Latest news with #SpringMeetings2025
Business Recorder
20-05-2025
- Business
- Business Recorder
Reforms and boost export-led growth: Pakistan committed to leveraging private sector: Aurangzeb
ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said that the government is committed to leveraging private sector expertise to fast-track structural reforms and promote productivity and export-led economic growth. Senator Muhammad Aurangzeb said this while having a meeting on Monday with a high-level delegation from Deloitte, led by Richard Longstaff, Managing Director and Head of Energy, Critical Minerals, and Sofyan Yusufi, Partner at Deloitte Risk and Financial Advisory Government and Public Services. The meeting was a follow-up to earlier discussions held on the sidelines of the IMF/ World Bank Spring Meetings 2025 in Washington DC, where avenues for collaboration in critical minerals, energy sector reforms, privatization, and the operationalisation of the Country Partnership Framework (CPF) were explored. Welcoming the Deloitte team to Pakistan, the Finance Minister appreciated their continued engagement and interest in supporting Pakistan's development priorities. He The meeting focused on the operationalisation of the CPF and leveraging Deloitte's technical advisory and global experience for Pakistan's ongoing initiatives, which should be outcome based and standardised, streamlined project development in different sectors, including health, climate, energy, mining and minerals and the public-private initiatives. The delegation apprised the Minister of their upcoming meetings with key stakeholders, including officials from the World Bank (WB), Asian Development Bank (ADB), and the Economic Affairs Division (EAD). The Finance Minister shared insights from his recent meeting with World Bank President Ajay Banga, highlighting Pakistan's commitment to responsible and transparent utilisation of financing. He reaffirmed that the government is focused on two overarching national priorities climate resilience and population management both of which are being supported through significant funding, including the recently approved Resilience and Sustainability Facility (RSF) of $1.3 billion. 'At this stage of our reform journey, what Pakistan needs is not financing, it is strategic, tactical support and global expertise from our bilateral and multilateral partners,' remarked the Minister. The meeting also included an in-depth discussion on structuring future collaboration and defining key priority areas where Deloitte's assistance could be instrumental. The Deloitte team expressed strong appreciation for the positive economic indicators emerging from Pakistan and reiterated their commitment to working closely with the Government of Pakistan to support its reform and development agenda. The meeting concluded with both sides agreeing to maintain close coordination in the weeks ahead and to work jointly on identifying actionable, high-impact, outcome based initiatives that align with Pakistan's economic development and transformation vision. Copyright Business Recorder, 2025
Business Recorder
20-05-2025
- Business
- Business Recorder
Reforms and boost export-led growth: Govt committed to leveraging private sector: Aurangzeb
ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said that the government is committed to leveraging private sector expertise to fast-track structural reforms and promote productivity and export-led economic growth. Senator Muhammad Aurangzeb said this while having a meeting on Monday with a high-level delegation from Deloitte, led by Richard Longstaff, Managing Director and Head of Energy, Critical Minerals, and Sofyan Yusufi, Partner at Deloitte Risk and Financial Advisory Government and Public Services. The meeting was a follow-up to earlier discussions held on the sidelines of the IMF/ World Bank Spring Meetings 2025 in Washington DC, where avenues for collaboration in critical minerals, energy sector reforms, privatization, and the operationalisation of the Country Partnership Framework (CPF) were explored. Welcoming the Deloitte team to Pakistan, the Finance Minister appreciated their continued engagement and interest in supporting Pakistan's development priorities. He The meeting focused on the operationalisation of the CPF and leveraging Deloitte's technical advisory and global experience for Pakistan's ongoing initiatives, which should be outcome based and standardised, streamlined project development in different sectors, including health, climate, energy, mining and minerals and the public-private initiatives. The delegation apprised the Minister of their upcoming meetings with key stakeholders, including officials from the World Bank (WB), Asian Development Bank (ADB), and the Economic Affairs Division (EAD). The Finance Minister shared insights from his recent meeting with World Bank President Ajay Banga, highlighting Pakistan's commitment to responsible and transparent utilisation of financing. He reaffirmed that the government is focused on two overarching national priorities climate resilience and population management both of which are being supported through significant funding, including the recently approved Resilience and Sustainability Facility (RSF) of $1.3 billion. 'At this stage of our reform journey, what Pakistan needs is not financing, it is strategic, tactical support and global expertise from our bilateral and multilateral partners,' remarked the Minister. The meeting also included an in-depth discussion on structuring future collaboration and defining key priority areas where Deloitte's assistance could be instrumental. The Deloitte team expressed strong appreciation for the positive economic indicators emerging from Pakistan and reiterated their commitment to working closely with the Government of Pakistan to support its reform and development agenda. The meeting concluded with both sides agreeing to maintain close coordination in the weeks ahead and to work jointly on identifying actionable, high-impact, outcome based initiatives that align with Pakistan's economic development and transformation vision. Copyright Business Recorder, 2025
Arab News
28-04-2025
- Business
- Arab News
Pakistan finmin vows to push ahead with structural reforms at Harvard University conference
ISLAMABAD: Finance Minister Muhammad Aurangzeb vowed to push ahead with structural reforms in Pakistan's energy, taxation, governance, and other sectors to ensure sustainable economic growth at a Harvard University conference, state-run media reported on Monday. Pakistan secured a $7 billion financial bailout program from the International Monetary Fund (IMF) in September last year, as it moved to consolidate its economy after averting a default in 2023. Islamabad has since undertaken several reforms to reduce public debt, maintain low inflation, improve the energy sector's viability, and accelerate growth. Aurangzeb attended the Pakistan Conference at Harvard University, which, according to its website, is the 'largest student-led gathering on Pakistan in the United States,' on Sunday. The conference is hosted by university students with the support of research centers. It convenes policymakers, academics, business leaders, and civil society experts to engage in critical discussions on Pakistan's economic trajectory, governance, and global positioning. 'Emphasizing that 'stability is not an end but a means to an end,' the finance minister outlined the government's strategy, including maintaining fiscal discipline, controlling inflation, and pushing ahead with deep structural reforms in energy, taxation, governance, and the management of state-owned enterprises,' state-run Associated Press of Pakistan (APP) reported. The finance minister highlighted the government's key economic achievements, which included a reduction in inflation to 0.7 percent year-on-year in March, the lowest in 60 years, an increase in Pakistan's foreign exchange reserves, a three percent currency appreciation, and a current account surplus exceeding $1 billion in March 2025, APP said. Aurangzeb also flagged major growth opportunities in Pakistan's rich mineral resources, expanding information technology sector, green energy initiatives, and the country's youthful entrepreneurial population, it added. 'Pakistan's future will be shaped by bold, necessary choices,' the finance minister was quoted as saying by APP. 'By investing in our people, modernizing our economy, and staying committed to reform, Pakistan will emerge stronger, greener, and more competitive.' The finance minister arrived in Washington earlier this month to attend the IMF-World Bank Spring Meetings 2025. During his visit to the American capital, he met his counterparts from other countries, including senior officials of the IMF and the World Bank. Aurangzeb took part in panel discussions to highlight Pakistan's economic achievements and spoke to international media outlets as well.
African Manager
24-04-2025
- Business
- African Manager
Tunisia's economic growth stuck at 1.4% through 2025-2026, IMF reports
In terms of growth, Tunisia's rate in 2025 and 2026 will be exactly the same as in 2024, i.e. a sluggish 1.4%, which will mark the country's GDP trajectory for another two years, according to the 'World Economic Outlook, April 2025' report published on Tuesday by the International Monetary Fund on the sidelines of the World Bank Group (WBG) and International Monetary Fund (IMF) Spring Meetings 2025. According to the report, titled 'World Economic Outlook, April 2025: A Critical Juncture amid Policy Shifts', Tunisia's inflation rate will fall from 7% in 2024 to 6.1% in 2025 before rising to 6.5% in 2026, while the unemployment rate is not mentioned in the report. It should be noted that the Tunisian economy will grow by 1.4% in 2024, according to the National Institute of Statistics (INS). Agricultural activity remains the main driver of growth. According to the INS, the sector's value added grew by 12.1% year-on-year in the fourth quarter of 2024. Tunisia is taking part in the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF), which are held in Washington from April 21 to 26, 2025, the Ministry of Economy and Planning announced on Tuesday. The official Tunisian delegation includes Minister of Economy and Planning, Samir Abdelhafidh, and Governor of the Central Bank of Tunisia (BCT), Fethi Zouhair Nouri. Members of the Tunisian delegation will meet with senior officials from regional and international financial institutions, as well as their counterparts. In the Middle East and North Africa (MENA) region, however, growth is expected to reach 2.6% in 2025 and 3.4% in 2026, according to the IMF report. Egypt is expected to grow by 3.8% in 2025 and 4.3% in 2026, while Morocco will grow by 3.9% in 2025 and 3.7% in 2026. Algeria is expected to grow by 3.5% in 2025 and 3% in 2026. The same goes for global growth! It's worth noting that global growth will fall to 2.8% in 2025 and 3% in 2026, well below the historical average of 3.7% observed between 2000 and 2019. After a series of prolonged and unprecedented shocks, the global economy seemed to have regained some stability, with stable but lackluster growth rates, the IMF recalled. However, the situation is changing as governments around the world redefine their priorities and uncertainties reach new heights. Global growth forecasts have been revised sharply downwards compared with the January 2025 edition of the World Economic Outlook Update, due to the imposition of tariffs reaching levels not seen in a century and the high level of uncertainty at the moment, the same source said. It added that global headline inflation is expected to fall slightly more slowly than forecast in January. A plea for a 'stable business environment' Divergent and rapidly changing policies or a weakening of confidence could lead to an even more pronounced tightening of global financial conditions, the same document said. The intensification of a trade war and heightened uncertainty around trade policy could further weigh on short- and long-term growth prospects, it said. The report noted that a decline in international cooperation could jeopardize progress towards a more resilient global economy. In this context, the financial institution called on countries to work constructively to promote a stable and predictable business environment and to facilitate international cooperation, while addressing policy shortcomings and structural imbalances. This will help ensure economic stability, both domestically and internationally. To boost growth and reduce fiscal tensions, the authorities could implement policies to promote healthy ageing and increase the labor force participation of older people and women, the same source recommended.
Business Recorder
22-04-2025
- Business
- Business Recorder
KSE-100 Index ends flat after range-bound trading
The Pakistan Stock Exchange (PSX) witnessed range-bound trading on Tuesday, with its benchmark KSE-100 Index swaying in both directions before closing the day flat. Investor sentiment was buoyed by corporate results announced during today's session, although overall activity remained subdued due to cautious trends in international markets, according to brokerage house Topline Securities. At close, the benchmark index settled at 118,430.35, marginally higher by 46.97 points or 0.04%. The index's performance was largely supported by stocks such as FFC, ENGROH, HMB, AGP, and ATLH, which collectively contributed 733 points, Topline said. On Monday, the PSX closed the first trading session of the week positive, with the KSE-100 Index gaining over 1,000 points. Pakistan Finance Minister Muhammad Aurangzeb has reassured the International Monetary Fund (IMF) that the country would continue the reform momentum as he met IMF Managing Director Kristalina Georgieva on the opening day of the IMF-World Bank Spring Meetings 2025, the Finance Division said. The Pakistani authorities and the IMF team reached staff-level agreement on the Extended Fund Facility (EFF) in the amount equivalent to SDR 5,320 million (or about USD 7 billion) on July 12, 2024, which was later approved by the IMF's Executive Board in the last week of September. Asian stock markets fought to hold their footing on Tuesday after a furious flight from U.S. assets undermined Wall Street and the dollar, while concerns about the independence of the Federal Reserve piled fresh pressure on Treasuries. Relatively limited losses in Asia sparked talk that funds could be reallocating money to equities in the area, though the impact of tariffs on economic growth remained a major drag. President Donald Trump's increasingly vocal attacks on Fed Chair Jerome Powell for not cutting interest rates saw Wall Street indexes shed around 2.5% on Monday and the dollar hit three-year lows. Meanwhile, the Pakistani rupee saw slight improvement against the US dollar, appreciating 0.04% in the inter-bank market on Tuesday. At close, the currency settled at 280.77, a gain of Re0.10 against the US dollar. Volume on the all-share index increased to 740.87 million from 672.44 million recorded in the previous close. The value of shares declined to Rs30.52 billion from Rs36.42 billion in the previous session. was the volume leader with 116.69 million shares, followed by Power Cement with 67.92 million shares, and Pak with 58.81 million shares. Shares of 451 companies were traded on Tuesday, of which 214 registered an increase, 196 recorded a fall, while 41 remained unchanged.
