discussions focused on financial performance, business plan analysis, risk analysis, corporate governance, and compliance. The workshop serves as a significant step in the ongoing collaboration between Pakistan and Saudi Arabia to enhance economic ties and share best practices for governance and transformation. Digital solutions must be integrated to ensure efficient systems, while accountability and impact evaluation will build trust and credibility among stakeholders,” he added.
The Minister said the government remains committed to raising the country’s tax-to-GDP ratio by broadening the tax base and rationalizing a disproportionate burden on the organized sectors of the economy such as manufacturing and the salaried classes. During his meeting with the CEO and senior management of PSX, Schehzad received a comprehensive overview of PSX’s strategic initiatives aimed at unlocking potential of Pakistan’s capital markets, said a press release issued here on Tuesday. The meeting also decided to ensure regular updates on macroeconomic data with stakeholders and the diaspora in the US to encourage investment in Pakistan’s growing economy. The interaction between Finance Minister Senator Muhammad Aurangzeb and the Servis Long March leadership reflected a shared commitment to developing Pakistan’s capital markets and strengthening the country’s position in the global financial landscape.
Rana Mashhood Ahmad Khan provided an overview of the Prime Minister’s Youth Business and Agriculture Loan Scheme which promotes entrepreneurship among youth by providing business loans on simple terms and with less markup through Commercial, Islamic and SME banks. The discussion covered the current structure of the scheme, including its three operational tiers, and explored the potential benefits and logistics of introducing additional tiers. “The agriculture sector and IT industry, especially freelancers, need proper fund allocation. It is time for private banks to step up in terms of financing and fund allocation,” he stated.
The Minister also welcomed the idea of creating a proactive and unified business platform for European companies, noting his recent positive engagement with a group of French and Dutch companies operating in Pakistan. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has emphasized the urgent need for an inclusive approach to globalization, one that benefits all nations, particularly the developing economies. Federal Minister chicken road game for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with the Deputy Prime Minister of the Russian Federation, Mr. Alexei Overchuk, on the sidelines of the Boao Forum for Asia (BFA) Conference today. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, continued his engagements on the 5th day of his visit to Washington D.C., where he is attending the Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Mr. Irfan Neziroglu, Ambassador of Republic of Turkiye to Pakistan, who called on the Finance Minister at Finance Division today. The ECC also decided that the Revenue Division and Finance Division would work out the mechanics, including allocation and release of budgets, under the five proposals, through joint consultation. The Minister also assured full support for arranging necessary consultations between PBA/SBP and the stakeholder ministries, adding the Finance Division would also host a meeting of all relevant stakeholders to hear their viewpoints, and help forge a consensus on the proposed initiatives. The meeting concluded with a mutual commitment to further strengthen Pakistan’s financial documentation and reporting practices in line with international standards.
Highlighting the growing inequalities within the global economic system, the Minister stated that while globalization has lifted over one billion people out of poverty, it remains fundamentally unequal, disproportionately benefiting developed economies while marginalizing the Global South. The risks of rising protectionism, unilateralism, and trade wars are exacerbating global divisions, threatening to disrupt supply chains and weaken international cooperation. For globalization to survive, it must be rebalanced to allow fairer participation for all nations, particularly those currently disadvantaged by restrictive trade rules and limited financial access. In closing, the Federal Minister reaffirmed Pakistan’s commitment to strengthening its economic and trade relations with Russia and expressed optimism about expanding bilateral cooperation in key areas of mutual interest. The meeting concluded on a positive note, with both sides eager to achieve tangible progress in the near future.
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The meeting was told that all the five members recommended for positions of independent directors were drawn from the private sector and possessed vast relevant experience in top management positions besides having high-end professional qualifications, expertise and academic background in law, accountancy and management. The ECC also took up and approved a proposal submitted by the Ministry of Climate Change & Environmental Coordination for grant of Technical Supplementary Grant (TSG) of Rs. 150 million to meet the requirements of the COP-29 to be held in Baku, Azerbaijan from 11th to 22nd November 2024. The Minister also informed the delegation about the recently agreed upon ten-year partnership framework with the World Bank. This strategic partnership aims to facilitate various projects that are expected to significantly contribute to the country’s economic development. The AIIB team said the Bank views Pakistan as an important partner country, and reiterated the Bank’s commitment to supporting Pakistan in meeting its development goals and overcoming climate-related challenges through policy and budgetary support.
Inflation significantly slowing down, with relieving impacts on poor and masses as Food inflation actually declined in Nov-24, followed by higher potential for rate cuts and its positive outcomes for businesses, industries and the government debt servicing and the overall fiscal balances. Addressing the participants, the Finance Minister highlighted the importance of learning from KSA’s Vision 2030 model, an exemplary model of robust implementation strategies. Highlighting the focus on ”People, Process, and Technology”, he emphasized the need to adopt practices that ensure successful transformation outcomes while considering Pakistan’s unique socio-economic context. Ambassadar Ali Jehangir Siddiqui opened the discussion by apprising the Finnace Minister about the composition of the delegation, the purpose of their visit and their interaction with different stakeholders during the visit so far. Advisor to the Finance Minister Mr. Khurram Shehzad and senior officers of the Finance Division and FBR were also present.
