Latest news with #FinanceandRevenue
Business Recorder
21 hours ago
- Business
- Business Recorder
Netherlands envoy pays farewell call on Aurangzeb
ISLAMABAD: Henny de Vries, Ambassador of the Kingdom of the Netherlands, paid a farewell call on Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division today, said a press release issued on Monday. The finance minister commended Ambassador de Vries for her efforts in furthering and strengthening the longstanding bilateral relations between Pakistan and the Netherlands. He especially acknowledged her contribution to enhancing cooperation across diverse fields, including trade and commerce. Senator Aurangzeb also appreciated the positive role and contributions of Dutch companies operating in Pakistan, recognising their efforts in advancing the country's socio-economic development. During the meeting, both sides discussed matters of mutual interest. The finance minister briefed the ambassador on recent economic developments in Pakistan, including improvements in sovereign credit ratings, a strengthened security environment, and enhanced investor confidence — all supported by stability across key sectors. He outlined the government's economic vision centred on durable, inclusive, and export-led growth. He further elaborated on the fiscal policy framework embedded in the recently announced federal budget, highlighting the careful balancing of increased social protection and defence spending with significant reductions in subsidies and debt servicing costs. This prudent approach has limited the overall budgetary expansion to just 1.9 percent this year, a marked contrast to the 9 to 10 percent annual increases seen in previous years. Ambassador de Vries expressed appreciation for the progress made in achieving macroeconomic stability and welcomed the country's current direction. She expressed hope that Pakistan would continue its trajectory towards long-term economic growth and prosperity. The meeting concluded with the finance minister extending best wishes to Ambassador de Vries for her future endeavours. Copyright Business Recorder, 2025
Business Recorder
a day ago
- Business
- Business Recorder
Finance minister, US Chargé d'Affaires discuss strengthening economic, trade cooperation
U.S. Chargé d'Affaires in Pakistan Elizabeth Horst on Monday called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb to discuss the ongoing momentum in Pakistan-U.S. economic relations and explore avenues for further cooperation, the ministry said in a statement. During the meeting, held at the Finance Division, both sides exchanged views on matters of mutual interest and reaffirmed their commitment to deepening bilateral engagement, particularly in trade and investment. Senator Aurangzeb appreciated the longstanding support of the United States for Pakistan's economic development and acknowledged Washington's continued backing for macroeconomic stability over the past year and a half. He also welcomed the positive trajectory of bilateral ties across multiple sectors. Referring to his recent visit to the United States, the minister briefed Ms. Horst on his meetings with U.S. Secretary of Commerce Howard Lutnick and U.S. Trade Representative Ambassador Jamieson Greer, and highlighted the encouraging progress in trade relations. He underscored the significance of the U.S. as Pakistan's largest trading partner and emphasised Islamabad's interest in expanding cooperation in high-potential areas such as information technology, minerals, and agriculture. The minister also apprised the U.S. diplomat of Pakistan's improving macroeconomic indicators, including recent sovereign credit rating upgrades and growing investor confidence. He outlined key reform measures underway in taxation and energy, aimed at ensuring long-term economic sustainability. He further shared updates on Pakistan's recent entry into Middle Eastern capital markets, plans for issuing its inaugural Panda bond, and future access to Euro and U.S. dollar-denominated capital markets. Ms. Horst welcomed the economic progress and acknowledged the government's reform-oriented approach. She reaffirmed the U.S. commitment to strengthening economic and trade ties with Pakistan and expressed optimism about forging a resilient and broad-based business partnership. The meeting concluded with both sides agreeing to build on the current momentum and deepen bilateral collaboration in the coming months.
Business Recorder
7 days ago
- Business
- Business Recorder
Only 78 MNAs attend all sittings in 17th budget session: FAFEN
ISLAMABAD: As many as 78 (25 percent) members of the National Assembly (MNAs) attended all sittings, whereas, 10 (three percent) did not attend any sitting during the 17th budget session of the National Assembly that spanned over 13 sittings from June 5 to 27, 2025, a Free and Fair Election Network (FAFEN)'s report said on Tuesday. The attendance of members kept fluctuating during the budget session, it added. The budget session began on a high note, with 83 percent attendance recorded during the first sitting when the Finance Bill, 2025, was introduced. However, as the House progressed into the general discussion on the budget, attendance declined, hitting the lowest 57 percent on the third sitting. The attendance resurged again at 79 percent on the final day of the general discussion, which also included deliberations on Senate recommendations and charged expenditures. A remarkable increase was observed towards the end of the session, with attendance rising above 90 percent during the voting on demands for grants and the Finance Bill. The highest attendance was 93 percent recorded on the day the Finance Bill was passed. The lawmakers raised concern on the absence of government ministers during the budget discussion, prompting the chair to direct the government members holding finance-related portfolios to come to the floor of the House. An analysis of the attendance and the leaves applications read during the proceedings shows that 235 members 75 percent of the current strength missed at least one sitting during the session. However, only 79 (34 percent) of them submitted an application seeking leave from the House for their absence. A total of 22 female MNAs including 19 on reserved seats and three on general seats (41 percent of total female membership) attended all sittings. Among seven minority members, all attended more than half of the sittings including three MNAs who have attended all sittings. Regionally, across all provinces, the majority of MNAs attended more than half of the sittings. The Islamabad Capital Territory (ICT) recorded the highest percentage, with all three of its MNAs attending every session. In Sindh, 68 MNAs (86 percent) attended more than half of the sittings, including 20 who were present at all. Punjab saw 140 MNAs (85 percent) attend more than half of the sittings, with 37 attending every session. From Khyber Pakhtunkhwa, 39 MNAs attended more than half of the sittings, including 15 who were present at all. In Balochistan, 15 MNAs (75 percent) participated in more than half of the sittings. The majority of lawmakers from the Pakistan Muslim League-Nawaz (PML-N), Pakistan People's Party Parliamentarians (PPPP), Muttahida Qaumi Movement Pakistan (MQMP), and Sunni Ittehad Council (SIC) attended more than half of the sittings. The federal minister for Finance and Revenue, who is a senator, attended nine (69 percent) sittings. The minister of State and the Parliamentary Secretary for Finance and Revenue, both of whom are MNAs, were present in 11 sittings (85 percent). Notably, the federal minister for Economic Affairs, also a Senator, did not attend any sitting during the session, despite his portfolio closely related to the issues discussed during the budget session. Copyright Business Recorder, 2025
Business Recorder
16-07-2025
- Business
- Business Recorder
Moody's briefed about reforms, outlook
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb held a virtual engagement with Moody's Rating Agency (Moody's) on Tuesday to provide an in-depth briefing on Pakistan's macroeconomic outlook, reform agenda, and financial stability. An official statement issued by the Finance Division stated that Minister for Finance and Revenue, accompanied by Minister of State for Finance Bilal Azhar Kayani, governor State Bank of Pakistan, and senior officials from the Finance Division, Revenue Division, and other relevant ministries, briefed Moody's on the country's stabilising economy, reform drive, and global market re-engagement. The finance minister apprised the Moody's team of the significant strides Pakistan has made in stabilising its economy and laying the foundations for sustainable and inclusive growth. He underlined the successful completion of the final IMF review under the Stand-By Arrangement, including the disbursement of the second tranche and progress under the Resilience and Sustainability Facility (RSF), as key milestones that have restored confidence in Pakistan's economic management, the official statement noted. The minister highlighted a series of structural reforms undertaken by the government to anchor long-term stability. These included prudent fiscal measures in the recently announced budget, tariff and trade liberalisation geared towards export-led growth, and concerted efforts to rationalise expenditure. The ongoing discussions with the United States on preferential tariff access were also noted as making encouraging headway. The meeting further outlined Pakistan's re-engagement with global financial markets, including the successful arrangement of $1 billion in commercial financing from the Middle Eastern region, plans for an inaugural Panda bond, and Pakistan's intent to explore the Eurobond and other international debt markets as credit ratings improve. Aurangzeb and his team presented compelling evidence of macroeconomic recovery, including a sharp reduction in inflation, a cut in the policy rate, stabilisation of the exchange rate, a current account surplus, and a surge in foreign exchange reserves—crossing $14 billion by the end of June. Improvements in remittance inflows and export performance were also cited as signs of resilience and renewed investor confidence. The Moody's team was provided a comprehensive overview of Pakistan's reform journey, with a particular emphasis on improving the tax-to-GDP ratio through technology-driven tax administration reforms, digitisation of systems, and robust enforcement measures. The minister emphasised that under the direct oversight of the prime minister—who chairs regular meetings on tax reform—the government was implementing measures to expand the tax base, plug leakages, and enhance compliance. He noted that the Rs2 trillion revenue delta achieved this year had come through autonomous efforts, and the government was firmly committed to reaching a tax-to-GDP target of 13 to 13.5 percent in the next few years. The finance minister also addressed queries from the Moody's team and reiterated Pakistan's commitment to staying the course on macroeconomic reforms, including in areas of privatisation, restructuring of state-owned enterprises (SOEs), and right-sizing of government. Aurangzeb expressed optimism that the improving macroeconomic indicators and reform momentum would be positively acknowledged by rating agencies, further strengthening Pakistan's case to tap international markets and deepen its external sector stability. Pakistan, he affirmed, is ready to carry forward this journey of resilience, reform, and recovery to unlock long-term, inclusive, and export-oriented economic growth. Copyright Business Recorder, 2025
Business Recorder
11-07-2025
- Business
- Business Recorder
Population growth, climate change: Aurangzeb identifies ‘critical' existential challenges facing Pakistan
ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb said on Thursday that sustainable economic growth — aimed at realising the vision of Pakistan becoming a $3 trillion economy by 2047 — would remain elusive unless the country squarely addresses two critical existential challenges: climate change and population growth. This, he stated while addressing an event organised by the Ministry of National Health Services, Regulations and Coordination to mark World Population Day. Aurangzeb also supported the call for population to be recognised as a core allocation criterion in the National Finance Commission (NFC) Award. He said that the existing resource-sharing formula needed to evolve to reflect new realities, especially those concerning population and climate-related pressures. Finance minister urges population as key criterion in NFC Award formula The minister agreed with the views expressed by the health and planning ministers, advocating for the inclusion of broader human development indices to guide equitable resource distribution between the federation and provinces. The finance minister underscored that under the leadership of Prime Minister Shehbaz Sharif, the government is pursuing a broad-based reform agenda covering key areas such as taxation, energy, state-owned enterprises, and privatisation. The minister emphasised the need to address the two existential issues of population and climate change to ensure sustainable economic growth. Talking about the 2.55 percent growth rate of population, Aurangzeb said that it has alarming implications for national development, economic planning, and social well-being. Citing the fact that 40 percent of children under five in Pakistan suffer from stunted growth, he warned that the country's future leadership is already at risk. He stressed that addressing stunting and learning poverty requires an integrated, end-to-end approach, encompassing nutrition, sanitation, clean drinking water, birth spacing, and greater awareness—all of which were discussed by scholars and experts at the event. The minister also highlighted the importance of empowering women, who constitute half the country's population, noting that inclusive workforce participation is essential for Pakistan's sustainable development. He reiterated the need to tackle learning poverty, especially among girls, and to invest meaningfully in education and skills development to enable women to contribute productively to the economy. He emphasised the need for a paradigm shift in national budgeting. Rather than compartmentalising federal and provincial finances, he proposed a unified, country-level approach to development spending. Citing this year's development budget of Rs1 trillion at the federal level and Rs4.2 trillion when including provinces, he noted that the real challenge is not the availability of funds but their optimal allocation and prioritisation. Aurangzeb also called for a reorientation of donor engagement and development financing. He remarked that while infrastructure had been the primary recipient of international funding in the past, it is now imperative to direct those resources toward human capital development, particularly in health, education, and population planning. He referenced Pakistan's 10-year Country Partnership Framework with the World Bank, noting that four out of its six pillars focus on population and climate-related issues. He informed the gathering that one-third of the total funding—amounting to nearly $20 billion over a decade, or around $600–700 million annually—will be dedicated to population-related measures. He urged that such resources must be strategically deployed, moving beyond symbolic steps like tax relief on contraceptives, and instead ensuring impactful investments across the board. The minister reaffirmed the government's commitment to prioritising long-term, sustainable solutions to Pakistan's population challenges and leveraging both domestic and international resources to build a healthier, more productive nation. He urged policymakers and development partners to go beyond traditional infrastructure investments and prioritise human capital development. 'We have built roads and power projects, but it's time to invest in people,' he said. 'This is the only way to ensure real, inclusive, and sustainable progress.' The event was attended by Federal Minister for National Health Services Syed Mustafa Kamal, Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal, Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhry, as well as prominent religious scholars, members of civil society, and senior government officials. Copyright Business Recorder, 2025
