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Business Recorder
5 days ago
- Business
- Business Recorder
Aurangzeb outlines Pakistan's digital financial initiatives
ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, virtually addressed the meeting of the Shanghai Cooperation Organisation (SCO) Finance Ministers and Central Bank Governors, held in Beijing, China, on June 3. Due to the ongoing annual budget session in Pakistan, the minister was unable to travel to China but participated in the meeting via video conference, reaffirming Pakistan's strong commitment to the SCO's economic cooperation agenda. In his address, the finance minister expressed appreciation to the Government of the People's Republic of China for hosting the meeting and reaffirmed Pakistan's dedication to the vision and principles of the SCO. Structural reforms position Pakistan for sustainable growth, says Aurangzeb He emphasised that the SCO is an essential platform for promoting regional cooperation, enhancing economic ties, and working towards shared prosperity, in line with the 'Shanghai Spirit' and the SCO Charter. The minister highlighted Pakistan's ongoing efforts to strengthen economic cooperation within the SCO framework, calling for increased collaboration in trade, investment, and financial integration. He proposed initiatives such as joint ventures, technology transfer, and capacity-building programmes that could deliver mutual benefits to all member states. Recognising the growing importance of the digital economy, he outlined Pakistan's digital financial initiatives aimed at promoting inclusion and expanding access to capital. He pointed to programmes such as Roshan Digital Accounts and digital banking platforms, which have shown notable success in widening access to financial services. The finance minister stressed that the global economy is currently facing multiple challenges, including sluggish growth, rising inequality, and climate change. He underscored the need for collective action among SCO member states to address these issues and to ensure that the benefits of sustainable development are equitably shared among all countries in the region. He noted that SCO member states can learn from one another's experiences and successful policy models, especially those tailored to the unique needs of the developing world. Pakistan remains fully supportive of regional initiatives that aim to deliver long-term, sustainable development outcomes. He further emphasised Pakistan's continued reform efforts which have led to notable macroeconomic stability and laid the foundation for sustainable and inclusive economic growth. These reforms, particularly in the areas of fiscal discipline, improvements in key economic indicators, reduction of the current account deficit, exchange rate stabilisation, and increased investor confidence, were highlighted as examples of Pakistan's progress. The minister reiterated Pakistan's strong support for the establishment of the SCO Development Bank, describing it as a pivotal institution to support infrastructure financing, promote development, and deepen regional economic integration. He envisioned the Bank as forward-looking, incorporating digital finance, fintech innovation, and green financing tools into its operations. Pakistan looks forward to actively contributing to the technical discussions surrounding its establishment. He also welcomed the operationalisation of the SCO Network of Financial Think Tanks, recognising it as a timely initiative that will foster evidence-based research, strategic foresight, and policy coordination among member states. Earlier in the meeting, China's Minister of Finance and the Governor of the People's Bank of China acknowledged Pakistan's economic progress and commended the Government of Pakistan for successfully stabilising the economy and advancing its reform agenda. In conclusion, Senator Aurangzeb reiterated Pakistan's unwavering commitment to deepening economic cooperation under the SCO framework. He expressed confidence that continued collaboration and mutual support among SCO member states would help unlock regional economic potential, promote resilience, and ensure a more inclusive and sustainable future for the entire region. He thanked all participating countries for their constructive engagement and once again expressed his appreciation to the Government of the People's Republic of China for hosting this important meeting. Copyright Business Recorder, 2025
Business Recorder
5 days ago
- Business
- Business Recorder
Structural reforms position Pakistan for sustainable growth, says Aurangzeb
Finance Minister Muhammad Aurangzeb on Tuesday said that the ongoing structural reforms have 'well-positioned' Pakistan for sustainable growth. He made these remarks during a virtual address at the Meeting of Ministers of Finance and Chairmen of Central (National) Banks of SCO Member States, held in Beijing, China. Aurangzeb shared that he had a desire to participate in the meeting in person, but due to the ongoing annual budget session in Pakistan, the minister was unable to travel to China. In his address, the finance minister highlighted Pakistan's recent macroeconomic indicators, including a 'current account surplus, primary surplus on the fiscal side, a stable currency on the back of growing FX reserves and inflation at a multi-year low'. He added that credit rating agencies have upgraded Pakistan's sovereign rating. 'This is on the back of structural reforms, which are well underway in sectors, i.e. taxation, SOE, energy and in the public finances. We are committed to staying the course and will be well-positioned for sustainable growth in the coming year.' The finance minister reaffirmed Pakistan's dedication to the vision and principles of the Shanghai Cooperation Organization (SCO). He emphasised that the SCO is a vital platform for promoting regional cooperation, enhancing economic ties, and working towards shared prosperity, in line with the 'Shanghai Spirit' and the SCO Charter. The minister highlighted Pakistan's ongoing efforts to strengthen economic cooperation within the SCO framework, calling for increased collaboration in trade, investment, and financial integration. He proposed initiatives such as joint ventures, technology transfer, and capacity-building programs that could deliver mutual benefits to all member states. Recognising the growing importance of the digital economy, he outlined Pakistan's digital financial initiatives aimed at promoting inclusion and expanding access to capital. He pointed to programs like Roshan Digital Accounts and digital banking platforms, which have shown notable success in widening access to financial services. The finance minister stressed the need for joint solutions to address major issues such as the global economic slowdown, growing economic disparities, rising wave of protectionism and climate change and called for the adoption of a sustainable development that benefits all member states. 'Pakistan believes that SCO member states can learn from each other's experiences and best practices in addressing these challenges in the global south,' he said. The Senator highlighted the importance of infrastructure development and regional connectivity in enhancing economic growth and supported measures to improve transport, energy and digital connectivity in the region. The minister reiterated Pakistan's strong support for the establishment of the SCO Development Bank, describing it as a pivotal institution to support infrastructure financing, promote development, and deepen regional economic integration. He envisioned the Bank as forward-looking, incorporating digital finance, fintech innovation, and green financing tools into its operations. 'We look forward to engaging on the technical details on the establishment of the SCO Development Bank,' he said. The finance minister also welcomed the operationalisation of the SCO Network of Financial Think Tanks, and was hopeful that it would serve as an 'excellent platform for research, analysis and strategic foresight in our financial cooperation'. In conclusion, the finance minister reiterated Pakistan's commitment to enhancing economic cooperation within the SCO framework. 'We believe that our collective endeavours will promote economic prosperity, stability and sustainable development in our region,' he said.
Express Tribune
24-02-2025
- Business
- Express Tribune
Banks for Prosperity
BOP's President Zafar Masud with LCCI officials and BOP's senior management at the inauguration of booth. PHOTO: EXPRESS As Pakistan moves toward economic stability, the banking sector plays a crucial role in shaping its future. This synergy will be central to the Pakistan Banking Summit, the first of its kind, being held in Karachi on February 24-25, 2025. Organized by the Pakistan Banks Association (PBA) with national banks and supported by Finance Minister Senator Muhammad Aurangzeb, the summit will align the financial sector with national priorities, foster dialogue, and dispel misconceptions about banking. Over the past three decades, Pakistan's banking industry has evolved from state control and financial instability to a resilient, privatized system. The PBA has driven this transformation, working with the State Bank of Pakistan (SBP) to enhance digital banking, cybersecurity, taxation policies, and financial sustainability. With 100 million unbanked individuals, expanding financial access is vital. Initiatives like Roshan Digital Accounts, Raast Payment System, and Asaan Digital Accounts have extended banking services to overseas Pakistanis and marginalized groups. Branchless banking, mobile wallets, and digital payments have reached remote areas, integrating them into the formal economy. Banks are also increasing credit flow to agriculture, SMEs, and renewable energy, aligning with government initiatives like solarizing tube wells and livestock financing. Climate-resilient projects, sustainable farming, and water conservation efforts further support economic and environmental stability. Contrary to popular belief, banks do not exclusively serve large corporations. Microfinance, SME lending, and financial literacy programs have significantly expanded. Additionally, banks are critical in mobilizing savings, financing infrastructure, and supporting government-led economic initiatives beyond mere profit-making. Navigating Interest Rates & Savings With interest rates declining, the challenge lies in balancing borrowers' and depositors' needs. Lower rates boost credit access but impact savers, pensioners, and retirees reliant on deposits. Enhancing Pakistan's national savings rate is crucial for sustained economic growth, as seen in successful economies worldwide. The Pakistan Banking Summit is a landmark event, highlighting banking's resilience and future challenges. By fostering collaboration among banks, policymakers, and industry leaders, the conference will reinforce banking's role as a driver of economic progress and national prosperity.
