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Express Tribune
2 hours ago
- Business
- Express Tribune
Aurangzeb briefs Moody's on Pakistan's reform push, stable outlook
Finance Minister Muhammad Aurangzeb speaks during a meeting with Moody's delegation in Islamabad on Tuesday. Photo: APP Listen to article Pakistan is re-entering global financial markets amid signs of macroeconomic stabilisation, with plans for its first Panda bond and ongoing talks for preferential tariff access with the United States to support an export-led growth strategy, Finance Minister Muhammad Aurangzeb said on Tuesday. In a virtual briefing with Moody's Investors Service, the finance minister outlined the country's macroeconomic turnaround, reform agenda, and external sector stabilisation efforts. Aurangzeb was accompanied by Minister of State for Finance Bilal Azhar Kayani and State Bank Governor Jameel Ahmad. The engagement, held at the Finance Division, was part of Islamabad's broader outreach strategy to regain investor confidence and improve its sovereign credit profile. According to an official statement, Aurangzeb highlighted Pakistan's recent macroeconomic gains, including a sharp drop in inflation, monetary easing through a reduction in the policy rate, exchange rate stabilization, and a current account surplus. He noted that foreign exchange reserves had crossed $14 billion by the end of June, aided by improved remittance flows and stronger export performance. The minister informed Moody's that Pakistan had successfully completed the final review under the IMF's $3 billion Stand-By Arrangement (SBA), which included the release of the final tranche. He also underscored progress under the Resilience and Sustainability Facility (RSF), terming both milestones as critical for restoring market credibility. 'The reform trajectory is firmly in place,' Aurangzeb said, pointing to recent budgetary measures aimed at fiscal consolidation, including expenditure rationalisation and a broadened revenue base. He reiterated that Pakistan is targeting a tax-to-GDP ratio of 13 to 13.5 per cent over the medium term. The Rs2 trillion revenue gain achieved this fiscal year, the minister noted, had come from autonomous administrative efforts, not through new tax measures alone. He stressed that tax reform remains a top priority under the direct oversight of the prime minister, with a focus on technology-driven enforcement, digitisation of tax systems, and plugging leakages. The team also apprised Moody's of ongoing discussions with the US regarding preferential tariff access for Pakistani exports, which Aurangzeb said were 'making encouraging headway.' The meeting served as a platform to showcase Pakistan's re-engagement with global capital markets. The finance minister revealed that $1 billion in commercial financing had already been secured from financial institutions in the Middle East. Additionally, Pakistan is actively working on launching its inaugural Panda bond — a renminbi-denominated bond to be issued in the Chinese market — and is exploring other international debt instruments, including a potential return to the Eurobond market, contingent on rating upgrades. He added that Pakistan remains committed to key structural reforms, including the privatisation and restructuring of state-owned enterprises (SOEs), as well as right-sizing of the federal government. Responding to queries, the minister reiterated that Pakistan is not looking for short-term fixes but is focused on building long-term, inclusive, and export-led growth, while expressing optimism that the reform momentum and macroeconomic stabilization would be reflected positively in future sovereign credit assessments. 'Pakistan is ready to carry forward this journey of resilience, reform, and recovery,' the finance minister concluded, signalling that the country was once again positioning itself as a credible investment destination.
LBCI
8 hours ago
- Politics
- LBCI
Paramilitary attack kills 48 in central Sudan village: War monitor
Sudan's paramilitary Rapid Support Forces (RSF) killed 48 civilians in an attack on a village in the center of the war-torn country, a monitoring group reported Monday. The Emergency Lawyers, a group that has documented atrocities throughout the two-year conflict between the regular army and the RSF, reported civilians were killed en masse Sunday when paramilitary fighters stormed the village of Um Garfa in North Kordofan state, razing houses and looting property. AFP
TimesLIVE
11 hours ago
- Politics
- TimesLIVE
RSF forces kill almost 300 in Sudan's North Kordofan, say activists
Sudanese activists said on Monday the paramilitary Rapid Support Forces (RSF) killed almost 300 people in attacks in North Kordofan state that began on Saturday. The RSF has been fighting the Sudanese army in that area, one of the key frontlines of a civil war that has raged since April 2023. The army has taken firm control of the centre and east of the country, while the RSF is working to consolidate its control of western regions, including North Kordofan. The Emergency Lawyers human rights group said in a statement on Monday that the RSF had attacked several villages on Saturday around the city of Bara, which the paramilitary controls. In one village, Shag Alnom, more than 200 people were killed via arson or gunshot. Looting raids of the other villages killed 38 civilians, they said, while dozens of others had gone missing. The next day, the group said, the RSF attacked the village of Hilat Hamid killing 46 people, including pregnant women and children. More than 3,400 people were forced to flee, according to the UN.
Zawya
11 hours ago
- Climate
- Zawya
Sudan: Humanitarian needs deepen amid rising hostilities and heavy rains
Nearly 27 months have passed since fighting broke out between the Sudanese Armed Forces (SAF) and a former ally, the paramilitary Rapid Security Forces (RSF), creating an unprecedented humanitarian crisis. The UN voiced grave alarm over escalating hostilities in El Fasher, the besieged capital of North Darfur state. Serious risk of renewed violence Large numbers of RSF fighters reportedly entered the city on Friday for the first time since the siege began over a year ago. Local sources report that recent fierce fighting, particularly in the southwest and east of El Fasher, has led to civilian casualties. 'The situation remains highly volatile and unpredictable, with a serious risk of renewed violence, as well as further displacement and disruption of humanitarian operations – which are already under severe strain,' OCHA said. Insecurity in North Kordofan state Meanwhile, in North Kordofan State, growing insecurity forced 3,400 people to flee their homes over the weekend, according to the UN International Organization for Migration (IOM). Local reports indicate that at least 18 civilians were killed, and homes were burned in several villages. OCHA reminded all parties that attacks on civilians and civilian infrastructure are prohibited under international humanitarian law, and that civilians must be protected at all times. Rainy season constraints Meanwhile, heavy rains have been reported in West and Central Darfur states, which may affect road conditions in some locations and worsen the challenges humanitarians are already facing in accessing people in need. 'With the rainy season continuing through October, the risk of floods, access constraints and disease outbreaks is growing – especially during this critical lean season, a time between harvests when food stocks traditionally run low,' OCHA warned. Families return to West Darfur The agency said that despite the crisis, signs of small-scale returns are visible in West Darfur state, where displaced families have been returning from Chad to three localities – Sirba, Jebel Moon and Kulbus – to cultivate their farms. Furthermore, local authorities report about 40 people returning daily to Kulbus, with 300 arriving over the past week. OCHA urged all parties to enable safe and unimpeded access to all people in need across Sudan, and for donors to step up their support. Some 30 million people nationwide – more than half the population – need vital aid and protection this year. Distributed by APO Group on behalf of United Nations (UN).
Business Recorder
12 hours ago
- Business
- Business Recorder
Govt presents ‘compelling evidence' of Pakistan's economic recovery to Moody's
Finance Minister Muhammad Aurangzeb, in a key engagement on Tuesday, presented Moody's Ratings, a global credit rating agency, with 'compelling evidence' of Pakistan's economic recovery and reform momentum. Accompanied by Minister of State for Finance Bilal Azhar Kayani, the Governor of the State Bank of Pakistan (SBP) Jameel Ahmed, and senior officials from key ministries, Aurangzeb highlighted the country's progress in stabilizing the economy—including a sharp reduction in inflation, a cut in the policy rate, stabilization 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, read a statement released by the Finance Division. During the in-depth session, 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. Moody's upgrades Pakistan's banking outlook to positive 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. Aurangzeb highlighted a series of structural reforms undertaken by the government to anchor long-term stability. These included 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. Govt to meet business community tomorrow, ahead of planned strike, says Aurangzeb As per the statement, 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. Aurangzeb emphasised that 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% 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.
