Avenues of furthering ties with WEF explored
Federal Minister for Finance and Revenue Muhammad Aurangzeb chaired the committee meeting which outlined the objectives of the meeting and the committee constituted by the prime minister last week, for shaping a coherent national strategy for enhancing Pakistan's engagement with WEF to secure opportunities for investment, innovation, and inclusive economic growth.
The participants shared ideas and discussed strategies to strengthen Pakistan's leadership role at the WEF, with a special focus on creating direct engagement channels that yield tangible benefits for the people of Pakistan—particularly women, youth, and the business community. The deliberations emphasised compiling a comprehensive list of all ongoing WEF initiatives in Pakistan, assessing their progress, and identifying execution gaps.
PM Shehbaz reaffirms Pakistan's strong partnership with World Economic Forum
The committee also explored avenues for cooperation with WEF in priority areas such as investment and economic growth, digitalisation and emerging technologies including AI, skills development and productive employment, and climate change.
A key focus remained on ensuring Pakistan's greater participation in the 'future of jobs' discourse and promoting increased female labour force participation. Additionally, the committee discussed measures to improve Pakistan's standing in the Global Gender Gap Index.
The chair thanked the participants for their valued inputs and hoped the committee's deliberations would help adopt a structured, coordinated approach to Pakistan's future engagement with the WEF, reinforcing the government's commitment to positioning the country as an active, forward-looking partner in shaping the global economic agenda.
The meeting was attended by Federal Minister for Information Technology and Telecom Shaza Fatima Khawaja, Federal Minister for Climate Change Dr Musadik Malik (virtually), SAPM for Industries and Production Haroon Akhtar Khan, Minister of State for Finance Bilal Azhar Kayani and senior officials from the Special Investment Facilitation Council (SIFC), Board of Investment (BOI), National Commission on the Status of Women (NCSW), National Vocational and Technical Training Commission (NAVTTC), and Musharraf Zaidi, chief coordinator to the prime minister.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
an hour ago
- Express Tribune
IMF seeks changes to SBP Act
The International Monetary Fund (IMF) has asked Pakistan to remove the finance secretary from the board of the central bank and also recommended amending another law to take away the federal government's authority to order inspections of commercial banks. The global lender has further asked Islamabad to immediately fill two vacant positions of deputy governors at the State Bank of Pakistan (SBP). Sources said the IMF has recommended another amendment to the SBP Act to remove the finance secretary from the board of directors. This would be the second attempt to exclude the federal secretary in the past three years. The IMF's recommendations, part of the Governance and Corruption Diagnosis Mission report, appear aimed at completely ending federal government oversight, despite the government being the 100% shareholder of the SBP. In 2022, under IMF pressure, the government gave absolute autonomy to the SBP and removed the finance secretary's voting rights on the board. According to the existing law, the finance secretary is a board member "without the right to vote." Key decisions such as exchange rate determination or interest rate setting are not made by the SBP board but by the monetary policy committee. Finance Minister Muhammad Aurangzeb said on Monday that the government has no role in setting interest rates, which fall under SBP's mandate. He added that the exchange rate would continue to be determined by the market. The rupee on Monday further appreciated to Rs182 to a dollar. Aurangzeb said the IMF's review mission would soon arrive under the ongoing 37-month programme. The mission is expected in the third week of September for talks on the third loan tranche of $1 billion. The IMF has argued that removing the vote-less secretary from the SBP board would further strengthen independence at an already highly autonomous central bank. However, sources said the government has not yet accepted the IMF's recommendation, and discussions remain open. The SBP board includes the governor and eight non-executive directors, with at least one from each province. The board oversees SBP operations, administration, and management and has full access to the bank's activities. The IMF has also recommended that Pakistan publish the reasons for the removal of governors, deputy governors, non-executive directors, and monetary policy committee members, sources added. The lender has also pressed for immediately filling the two vacant deputy governor posts to ensure collective decision-making at the central bank. Of three sanctioned positions, only one is filled. Saleem Ullah is currently deputy governor for finance, inclusion, and innovation. No regular deputy governor is in place for the most important matters including banking, exchange rate, and monetary policy etc. Former deputy governor Dr Inayat Husain has been serving in an acting capacity since his tenure ended in November last year. His dual nationality has created hurdles in his reappointment. The prime minister has already constituted a committee to explore amending the law to allow dual nationals to serve as deputy governors. The finance ministry had earlier suggested several amendments to the SBP Act, including one allowing dual nationals to be appointed deputy governors. The law ministry has already vetted the proposals. By law, deputy governors must be appointed by the federal government after consultation between the finance minister and the SBP governor, from a panel of three candidates recommended by the governor in order of merit. Sources said the name of Nadeem Lodhi had been finalised for one of the two vacant posts, but cabinet approval has not yet been secured. The SBP law requires that vacancies for governor, deputy governors, non-executive directors, and external members of the monetary policy committee be filled within 30 days. The federal government is in violation of this requirement. The IMF has now recommended that such positions should never remain vacant for extended periods. Sources said the IMF has also suggested amending the Banking Companies Ordinance of 1962 to end the federal government's power to instruct the SBP to inspect commercial banks. The proposal is aimed at ensuring further independence for the central bank. Section 40 of the Banking Companies Ordinance currently states that the SBP may, at any time, and on being directed by the federal government, must inspect any banking company and its accounts.
Business Recorder
7 hours ago
- Business Recorder
Pakistan poised to enter growth phase after stability, says finance minister
KARACHI: Finance Minister Muhammad Aurangzeb said on Monday Pakistan was poised to soon enter into a growth phase after having achieved macroeconomic stability over the past two years. The minister expressed confidence the growth momentum would sustain and not to fall into the typical boom-and-bust cycle this time. 'We have achieved macroeconomic stability,' Senator Aurangzeb said after inaugurating PHC Job Fair and Education Expo 3.0 held at Karachi Expo Centre on Monday. 'We will see the country moving towards sustainable growth.' To recall, Pakistan recorded economic growth of 2.7% in FY25 compared to 2.5% in FY24 and a contraction of 0.21% in FY23. The government has set growth target at 4.2% for the current fiscal year 2025-26. Finance Division, not FBR, will present next year's budget 'The Pakistan Stock Exchange (PSX) and companies listed at the bourse are doing well in the wake of improvement in economic fundamentals. Firms are announcing good financial results,' he said. The minister said three global credit rating agencies, namely Fitch, S&P, and Moody's, had upgraded Pakistan's rating and they were on the same page after quite a long time. 'This is their vote of confidence that we are moving in the right direction.' The return of stability was achieved as both the government and the central bank moved hand-in-hand. The government ensured fiscal responsibility and the central bank gave a prudent monetary policy, ensuring build-up in foreign exchange reserves, running a market based rupee-dollar exchange rate and cut half interest rate to 11% in the past one-year in the wake of significant reduction in inflation reading, according to the minister. 'There is a need to improve export competitiveness. The government is rationalising exporter tariffs to support sustainable economic growth. World Bank says the tariff reforms is the East Asia moment for Pakistan.' As far as the growth was concerned, he continued, there is 'no immediate switch'. 'We have to move forwards towards sustainable and exclusive growth because gold rush is not a good idea. We had faced a number of times the boom-and-bust cycle. The more we put feet on the paddle and tried to accelerate the economy (rapidly), we were in trouble,' he said. Pakistan's real GDP growth to accelerate to 3.5% by 2027, Fitch says The minister said the financial cost was moving in the right direction. 'The energy cost is beginning to move in the right direction. Rationalisation of taxes depend on the availability of fiscal space.' 'The government is aiming to expand the tax net. We are trying to cut the tax rates for manufacturing sector and salaried class people to reduce their burden, Aurangzeb said. He, however, found the corporate sector missing from the expo, saying 'as we move forward from stability to sustainable growth, it is the private sector which has to lead the country'. Pakistan's real GDP growth to accelerate to 3.5% by 2027, Fitch says
Business Recorder
11 hours ago
- Business Recorder
PM Shehbaz reviews relief efforts for flood-affectees in Pakistan's northern areas
Prime Minister Muhammad Shehbaz Sharif presided a high-level meeting in Islamabad on Monday to review ongoing relief operations for the victims of torrential rains and floods in Khyber Pakhtunkhwa, Gilgit-Baltistan, and Azad Jammu & Kashmir. During the meeting, the prime minister announced that the entire federal cabinet will donate one month's salary to support flood victims in Khyber Pakhtunkhwa. He directed federal institutions to intensify relief efforts in the affected districts of the province. 'In this hour of difficulty, there is no federal or provincial government — we must ensure full support and rehabilitation of the affected people,' said the prime minister, stressing that assisting fellow citizens in distress is a national duty. He further added: 'This is not a time for politics. It's a time for service and for healing the pain of the people.' 'Heavy monsoon rains' likely to batter Karachi, other parts of Sindh till Friday PM Shehbaz announced that the federal government will provide financial assistance under the PM Relief Package not only to the families of those who lost their lives but also to the injured and affected. The premier directed Minister for Kashmir and Gilgit-Baltistan Affairs Amir Muqam to oversee the distribution of relief goods and the recovery operations in the affected regions. 'Relevant federal ministers will personally supervise the restoration of electricity, water, roads, and other basic services. Whereas, all concerned ministers must personally visit affected areas in KP, AJK, and GB,' he said. The National Highway Authority (NHA) must prioritise restoring all routes for relief access without distinguishing between provincial and national highways. The Ministry of Communications, NHA, and Frontier Works Organization (FWO) must ensure the repair of roads and bridges. The Minister for Communications is directed to visit affected areas and directly monitor restoration efforts, the PM Office said in a statement. The Minister for Power is also instructed to inspect damaged regions and ensure power restoration on priority, it added. Meanwhile, the PMO said the National Disaster Management Authority (NDMA) has been directed to present a final assessment of damages immediately, submit a comprehensive plan for the distribution of relief items in Khyber Pakhtunkhwa. Possible torrential rains in Punjab: Punjab CM asks stakeholders to remain alert 'Until the last affected individual is helped and basic infrastructure is restored, federal ministers will remain on the ground,' the prime minister stated, adding all required resources could be received from the Ministry of Finance. The Ministry of Health has been directed to dispatch medicines and medical teams and establish health camps in the affected areas. The Benazir Income Support Programme (BISP) has also been instructed to mobilise support for the victims. At the conclusion of the meeting, the prime minister and attendees offered prayers for the martyrs of the floods and for the speedy recovery of the injured. The forum was briefed about the efforts of the NDMA and officials designated by the PM for relief works. According to the briefing, 456 relief camps have been established and 400 rescue operations conducted so far, with trucks carrying relief supplies being dispatched, including today. The prime minister ordered that the most affected areas should receive aid first on a priority basis. A preliminary estimate puts losses to public and private property at over Rs126 million. The NDMA presented updates on the supply of rations, tents, medicines, medical teams, and other relief items. The premier ordered further increases in these supplies. It was also reported that the monsoon will continue until the second week of September, with six major spells already occurring and two more expected, whose effects may last through the end of September. Heavy rains, floods claim 313 lives across KP Several ministers and officials provided updates about situation in different areas. Federal Minister for Kashmir and GB Affairs Muqam briefed on the situation in Swat. Minister for Power Sardar Awais Khan Leghari reported on overall KP situaion. Special Assistant Mubarak Zeb Khan updated on Bajaur. The NHA chairman gave an update from Malakand. The secretary communications briefed from Gilgit. Other ministers, including Sardar Muhammad Yousaf, Mian Muhammad Mueen Wattoo, and Dr Musadik Malik, also shared updates on relief efforts in line with the prime minister's directions. The meeting was attended by key cabinet members and officials including Khawaja Asif, Ahsan Iqbal, Musadik Malik, Ahad Cheema, Attaullah Tarar, Muqam, Leghari, Yousaf, Wattoo, Mubarak Zeb, NDMA Chairman Lt. Gen. Inam Haider Malik, and PM's Chief Coordinator Musharraf Zaidi, along with other senior officials.
