Latest news with #FinanceandRevenue
Business Recorder
18 hours ago
- Business
- Business Recorder
Aurangzeb praises World Bank's valuable contributions to Pakistan
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb, on Friday, met with the World Bank Pakistan team, including Najy Benhassine, outgoing country director, and Bolormaa Amgaabazar, incoming Country Director for Pakistan. During the meeting, the finance minister warmly welcomed Bolormaa Amgaabazar to Pakistan and extended his best wishes for her upcoming assignment. He expressed confidence that the collaborative efforts between Pakistan and the World Bank would continue to flourish under her leadership. Ahsan vows to deepen cooperation with World Bank Aurangzeb also took the opportunity to commend Najy Benhassine for his valuable contributions and unwavering support to the Government of Pakistan throughout his tenure. He acknowledged Benhassine's role in strengthening the development partnership and wished him success in his future endeavours. Highlighting the enduring relationship between Pakistan and the WB, the minister expressed gratitude for the bank's generous financial and technical assistance across key sectors of the economy. He emphasised the importance of the recently signed 10-year Country Partnership Framework (CPF) as a pivotal element in Pakistan's economic roadmap, noting its potential to transform critical sectors through strategic and well-coordinated implementation. Aurangzeb underscored the significance of effectively executing the CPF's Country Financing Framework (CFF), describing it as essential to unlocking the full benefits of the WB's support. He particularly praised the institutional, technical, and financial backing consistently provided by the bank. The minister also highlighted the recent successful completion of the International Monetary Fund (IMF) review and the subsequent $1 billion disbursement under the Extended Fund Facility (EFF), along with additional resources made available through the Resilience and Sustainability Facility (RSF). He noted that development finance must be guided by merit and objective assessment, rising above political considerations to ensure sustainable progress. The meeting reaffirmed the mutual commitment to strengthening Pakistan's economic resilience and advancing inclusive development through strategic partnerships. Copyright Business Recorder, 2025
Business Recorder
18 hours ago
- Business
- Business Recorder
Pakistan Crypto Council's meeting on Monday
ISLAMABAD: The Pakistan Crypto Council will convene a high-level meeting on Monday, 2nd June 2025, to be chaired by Senator Muhammad Aurangzeb, Federal Minister for Finance and Revenue. The meeting will serve as a strategic forum to deliberate on the evolving regulatory and legal framework surrounding digital currency and the broader crypto landscape in Pakistan. Bilal Bin Saqib, Minister of State/Special Assistant to the Prime Minister on Blockchain and Crypto, will participate in his capacity as the chief executive officer of the Pakistan Crypto Council. The meeting will also be attended by members of the council, including the governor, State Bank of Pakistan (SBP); chairman, Securities and Exchange Commission of Pakistan (SECP); secretary, Law and Justice Division; and secretary, Ministry of Information Technology and Telecommunication. Key items on the agenda include the development of a robust regulatory framework to govern digital and virtual assets in Pakistan, in alignment with global standards and technological advancements. A focal point of discussion will be the groundwork for the establishment of the Pakistan Virtual Assets Regulatory Authority (PVARA) — a proposed autonomous body to oversee the digital finance and crypto ecosystem in the country. The council aims to lay the foundation for a secure, transparent, and innovation-friendly regulatory environment, with a view to promoting responsible adoption of blockchain technology, protecting investors, and enhancing financial inclusion. Copyright Business Recorder, 2025
Business Recorder
4 days ago
- Business
- Business Recorder
Body on Social Impact Finance: Progress on initiatives reviewed
ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, on Tuesday chaired a high-level meeting to review the progress on outcome-based funding initiatives recommended by the Committee on Social Impact Finance, a body constituted by the Prime Minister to spearhead innovative and inclusive financial solutions in Pakistan. The meeting brought together senior representatives from Pakistan's financial sector, including commercial banks, development finance institutions (DFIs), regulators, and investment experts, who form the core of the MOF-led Task Force. The session marked a follow-up to the recently concluded two-day Impact Financing Workshop and Training, held in the federal capital and organized by the Ministry of Finance in collaboration with Karandaaz Pakistan and the Pakistan Banks Association (PBA) under the theme 'From Value to Vision: Financing with Purpose from Pakistan's Financial Sector'. Social impact financing: PM panel outlines key priorities The workshop, inaugurated by Finance Minister Senator Muhammad Aurangzeb, covered key topics such as strategic intent in financing, impact governance, portfolio-level impact design, outcomes at exit, and independent validation. Through interactive case studies, peer-learning engagements, and scenario-based exercises, participants developed actionable strategies to embed impact into financial decision-making processes. During today's review session, the Task Force presented detailed findings and recommendations focused on steering the financial sector towards sustainable, inclusive, and impact-driven innovation. Central to the discussions was the Social Impact Financing (SIF) Framework, a comprehensive model co-developed with experts from health, poverty alleviation, and skills development sectors under the aegis of the Ministry of Finance. The framework lays out six priority pillars and is designed to mobilize private sector capital towards verified, outcome-based public good initiatives. The Task Force emphasized that Outcome-Based Financing (OBF) represents a transformative shift from input-oriented funding models to results-linked investments. By tying disbursements to independently validated outcomes, OBF seeks to enhance transparency, accountability, and efficiency across Pakistan's development finance architecture. This model has the potential to unlock both private and philanthropic capital, directly address delivery challenges, and ensure smarter targeting of resources. Five prototype OBF initiatives were showcased to the Minister, including: Graduation of ultra-poor, female-headed households out of poverty within five years. Enhanced income generation for farmers through agronomic support. Financial inclusion and poverty alleviation via agri-warehousing. Social impact financing in the healthcare sector. Human capital development through skills training and employment-linked education. The Task Force highlighted that the SIF Framework is a strategic blueprint aligned with the Sustainable Development Goals (SDGs), aiming to blend financial returns with measurable social outcomes. It recommends the creation of innovative financial instruments, de-risking solutions, and incentive mechanisms to attract long-term private sector participation in development. In his remarks, Finance Minister Senator Muhammad Aurangzeb expressed appreciation for the Task Force's collaborative efforts and emphasized the critical role of private capital in catalyzing macroeconomic transformation. He noted the interconnected nature of healthcare and wellbeing with all six priority development pillars, and underscored human capital development as central to the country's sustainable growth agenda. He also stressed the need for upskilling and re-tooling of the workforce to meet emerging industry demands, suggesting closer integration between economic activity and vocational training. The meeting concluded with a commitment to take forward the Task Force's recommendations for presentation to the Prime Minister for policy integration, institutional mainstreaming, and piloting of selected OBF models. Copyright Business Recorder, 2025
Express Tribune
16-05-2025
- Business
- Express Tribune
Pakistan eyeing Malaysia's green finance model: finance minister
Federal Minister for Finance and Revenue Muhammad Aurangzeb has said that Pakistan is keen to adopt Malaysia's model of green financing as a framework for its sustainable development strategy. The statement came during a video address at the Pakistan Stock Exchange (PSX) on Friday, where Aurangzeb announced the launch of Pakistan's inaugural Green Sukuk bond. The bond is aimed at funding environmentally sustainable projects. Aurangzeb congratulated the PSX for closing at a record high the previous day, noting it as a reflection of investor confidence. He described climate change as a significant threat to Pakistan and emphasised the need for sustainable financing. He also mentioned recent engagements with investors in Washington and London, stating that the global community is satisfied with Pakistan's macroeconomic stability, crediting improvements in key indicators such as inflation control and foreign exchange reserves. Aurangzeb said preparations for the 2025–26 budget are in progress, with stakeholders contributing proposals for a robust fiscal plan. He also noted ongoing efforts to secure climate financing to mitigate environmental impacts. The finance minister added that Pakistan is celebrating Youm-e-Tashakur (Day of Gratitute) with enthusiasm, reflecting optimism about the country's economic and environmental progress. The day is being marked the historic victory of Marka-e-Haq and to pay tribute to the armed forces and the resilient people of the country following the success of Operation Bunyan Marsoos.
Express Tribune
09-05-2025
- Business
- Express Tribune
Aurangzeb addresses London moot
Listen to article Minister for Finance and Revenue, Senator Muhammad Aurangzeb, delivered a keynote address at the Jefferies' 'Pakistan Access Day' interactive conference co-hosted by KTrade Securities in London on Thursday. The event brought together a distinguished audience comprising top global institutional investors, senior executives from leading international banks, investment firms, and professionals from both the public and private sectors, said a press release received here today. The Advisor to the Prime Minister on Privatisation, Muhammad Ali, also attended and addressed the forum, which served as a vital platform to showcase Pakistan's economic progress and investment outlook to the international business community. Senator Aurangzeb underscored the government's firm commitment to macroeconomic reform and structural transformation and the government's resolve to stay the course to bring permanence to this macroeconomic stability. He stated that the country had made substantial progress toward achieving macroeconomic stability, with key economic indicators now reflecting improved resilience and discipline. "We have successfully navigated a period of significant external and domestic challenges, and Pakistan today stands on the foundation of restored macroeconomic stability," the Minister noted. "Through bold and far-reaching reforms, we have reinstated fiscal discipline, strengthened our external position, and rebuilt investor confidence." He highlighted that Pakistan posted a primary budget surplus of Rs3.6 trillion during the first half of FY2025, while inflation has seen a remarkable declinereaching just 0.3% in April 2025, the lowest level recorded in over a decade. These gains, he added, have been acknowledged internationally with Fitch upgrading Pakistan's sovereign credit rating from CCC+ to B-, reflecting renewed market confidence. Looking ahead, Senator Aurangzeb outlined Pakistan's ambitious economic targets, including 6% annual GDP growth by persisting with structural reforms in taxation, energy, SOEs, privatisation, pension and public finance, an expansion of exports to $ 50 billion, inflation moderation to 6%, and the development of a $5 billion ICT freelancing industry. Additionally, Pakistan aims to cut greenhouse gas emissions by 50%, raise the share of renewable energy to 10%, and reduce income poverty by 13%, he added. He emphasised that these goals are embedded within the Government's comprehensive "5Es Framework"focusing on Exports, E-Pakistan (IT), Environment & Climate Change, Energy & Infrastructure, and Equity, Ethics, and Empowerment. The Finance Minister reaffirmed the Government's policy of limiting its role to providing a robust and consistent policy framework, while allowing the private sector to take the lead in driving growth. He pointed to increasing private sector representation in top policy forums as a testament to this approach. Further, Senator Aurangzeb detailed the ongoing efforts to improve the investment climate in Pakistan. He highlighted the Investment Policy 2023, which offers clear protections and incentives for foreign investors, and the Special Investment Facilitation Council (SIFC), which serves as a streamlined "one-window" platform for expediting investment processes. "We are committed to making Pakistan's investment ecosystem more transparent, efficient, and investor-friendly," he said. "Over 160 regulatory reforms have already been implemented under the Pakistan Regulatory Modernisation Initiative (PRMI), and we are launching the Pakistan Business Portal to simplify business registration and approvals through digital integration." Additionally, he noted that Pakistan's reformed visa regime now allows for 24-hour e-visas for citizens of 126 countriesfurther facilitating international business engagement. Addressing the gathering, Advisor to the Prime Minister on Privatisation, Muhammad Ali, presented a detailed overview of the privatisation roadmap for state-owned entities (SOEs). He emphasised the transparency and competitiveness of the ongoing processes and highlighted the significant investment opportunities with attractive returns available across various sectors of the Pakistani economy. Ali reaffirmed that the Government's privatisation drive is focused on ensuring efficient service delivery and unlocking value for the public while creating a favourable environment for private capital. The conference concluded with renewed optimism and expressions of interest from international stakeholders, affirming Pakistan's strategic relevance and potential in the global economic landscape.
