Aurangzeb urges private sector-led growth, reforms

PESHAWAR:

Finance Minister Senator Muhammad Aurangzeb on Thursday outlined the government's economic reform agenda at the Pakistan Business Summit held at Serena Hotel, Peshawar.

As per a statement, the summit, organised under the patronage of the Khyber-Pakhtunkhwa Governor, carried the theme "Shaping What's Next." It brought together policymakers, business leaders, and executives to discuss Pakistan's economy, innovation, and global competitiveness.

Aurangzeb commended the organisers and stressed that the private sector must lead growth, while the government ensures macroeconomic stability, structural reforms, and a conducive ecosystem for investment.

Reviewing progress, he cited a sharp fall in financing costs after policy rate cuts, stronger foreign exchange reserves covering almost three months of imports, and a stable rupee. These, he said, had boosted investor confidence and enabled repatriation of profits.

He reported remittances rose to $38 billion last year and are projected at $41-43 billion this year. Pakistan also repaid $500 million in Eurobond debt in September and is positioned to meet a $1.3 billion repayment in April 2026.

The minister reaffirmed comprehensive tax reforms, separation of tax policy from administration, SOE restructuring, privatisation, and energy pricing reforms. He emphasised export-led growth, tariff reforms, and FDI attraction. He also announced plans for Pakistan's first Panda Bond by year-end.