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Business Recorder
2 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
23-05-2025
- Business
- Business Recorder
OICCI presents BCI survey findings to Aurangzeb
ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met on Thursday at the Finance Division with a delegation from the Overseas Investors Chamber of Commerce and Industry (OICCI), led by President Yousaf Hussain. The meeting focused on the latest results of the OICCI's Business Confidence Index (BCI) Survey Wave 27, conducted nationwide during March and April 2025. The OICCI delegation presented the findings of the survey, which showed a marked improvement in overall business confidence across the country. The finance minister welcomed the upward trend in business sentiment, viewing it as a strong indicator that the country's economic trajectory is stabilising. He acknowledged the importance of maintaining a conducive environment for investment and emphasised the government's focus on supporting private sector growth and ensuring long-term macroeconomic resilience. The improvement in business confidence was seen as a reflection of broader reform efforts and collaborative engagement between the government and key economic actors. The OICCI president noted that business confidence had steadily improved over the past two years, with the latest surge highlighting the resilience of Pakistan's business sector and its optimism in tapping into future growth opportunities. The survey's findings also underscored increasing trust in the government's economic direction and reform measures. In response, the finance minister affirmed that the government would continue to take necessary actions to sustain this positive momentum. Policy consistency, transparency, and proactive engagement with stakeholders, including OICCI members, were identified as central elements of the government's approach to further strengthening investor confidence and economic stability. Copyright Business Recorder, 2025
Business Recorder
20-05-2025
- Business
- Business Recorder
Pakistan FM Aurangzeb holds virtual meetings with UAE banks
ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Monday underscored commitment to reforms in talks with United Arab Emirates (UAE) Banks and said that the current economic stability is backed by difficult but necessary reforms. The Ministry of Finance held a series of virtual meetings Monday with three UAE banks, Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank regarding their support to Pakistan's development and fiscal objectives, said a press release issued here. These meetings were chaired by the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and attended by senior officials of the Finance Division and other relevant stakeholders. The Finance Minister thanked Standard Chartered Bank and Dubai Islamic Bank for their valuable role in organizing these interactions and facilitating engagement with potential partners. The Minister also appreciated Asian Development Bank's collaboration and support to Ministry of Finance for supporting Pakistan's fiscal and development goals. In his remarks, he highlighted Pakistan's steady progress toward macroeconomic stability, stating that 'we have come a long way—this year we are on track to close with an year long current account surplus, a primary surplus, and forex reserves approaching USD 14 billion, providing three months of import cover.' He added that inflation has eased to 0.3 percent and the policy rate has also come down significantly, showing a positive outlook for the economy. The Minister emphasized that structural reforms in the country form the basis of this recovery and underscored that the government is firmly committed to long-term reforms, including the restructuring of State-Owned Enterprises, an active privatization program, and rightsizing of the federal government. 'We have broken away from the old boom and bust cycle. The current stability is backed by difficult but necessary reforms—and we are staying the course,' he said. On the revenue side, he shared that Pakistan is set to reach a tax-to-GDP ratio of 10.6 percent by June 2025, with a target of 11 percent in the next fiscal year. The government is prioritizing FBR reforms and end-to-end digitization to broaden the tax base and improve compliance. He also noted that the ongoing progress is backed by the approval of disbursement of the second tranche under the IMF's Extended Fund Facility (EFF) and approval of USD 1.3 billion under the new Resilience and Sustainability Fund (RSF). Pakistan has met all quantitative targets under the IMF program and has also achieved key structural benchmarks, including the introduction of agricultural income tax—a milestone measure in the country's fiscal history. The Minister also referenced the recent improvement in Pakistan's sovereign credit rating by Fitch as a reflection of market confidence. Looking ahead, the Finance Minister emphasized Pakistan's shift towards a productivity- and export-led growth model. He pointed to robust growth in the IT sector, with exports reaching USD 3.4 billion in March, and momentum in the minerals and mining sector. He mentioned that the Reko Diq project has stimulated interest in Pakistan's mining potential, and we aim to leverage copper reserves both for exports and energy transition. During the interactive sessions, senior executives of the three banks acknowledged the progress and shared their comments and views on Pakistan's economic plans. The meeting concluded with mutual interest in continuing the dialogue and exploring potential avenues for collaboration. The Finance Minister reaffirmed Pakistan's openness to quality commercial partnerships that contribute to economic growth, development financing, and investor confidence.
Business Recorder
20-05-2025
- Business
- Business Recorder
Aurangzeb holds virtual meetings with UAE banks
ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Monday underscored commitment to reforms in talks with United Arab Emirates (UAE) Banks and said that the current economic stability is backed by difficult but necessary reforms. The Ministry of Finance held a series of virtual meetings Monday with three UAE banks, Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank regarding their support to Pakistan's development and fiscal objectives, said a press release issued here. These meetings were chaired by the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, and attended by senior officials of the Finance Division and other relevant stakeholders. The Finance Minister thanked Standard Chartered Bank and Dubai Islamic Bank for their valuable role in organizing these interactions and facilitating engagement with potential partners. The Minister also appreciated Asian Development Bank's collaboration and support to Ministry of Finance for supporting Pakistan's fiscal and development goals. In his remarks, he highlighted Pakistan's steady progress toward macroeconomic stability, stating that 'we have come a long way—this year we are on track to close with an year long current account surplus, a primary surplus, and forex reserves approaching USD 14 billion, providing three months of import cover.' He added that inflation has eased to 0.3 percent and the policy rate has also come down significantly, showing a positive outlook for the economy. The Minister emphasized that structural reforms in the country form the basis of this recovery and underscored that the government is firmly committed to long-term reforms, including the restructuring of State-Owned Enterprises, an active privatization program, and rightsizing of the federal government. 'We have broken away from the old boom and bust cycle. The current stability is backed by difficult but necessary reforms—and we are staying the course,' he said. On the revenue side, he shared that Pakistan is set to reach a tax-to-GDP ratio of 10.6 percent by June 2025, with a target of 11 percent in the next fiscal year. The government is prioritizing FBR reforms and end-to-end digitization to broaden the tax base and improve compliance. He also noted that the ongoing progress is backed by the approval of disbursement of the second tranche under the IMF's Extended Fund Facility (EFF) and approval of USD 1.3 billion under the new Resilience and Sustainability Fund (RSF). Pakistan has met all quantitative targets under the IMF program and has also achieved key structural benchmarks, including the introduction of agricultural income tax—a milestone measure in the country's fiscal history. The Minister also referenced the recent improvement in Pakistan's sovereign credit rating by Fitch as a reflection of market confidence. Looking ahead, the Finance Minister emphasized Pakistan's shift towards a productivity- and export-led growth model. He pointed to robust growth in the IT sector, with exports reaching USD 3.4 billion in March, and momentum in the minerals and mining sector. He mentioned that the Reko Diq project has stimulated interest in Pakistan's mining potential, and we aim to leverage copper reserves both for exports and energy transition. During the interactive sessions, senior executives of the three banks acknowledged the progress and shared their comments and views on Pakistan's economic plans. The meeting concluded with mutual interest in continuing the dialogue and exploring potential avenues for collaboration. The Finance Minister reaffirmed Pakistan's openness to quality commercial partnerships that contribute to economic growth, development financing, and investor confidence.
Yahoo
17-04-2025
- Politics
- Yahoo
REAL IDs needed real soon for flights, federal building entry
New Mexico Taxation and Revenue Secretary Stephanie Schardin Clarke demonstrates how to scan a digital driver's license at the New Mexico Sunport on Thursday, April 17, 2025. Officials will require passengers show driver's licenses, called REAL ID, that meet more stringent requirements starting on May 7. (Danielle Prokop / Source NM) Following years of delays, federal and New Mexico officials say starting May 7 any adult wanting to catch a flight or enter certain federal buildings will need to show a driver's license that meets stricter standards. REAL IDs, marked with a gold star in the card's top right corner, require proof of identity, age and residency to the state issuing the card. That often means using original documents such as a birth certificate, social security card and two proofs of address. Passengers must present the actual physical card, or can use their digital REAL ID at some locations, including the Albuquerque Sunport and the Lea County Regional Airport. The temporary paper ID issued from the state will not be accepted at the gates, J. Mark Heisey, the federal security director for the Transportation Security Administration, told Source NM Thursday. If a driver's license doesn't meet the requirements, then people will need to use their passports, military-issued ID or other acceptable licenses to fly or enter federal buildings, he said. The deadline for rolling out the requirements has been repeatedly pushed back since the federal law was first enacted in 2005 — but officials say this time, it's real. 'The Secretary of Homeland Security is committed to enforcing this law that's been in place since 2005,' Heisey said. 'So, we're finally at a tipping point.' People who show up to the airport without a REAL ID driver's license will face delays at TSA checkpoints, he said. 'Even if you don't have plans to travel now, your plans can change, so prepare now, as far as what type of photo ID you'll plan to bring to the airport,' Heisey said. About 80% of the driver's licenses issued in New Mexico are REAL IDs, said Stephanie Schardin Clarke, the Secretary of New Mexico Department of Taxation and Revenue, which oversees the state's licensing. That means about 370,000 New Mexicans don't have a REAL ID, and only have the standard driver's license. 'Not all of them either want or are eligible or need a real ID,' Schardin Clarke said. 'Some portion of those 20% might be planning to travel with a passport or other acceptable documentation; for example, some of them might not be eligible for reasons of documentation, and then some might just not plan to travel or enter a federal building.' Schardin Clarke said that New Mexico state offices and private Motor Vehicle Division offices are prepared for additional appointments for REAL IDs. All state offices now require an appointment, which can be made online or scheduled over the phone at 1-888-683-3466. The state also has a frequently asked questions page for the documentation required to get a REAL ID for the first time. Htet Wint, the director of the Motor Vehicle Division, said the state does require anyone with a name change — from marriage, divorce, adoption, etc. — to bring in additional documents. 'We need all the linking documents,' Wint said. 'Like a marriage certificate, divorce decrees, court order, that ties them to that name.' Physical cards take about two weeks to arrive in the mail. The mobile driver's license downloaded to a digital wallet in a phone will take 24 hours to update. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
