Ministry of Finance, Government of Pakistan

Official Account of the Ministry of Finance, Government of Pakistan

[Ministry of Finance, Government of Pakistan @Financegovpk]

Finance Minister Meets ACCA Global Executive Director, Discusses Talent Development, IT-Enabled Services and SME Growth

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met Ms. Lucia Real-Martin, Global Executive Director, Association of Chartered Certified Accountants (ACCA), along with Mr. Assad Hameed Khan, Head of ACCA Pakistan, and Mr. Asad Malik Mahmood, Public Affairs Lead Pakistan, at the Finance Division today.

The Finance Minister welcomed the ACCA delegation and discussed Pakistan’s economic reform priorities, with particular emphasis on strengthening the private sector, promoting export-led growth and sustaining the gains achieved in macroeconomic stability. The meeting also explored opportunities for greater collaboration with ACCA in supporting Pakistan’s evolving economic and institutional reform agenda.

Senator Muhammad Aurangzeb highlighted the growing potential of Pakistan’s IT and IT-enabled services sector and emphasized the need to further strengthen the ecosystem through improved connectivity, including 5G, and targeted upskilling and reskilling, particularly in emerging areas such as artificial intelligence and blockchain. He stressed the importance of developing higher-value services and expanding shared service centres, enabling Pakistan’s skilled workforce to participate more deeply in global markets while creating greater value and opportunities within the country.

The Finance Minister emphasized that talent export and talent retention should be viewed as complementary, with a strong domestic pipeline of skilled professionals capable of serving both international and domestic opportunities. He highlighted the importance of building capabilities that enable Pakistani professionals and shared service centres to move beyond transactional functions towards higher-value and knowledge-intensive activities.

Ms. Lucia Real-Martin briefed the Finance Minister on ACCA’s global work in professional and talent development and reaffirmed the organization’s commitment to supporting Pakistan’s skills and economic agenda. She highlighted opportunities to strengthen the country’s shared services ecosystem, noting Pakistan’s strong talent base and the potential to develop higher-value services through targeted skills development, professional capacity building and institutional collaboration.

The ACCA delegation also outlined its ongoing engagement with the Government on public financial management, including capacity building, management reporting and the transition from cash to accrual-based accounting. ACCA expressed readiness to support public-sector institutions in developing new operating models and strengthening people, processes and technology, particularly in areas of digitalization, transparency and improved tax administration.

The Finance Minister also emphasized the Government’s focus on strengthening the SME sector through capacity building and improved access to finance. He highlighted the need to enhance the bankability of SMEs and facilitate affordable access to professional expertise, enabling smaller businesses to strengthen financial management, improve financial documentation and cash-flow visibility, and better access commercial and other forms of financing.

Ms. Real-Martin highlighted ACCA’s work with SMEs through professional upskilling, policy and research, including initiatives aimed at improving access to finance and strengthening sustainability practices among smaller businesses. She also highlighted the emerging potential of fractional CFO services, which could provide SMEs with affordable access to professional financial expertise without requiring the cost of a full-time finance function.

The Finance Minister welcomed the potential for closer collaboration in this area, noting that strengthening SMEs requires not only greater availability of finance but also stronger financial capacity and preparedness to access it.

Senator Muhammad Aurangzeb appreciated ACCA’s longstanding contribution to Pakistan’s professional community and its engagement with members, students and partners through leadership platforms, including efforts to communicate Pakistan’s economic progress and reform agenda. Both sides reaffirmed their commitment to strengthening cooperation in support of Pakistan’s economic transformation, professional talent development, stronger SMEs and private-sector-led growth.

[Ministry of Finance, Government of Pakistan @Financegovpk]

Finance Minister Receives High-Level Gates Foundation Delegation, Discusses Economic Reforms, Human Capital and Development Priorities

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met a high-level Gates Foundation delegation led by Dr. Anita Zaidi, President, Gender Equality Division, along with Ms. Kalpana Kochhar, Interim President, Global Policy and Advocacy Division, at the Finance Division today.

The Finance Minister welcomed the delegation and appreciated the Gates Foundation’s continued support and engagement with Pakistan, emphasizing the value of further collaboration through knowledge sharing, technical expertise and international experience.

Ms. Kalpana Kochhar briefed the Finance Minister on the Foundation’s growing engagement in Pakistan, particularly in human capital, child health, nutrition, maternal health and women’s economic participation. She highlighted the South Khyber Pakhtunkhwa programme combining cash transfers, nutrition support, livelihoods training and access to citizen facilitation centres for women, which is expected to reach around 170,000 women and 450,000 children this year. She also highlighted nationwide nutrition efforts through the UNICEF “Livelihood 2.0” facility aimed at improving access to nutrition commodities and addressing childhood stunting.

Dr. Anita Zaidi briefed the Finance Minister on the Foundation’s maternal health work and the use of artificial intelligence to improve health outcomes, highlighting the LUMS AI Hub’s collaboration with provincial governments on personalized solutions for women and families during pregnancy and delivery. She also outlined AI applications designed for low-connectivity environments and basic Android devices, including local language capabilities, to make digital health solutions more accessible and locally relevant.

The discussion covered population growth and its implications for maternal and child health, nutrition, poverty and girls’ education. The Finance Minister briefed the delegation on the National Population Council, chaired by the Prime Minister, and emphasized the importance of federal-provincial coordination, women’s education and empowerment, greater workforce participation and birth spacing, including through engagement with religious scholars and other stakeholders.

Senator Muhammad Aurangzeb also highlighted the importance of domestic investor confidence, privatization and expenditure reforms, including rightsizing and greater use of digital technologies to improve government efficiency. He outlined the Government’s Access to Finance agenda for SMEs, agriculture and other underserved segments, with a focus on digital financial pathways, improved data exchanges and cash-flow-based lending. On revenue mobilization, he emphasized enforcement, facilitation and trust, alongside digitalization and automation of tax assessments and audits to enhance transparency and efficiency.

The Gates Foundation representatives welcomed progress in Pakistan’s financial sector and expressed interest in supporting greater access to finance, particularly for SMEs, through improved information flows, digital footprints and cash-flow-based lending. They highlighted the potential of digital and data-driven solutions to strengthen financing pathways for small businesses and retailers while promoting greater facilitation, transparency and trust.

The two sides also discussed opportunities in agriculture, the digital economy and private-sector-led investment. Senator Muhammad Aurangzeb highlighted growing interest in private equity and briefed the delegation on the Government’s efforts to strengthen Pakistan’s private equity ecosystem and mobilize greater long-term domestic and international capital for productive investment.

The Finance Minister appreciated the Gates Foundation’s continued engagement and emphasized the value of its financial support, technical expertise and knowledge sharing in advancing Pakistan’s development priorities. Dr. Anita Zaidi reaffirmed the Foundation’s commitment to Pakistan, and both sides agreed to deepen collaboration across human capital, health, financial inclusion and digital innovation.

The delegation included Mr. Syed Ali Mahmood, Senior Program Officer, Inclusive Financial Services; Ms. Aisha Salman, Program Officer, Leadership Engagement Implementation, Gender Equality; Mr. Ammar Khan, Senior Program Officer, Development Policy & Finance; Mr. Jamal Khan, Deputy Director and South & Southeast Asia Lead, Global Policy & Advocacy; Mr. Waqas Ul Hasan, Chief Executive Officer, Karandaaz Pakistan; Mr. Taimoor Ali, Group Head, Karandaaz Pakistan; and Mr. Sharjeel Murtaza, Chief Digital Officer, Karandaaz Pakistan. Senior officials of the Finance Division also attended.

[Ministry of Finance, Government of Pakistan @Financegovpk]

BII Reaffirms Commitment to Pakistan, Explores New Investment Opportunities with Finance Minister

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with Mr. Srini Nagarajan, Managing Director and Head of Asia, British International Investment (BII), to discuss opportunities for expanding BII’s investment footprint in Pakistan and mobilizing greater private capital across priority sectors.

Mr. Nagarajan was accompanied by Mr. Imtiaz Saithna, Head Pakistan; Ms. Reema Gani, Manager Pakistan; Mr. Sam Waldock, Development Director, FCDO; and Mr. Zaigham Iqbal, Investment Manager.

The discussions focused on BII’s investment plans for Pakistan, private capital mobilization, infrastructure and climate finance, private equity, SME financing and emerging investment opportunities arising from Pakistan’s ongoing economic and structural reforms.

Mr. Nagarajan briefed the Finance Minister on BII’s 2026–31 investment strategy, under which the institution plans to invest at least US$2 billion across Asia and Africa, with a significant focus on South Asia and frontier markets. He identified Pakistan as an important investment destination and expressed BII’s interest in significantly expanding its investment footprint in the country over the coming years.

He also outlined BII’s focus on mobilizing private capital alongside its own investments and leveraging its experience across infrastructure, climate finance, financial services, technology and private markets to help develop investable markets and crowd in additional capital.

The Finance Minister welcomed BII’s continued commitment and interest in scaling up investment in Pakistan. He highlighted the significant improvement in macroeconomic stability and investor confidence, alongside the Government’s focus on structural reforms, privatization and a transition towards private-sector-led growth.

Senator Muhammad Aurangzeb noted that Pakistan’s successful US$3 billion international bond issuance, continued progress on privatization and successive improvements in sovereign credit ratings reflected strengthening confidence in Pakistan’s economic direction and its re-engagement with international investors and capital markets.

The BII delegation highlighted the potential of private equity, fund-of-funds structures and private credit to deepen financial intermediation and strengthen Pakistan’s domestic investment ecosystem. Mr. Nagarajan welcomed ongoing capital-market reforms and efforts to improve the investment and exit environment, noting that greater certainty and confidence could help attract larger pools of long-term private capital.

The delegation also highlighted BII’s interest in climate-related investment, renewable energy and infrastructure, including power transmission, and expressed readiness to bring international experience and expertise to the development of viable financing structures and investable opportunities.

The Finance Minister briefed the delegation on ongoing reforms across taxation, energy, tariff policy, capital markets and digitalization. He highlighted the Government’s five-year tariff rationalization programme aimed at creating a more competitive and efficient industrial environment, with policy support increasingly linked to performance and time-bound measures.

The discussion also covered opportunities to develop new capital-market instruments for infrastructure financing and explore innovative approaches, including the potential tokenization of suitable existing real estate assets, to broaden investment channels and mobilize new pools of capital.

Senator Muhammad Aurangzeb also briefed the delegation on the Committee constituted to develop a National Private Equity Policy Framework, aimed at strengthening Pakistan’s private equity ecosystem, building domestic fund-management capacity and mobilizing long-term domestic and international capital.

He further highlighted the Government’s broader Access to Finance agenda, including efforts to expand financing for SMEs, agriculture and other underserved segments through private credit, risk-sharing mechanisms, digital platforms and stronger financial infrastructure. The Finance Minister emphasized that deeper access to finance and greater private-capital mobilization were essential to translating macroeconomic stability into investment, productive capacity, exports and sustainable economic growth.

The two sides discussed opportunities for closer collaboration in climate finance and infrastructure, including the role development finance institutions can play in de-risking projects, mobilizing private investors and developing practical financing solutions. The Finance Minister welcomed BII’s offer to contribute its international experience to relevant Government initiatives, studies and policy forums, emphasizing the importance of bringing development finance institutions and private investors together around specific and investable opportunities.

Mr. Nagarajan appreciated the improvement in Pakistan’s macroeconomic environment and expressed confidence in the country’s economic prospects. He reaffirmed BII’s commitment to Pakistan and its interest in expanding investment while supporting market development and mobilizing additional private capital for sustainable growth.

The Finance Minister welcomed BII’s continued engagement and encouraged the timely consideration of investment proposals and movement towards concrete transactions. The two sides agreed to maintain close engagement and explore actionable opportunities for investment, knowledge sharing and private capital mobilization across Pakistan’s priority sectors.

[Khurram Schehzad @kschehzad]

🇵🇰 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻’𝘀 𝗔𝗳𝗳𝗼𝗿𝗱𝗮𝗯𝗹𝗲 𝗛𝗼𝘂𝘀𝗶𝗻𝗴 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗚𝗮𝘁𝗵𝗲𝗿𝘀 𝗠𝗼𝗺𝗲𝗻𝘁𝘂𝗺 — 𝗥𝘀 𝟱𝟭 𝗕𝗶𝗹𝗹𝗶𝗼𝗻 𝗗𝗶𝘀𝗯𝘂𝗿𝘀𝗲𝗱

Access to affordable housing finance continues to expand under the 𝙋𝙈 𝘼𝙥𝙣𝙖 𝙂𝙝𝙖𝙧 𝙋𝙧𝙤𝙜𝙧𝙖𝙢𝙢𝙚 — 𝙂𝙝𝙖𝙧 𝙃𝙤 𝙏𝙤 𝘼𝙥𝙣𝙖.

As of 4 September 2026:

▪️ Rs351.3bn financing approved
▪️ 60,349 cases approved
▪️ Rs51.13bn already disbursed
▪️ 9,717 loans disbursed
▪️ 38.5% approval rate
▪️ Average loan: Rs5.26m

𝙄𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩𝙡𝙮, 𝙖𝙥𝙥𝙧𝙤𝙫𝙚𝙙 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙣𝙜 𝙞𝙣𝙘𝙧𝙚𝙖𝙨𝙚𝙙 𝙗𝙮 𝙍𝙨𝟥𝟪.𝟥𝙗𝙣 — 𝙤𝙫𝙚𝙧 𝟣𝟤% — 𝙞𝙣 𝙟𝙪𝙨𝙩 𝙤𝙣𝙚 𝙬𝙚𝙚𝙠, 𝙧𝙚𝙛𝙡𝙚𝙘𝙩𝙞𝙣𝙜 𝙨𝙩𝙧𝙤𝙣𝙜 𝙢𝙤𝙢𝙚𝙣𝙩𝙪𝙢 𝙞𝙣 𝙩𝙝𝙚 𝙥𝙧𝙤𝙜𝙧𝙖𝙢𝙢𝙚.

The focus now is on accelerating disbursements and turning approvals into actual homes, while making mortgage finance simpler and more accessible for Pakistani families.

Housing finance also carries a wider economic multiplier — supporting construction, cement, steel, allied industries, SMEs and jobs.

𝘗𝘔 𝘈𝘱𝘯𝘢 𝘎𝘩𝘢𝘳 𝘗𝘳𝘰𝘨𝘳𝘢𝘮𝘮𝘦 — 𝘎𝘩𝘢𝘳 𝘏𝘰 𝘛𝘰 𝘈𝘱𝘯𝘢 𝘱𝘳𝘰𝘷𝘪𝘥𝘦𝘴 𝘦𝘭𝘪𝘨𝘪𝘣𝘭𝘦 𝘗𝘢𝘬𝘪𝘴𝘵𝘢𝘯𝘪 𝘧𝘢𝘮𝘪𝘭𝘪𝘦𝘴 𝘢𝘧𝘧𝘰𝘳𝘥𝘢𝘣𝘭𝘦 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘯𝘨 𝘵𝘰 𝘣𝘶𝘺, 𝘣𝘶𝘪𝘭𝘥 𝘰𝘳 𝘤𝘰𝘮𝘱𝘭𝘦𝘵𝘦 𝘢 𝘩𝘰𝘮𝘦 — 𝘸𝘪𝘵𝘩 𝘭𝘰𝘢𝘯𝘴 𝘰𝘧 𝘶𝘱 𝘵𝘰 𝘙𝘴𝟣𝟢 𝘮𝘪𝘭𝘭𝘪𝘰𝘯 𝘧𝘰𝘳 𝘶𝘱 𝘵𝘰 𝟤𝟢 𝘺𝘦𝘢𝘳𝘴, 𝘢𝘵 𝘢 𝘧𝘪𝘹𝘦𝘥 𝟧% 𝘳𝘢𝘵𝘦 𝘧𝘰𝘳 𝘵𝘩𝘦 𝘧𝘪𝘳𝘴𝘵 𝟣𝟢 𝘺𝘦𝘢𝘳𝘴.

𝗔𝗰𝗰𝗲𝘀𝘀 𝘁𝗼 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 → 𝗛𝗼𝗺𝗲 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 → 𝗖𝗼𝗻𝘀𝘁𝗿𝘂𝗰𝘁𝗶𝗼𝗻 → 𝗝𝗼𝗯𝘀 → 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗔𝗰𝘁𝗶𝘃𝗶𝘁𝘆 🇵🇰

#PakistanEconomy #AccessToFinance #HousingFinance #ApnaGhar #AffordableHousing #FinancialInclusion
@Financegovpk @StateBank_Pak @PakBanksAssoc @PakPMO @GovtofPakistan @MoIB_Official

[Ministry of Finance, Government of Pakistan @Financegovpk]

Presidents of Gates Foundation reaffirm support for Cashless Pak and broader eco reform agenda in meeting with Mr Bilal Azhar Kayani, Minister of State for Finance

A high-level delegation from the Gates Foundation, comprising Dr Anita Zaidi, President of the Gender Equality Division and Dr Kalpana Kochhar, Interim President of the Global Policy & Advocacy Division and other senior officials, called on Bilal Azhar Kayani, Minister of State for Finance and Revenue & Railways to review progress on Pakistan's digital transformation agenda. The Minister highlighted the delegation about the progress on Cashless Pakistan initiative, launched under the Prime Minister's direct supervision, highlighting the rapid scale-up in digital payments and merchant adoption of Raast QR. He noted that active merchants on digital payments have grown from 0.5 million to 2.03 million, already surpassing the June 2026 target of 2 million, supported by a PKR 3.5 billion government subsidy on Raast QR that has helped drive adoption and behavioural change. The Minister also shared updates on rising digital transactions, growing digital banking users, and improving financial inclusion, particularly the narrowing gender gap in access to financial services, and reaffirmed the government's commitment to expanding transparency and efficiency in public payments. The Gates Foundation delegation endorse the progress, that has been made so far to digitize Pakistan economy under Prime Minister’s Cashless Pakistan initiative and assured their continue support through Karandaaz.

Beyond Cashless Pakistan, the Minister spoke about the government's broader economic reform agenda, underscoring the need to document and formalize the economy to strengthen fiscal sustainability. He highlighted the newly introduced “Asaan Tax Scheme” for small traders, designed to bring merchants into the formal economy through incentive-based, voluntary registration rather than enforcement alone. The Minister emphasized that the government is setting ambitious targets for the current fiscal year to further accelerate the Cashless Pakistan agenda, including deeper merchant onboarding, expanded digitization of government payments, and improved end-user experience on digital payments. He welcomed the Gates Foundation's continued partnership, including its support through Karandaaz, and responded positively to the potential expansion of development agenda through a strategic partnership framework.

[ADNAN PASHA @1AdnanPasha1]

GRATEFUL for a seat at the global table and a RESPONSIBILITY to use it well.

I am honoured to have been invited to join the @BrettonWoodsCom - the preeminent global forum shaping the future of the international economic & financial system. @Financegovpk (1/6)

[Ministry of Finance, Government of Pakistan @Financegovpk]

Finance Minister Chairs Fourth Meeting of Access to Finance Steering Committee, Reviews Progress Across Priority Sectors

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired the fourth meeting of the Access to Finance Steering Committee at the Finance Division today, reviewing progress on initiatives aimed at expanding affordable and inclusive finance across priority sectors, including SMEs, agriculture, information technology (IT), exports, renewable energy and housing.

The Finance Minister emphasized the importance of keeping the Steering Committee’s deliberations focused, outcome-oriented and increasingly centered on implementation. He directed that significant proposals should first be considered through the relevant sub-committees before being brought to the Steering Committee for consolidated and well nuanced review.

The Committee reviewed the latest position of SME financing. The Steering Committee was informed that by the end of August 2026, SME finance stood at PKR 1.067 trillion, serving 323,987 borrowers and accounting for 9.90 percent of domestic private advances. The medium-term aspiration is to expand SME financing to PKR 2 trillion and the number of borrowers to 775,000 by June 2028, raising its share to 13 percent.

The Finance Minister emphasized the importance of maintaining momentum towards these targets and called for a clear bank-wise plan to strengthen SME credit growth over the coming months. He also welcomed progress on the wholesale SME financing framework, which is expected to help broaden outreach and expand the number of businesses able to access formal financing.

The Committee also reviewed agriculture finance, which reached PKR 1.268 trillion by the end of August 2026, covering 3,392,092 borrowers and representing 10.90 percent of domestic private advances. The medium-term target is to increase agriculture finance to PKR 2 trillion and expand the borrower base to 5.5 million by June 2028.

The Committee was briefed on progress under Zarkhez-e-Asaan Zarai Qarza, designed to provide uncollateralised financing to smallholder farmers, including tenant farmers, across the country. A total of 58,919 farmers had registered under the programme, with 35,838 applications received. Of these, 16,964 loans amounting to PKR 7.349 billion had been approved, while 5,174 loans amounting to PKR 1.956 billion had been disbursed.

The Finance Minister emphasized the need to continue expanding outreach while ensuring that approvals translate efficiently into actual financing for farmers.

On housing finance, the Committee noted significant momentum under the Wazir-e-Azam Apna Ghar Programme – Ghar Ho To Apna, which provides affordable housing finance for tenors of up to 20 years, with a fixed 5 percent rate for the first 10 years. By September 4, 2026, approved housing finance under the programme had reached PKR 351.3 billion, increasing by PKR 38.3 billion since end-August — a significant 12 percent increase in less than one week. A total of 156,813 applications had been received, of which 60,349 loans valued at PKR 351.3 billion had been approved, while 9,717 loans amounting to PKR 51.13 billion had already been disbursed.

The Finance Minister emphasized the importance of sustaining this momentum by accelerating the conversion of approved cases into actual disbursements and advancing, through the housing finance sub-committee, practical measures to make affordable mortgage financing simpler and more accessible.

The meeting also reviewed progress under the Pakistan Accelerated Vehicle Electrification (PAVE) Programme. With 17 participating banks, the programme had recorded 17,118 approved applications involving PKR 2.581 billion, while 4,228 loans amounting to PKR 804 million had been disbursed. A total of 1,860 electric bikes had so far been delivered.

The Finance Minister emphasized that the focus must now be on accelerating delivery of electric bikes to beneficiaries whose financing has already been approved and disbursed, so that financial approvals translate more quickly into tangible outcomes on the ground.

Chief Executive Officer, SMEDA, briefed the Committee on initiatives being undertaken across three key workstreams: the Financial Literacy Programme, SME Financing Help Desks, and Over-the-Counter Documents and Tools. The Committee was informed that 560 financial literacy training programmes are planned across Pakistan, of which around 100 have already been conducted. The Finance Minister appreciated the progress and emphasized the importance of assessing outcomes and incorporating feedback to continuously improve the effectiveness of these programmes.

The Committee was also briefed on the SME Financing Help Desk initiative being implemented with partner banks, with five help desks conducted during the last month. The discussion covered digital tools, partnerships and communication channels to improve SME awareness and access to finance. The Finance Minister encouraged SMEDA to work closely with participating banks and leverage existing platforms and partnerships to scale up these initiatives, particularly to strengthen SME capacity, financial preparedness and ease of access to formal financing.

Senator Muhammad Aurangzeb emphasized that expanding access to finance requires coordinated action across the financial ecosystem, alongside measures to improve the capacity and bankability of SMEs and other underserved segments. He highlighted the importance of practical support in areas such as financial management, documentation and cash-flow visibility to enable businesses to engage more effectively with formal financial institutions.

The Finance Minister noted that greater access to finance was an important enabler of the Government’s broader objective of moving towards private-sector-led and sustainable economic growth. He emphasized that the focus should increasingly be on translating financing frameworks and approvals into actual credit, investment and economic activity, while progressively broadening access to businesses and individuals that have traditionally remained underserved by formal finance.

Senator Muhammad Aurangzeb underscored that the access to finance framework should remain anchored in measurable progress, effective coordination and timely implementation. He directed that the relevant sub-committees continue to advance their respective workstreams and bring key recommendations and implementation issues to the Steering Committee for timely consideration, supporting continued progress towards the objectives of the Prime Minister’s Access to Finance Plan.

The meeting was attended by Federal Secretary Finance; Federal Secretary Housing and Works; Governor, State Bank of Pakistan (SBP); Chairman, Securities and Exchange Commission of Pakistan (SECP); Chief Executive Officer, Karandaaz Pakistan; CEO, Small and Medium Enterprises Development Authority; along with senior representatives of the Finance Division, the SBP and the SECP.

[Ministry of Finance, Government of Pakistan @Financegovpk]

New Zealand High Commissioner Calls on Finance Minister, Reaffirms Commitment to Deepening Economic Ties

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with H.E David Pine, High Commissioner-designate of New Zealand to Pakistan, who called on the Minister along with Ms. Avanthi Kalansooriya, Policy and Public Affairs Adviser, New Zealand High Commission, and Mr. Moin M. Fudda, Honorary Consul General of New Zealand for Pakistan, to discuss bilateral relations, trade, investment and avenues for strengthening economic cooperation.

Mr. Pine congratulated the Finance Minister on Pakistan’s successful return to international capital markets through the recent Eurobond issuance and appreciated the progress made towards macroeconomic stability and economic reform. He also briefed the Finance Minister on New Zealand’s approach to strengthening its engagement with Pakistan and the wider South Asian region.

The Finance Minister highlighted Pakistan’s progress in achieving macroeconomic stability and emphasized that the Government’s focus is now on sustaining the reform momentum while moving towards investment, exports, employment generation and sustainable economic growth. He noted that policy continuity, fiscal discipline and structural reforms would remain important to maintaining this trajectory.

The discussion focused on strengthening business-to-business (B2B) engagement between Pakistan and New Zealand. Mr. Pine highlighted the importance of encouraging businesses from both countries to establish direct linkages and identify areas of practical commercial interest. He also shared the New Zealand side’s interest in promoting more regular bilateral trade discussions to identify and address trade-related issues as they emerge.

The Finance Minister underscored that private-sector engagement should lead the way in expanding commercial relations, with the Government facilitating the necessary ecosystem and support. He noted that formal trade agreements can accelerate existing business activity, while sustained business linkages are essential for creating the foundation for stronger trade and investment flows.

The discussion also covered the large number of Pakistani scholars and students in New Zealand, particularly in agriculture-related fields. The Finance Minister emphasized the importance of strengthening the link between such educational opportunities and practical outcomes in Pakistan, including through the return of trained professionals and greater application of their knowledge and expertise. He also highlighted the potential to leverage technology and innovation to further support economic development and cooperation.

The Finance Minister highlighted the potential for greater cooperation in the new economy, particularly in digital services, technology and young talent. He noted Pakistan’s growing IT and freelance ecosystem and emphasized the opportunity for the country to leapfrog in emerging sectors while continuing efforts to improve the competitiveness of traditional export industries.

Mr. Pine shared New Zealand’s interest in identifying opportunities across a range of sectors, including agri-tech and other areas of private-sector cooperation, and emphasized the importance of building stronger connections between the business communities of the two countries.

Senator Muhammad Aurangzeb welcomed the renewed engagement with New Zealand and emphasized the importance of continued interaction at both government and private-sector levels to translate the shared interest into concrete trade, investment, knowledge and skills partnerships.

Mr. David Pine appreciated the Finance Minister’s engagement and reaffirmed New Zealand’s interest in strengthening bilateral economic relations with Pakistan. He expressed support for greater business-to-business engagement and continued dialogue to identify practical opportunities for cooperation.

[Khurram Schehzad @kschehzad]

🇵🇰 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻’𝘀 𝗥𝗲𝗺𝗶𝘁𝘁𝗮𝗻𝗰𝗲𝘀 𝗞𝗲𝗲𝗽 𝗖𝗹𝗶𝗺𝗯𝗶𝗻𝗴 — 𝗨𝗽 ~𝟭𝟳% 𝗶𝗻 𝗔𝘂𝗴𝘂𝘀𝘁

$𝟳.𝟯 𝗕𝗶𝗹𝗹𝗶𝗼𝗻 𝗶𝗻 𝗙𝗶𝗿𝘀𝘁 𝟮 𝗠𝗼𝗻𝘁𝗵𝘀 𝗼𝗳 𝗙𝗬𝟮𝟳 — 𝗨𝗽 ~𝟭𝟱% 𝗬𝗼𝗬

Pakistan received $3.66 billion in workers’ remittances in August 2026 — up 16.5% YoY.

This takes remittances during Jul–Aug FY27 to $7.29 billion, up 14.7% YoY, building further on the record $41.6 billion received in FY26.

August 2026:
▪️ $3.656bn remittances
▪️ +16.5% YoY
▪️ +0.7% MoM

2MFY27:
▪️ $7.29bn
▪️ +14.7% YoY

Major contributions in August:
🇸🇦 Saudi Arabia — $873m
🇦🇪 UAE — $750m
🇬🇧 UK — $564m
🇺🇸 USA — $309m

Sustained remittance flows remain an important pillar of Pakistan’s external account — supporting household incomes, FX liquidity, reserves and overall external-sector resilience. 🇵🇰

𝗦𝘁𝗿𝗼𝗻𝗴 𝗙𝗹𝗼𝘄𝘀 → 𝗦𝘁𝗿𝗼𝗻𝗴𝗲𝗿 𝗘𝘅𝘁𝗲𝗿𝗻𝗮𝗹 𝗕𝘂𝗳𝗳𝗲𝗿𝘀 → 𝗚𝗿𝗲𝗮𝘁𝗲𝗿 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰 𝗥𝗲𝘀𝗶𝗹𝗶𝗲𝗻𝗰𝗲

@StateBank_Pak @Financegovpk @PakPMO @GovtofPakistan @MoIB_Official

#PakistanEconomy #Remittances #OverseasPakistanis #ExternalSector #EconomicResilience #Pakistan

[Khurram Schehzad @kschehzad]

𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻’𝘀 𝗘𝗰𝗼𝗻𝗼𝗺𝘆 𝗕𝗲𝘁𝘁𝗲𝗿 𝗣𝗹𝗮𝗰𝗲𝗱 𝘁𝗼 𝗪𝗶𝘁𝗵𝘀𝘁𝗮𝗻𝗱 𝗚𝗹𝗼𝗯𝗮𝗹 𝗦𝗵𝗼𝗰𝗸𝘀

“Pakistan’s economy is more resilient to the Hormuz shock than during the 2022 oil crisis,” says Moody’s analyst Grace Lim.

She further mentioned the better shock-absorbtion capacity this time around is due to resilience that the country has built through greater macroeconomic stability achieved in the last 2 years; lower inflation, a stable exchange rate, and significantly improved FX reserves — providing Pakistan with stronger buffers to navigate recent regional and global shocks.

Stability matters most when the world becomes unstable. 🇵🇰

@Financegovpk @StateBank_Pak @PakPMO @GovtofPakistan @MoIB_Official @PakistanTVcom

#PakistanEconomy #EconomicResilience #MacroStability #InvestorConfidence #Pakistan

[Khurram Schehzad @kschehzad]

🇵🇰 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻’𝘀 𝗦𝗲𝗮𝗳𝗼𝗼𝗱 𝗘𝘅𝗽𝗼𝗿𝘁𝘀 𝗛𝗶𝘁 𝗔𝗹𝗹-𝗧𝗶𝗺𝗲 𝗥𝗲𝗰𝗼𝗿𝗱 — 𝗡𝗲𝗮𝗿 𝗨𝗦$𝟱𝟳𝟬 𝗠𝗶𝗹𝗹𝗶𝗼𝗻

Pakistan’s seafood exports reached a record US$568 million in FY26, crossing the US$500 million mark for the first time, exceeding the US$500 million target.

𝗧𝗵𝗲 𝗴𝗿𝗼𝘄𝘁𝗵 𝘁𝗿𝗮𝗷𝗲𝗰𝘁𝗼𝗿𝘆 𝗶𝘀 𝗲𝗻𝗰𝗼𝘂𝗿𝗮𝗴𝗶𝗻𝗴:

▪️ FY24: US$406m
▪️ FY25: US$489m
▪️ FY26: US$568m — Record High

That is an increase of around 40% in just two years, highlighting Pakistan’s growing potential in seafood exports and the wider Blue Economy.

𝗔 𝗱𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗲𝗱 𝗲𝘅𝗽𝗼𝗿𝘁 𝗯𝗮𝘀𝗸𝗲𝘁:
🐟 Frozen Fish — US$105.1m
🦑 Squid & Cuttlefish — US$103.7m
🐟 Fish Meal — US$83.1m
🦐 Shrimp — US$62.1m
🦀 Crabs — US$36.9m

Pakistan’s seafood is reaching markets across China, Southeast Asia, the Gulf, Japan, South Korea and the United States, while improved standards and new market access are opening further opportunities. Access to the Russian seafood market has also expanded, with 16 Pakistani processing plants approved.

The opportunity ahead is significantly larger — through greater value addition, modern processing, aquaculture, cold-chain infrastructure, higher quality standards and further market diversification.

𝗕𝗲𝘁𝘁𝗲𝗿 𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱𝘀 → 𝗡𝗲𝘄 𝗠𝗮𝗿𝗸𝗲𝘁𝘀 → 𝗚𝗿𝗲𝗮𝘁𝗲𝗿 𝗩𝗮𝗹𝘂𝗲 𝗔𝗱𝗱𝗶𝘁𝗶𝗼𝗻 → 𝗘𝘅𝗽𝗼𝗿𝘁 𝗗𝗶𝘃𝗲𝗿𝘀𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻 → 𝗛𝗶𝗴𝗵𝗲𝗿 𝗘𝘅𝗽𝗼𝗿𝘁 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀 🇵🇰

Pakistan’s Blue Economy has the potential to become an increasingly important driver of exports, investment, jobs and foreign-exchange earnings.

@MaritimeGovPK @official_MoC @Financegovpk @PakPMO @GovtofPakistan @MoIB_Official
#Pakistan #SeafoodExports #BlueEconomy #Exports #ExportGrowth #Trade #PakistanEconomy

[Ministry of Finance, Government of Pakistan @Financegovpk]

Finance Minister Chairs ECC Meeting

The Economic Coordination Committee (ECC) of the Cabinet met today at Finance Division under the Chair of Minister for Finance and Revenue, Senator Muhammad Aurangzeb.

The ECC considered a Summary submitted by the Cabinet Division seeking approval of TSG of Rs. 12.6 billion to purchase bullet-proof vehicles to be used during SCO Summit for movement of Heads of State. The Summit is going to be hosted by Pakistan in September, 2027. ECC discussed the proposal in detail and after due deliberation approved TSG of Rs. 6.6 billion for purchase of 30 bullet-proof vehicles and asked Cabinet Division to revert with additional requirement. ECC directed Cabinet Division to conduct in-depth need analysis for any further demand, and bring up the case again if required.

The ECC considered a Summary submitted by the Ministry of National Food Security & Research regarding Minimum Indicative Prices (MIPs) of tobacco crop and revision of cess rates for FY 2026-27. After thorough discussion, ECC found that proposal required further rationale-building; therefore, ECC deferred the agenda and directed Ministry to resubmit the proposal with justifiable analysis.

The ECC also considered the Summary submitted by the Ministry of National Food Security & Research regarding recommendations of the committee constituted to resolve issues relating to export of donkey meat and hides from Gwadar Free Zone. The ECC approved the proposal with required safe-guards as recommended by the Ministry of National Food Security & Research.

The ECC considered and approved the proposal of Ministry of National Food Security & Research for continuation of gas supply to FatimaFert and Agritech till September 30, 2026, under the existing arrangement.

The ECC also approved the Summary submitted by the Ministry of Federal Education & Professional Training regarding provision of Rs. 5.00 billion as seed money for the Daanish Schools Authority Fund through TSG, to be maintained under Endowment framework.

In addition to this, the ECC took progress review of Pakistan Skills Impact Bond (PSIB) and gave September 30, 2026 as deadline to Ministry of Federal Education & Professional Training for sharing substantive progress against the initiative for GoP guarantee was extended.

The meeting was attended by Federal Minister for Planning, Development and Special Initiatives, Mr. Ahsan Iqbal; Federal Minister for National Food Security and Research, Rana Tanveer Hussain; Federal Minister for Investment, Mr. Qaiser Ahmed Sheikh; Federal Minister for Petroleum, Mr. Ali Pervaiz Malik; and Advisor to the Prime Minister on Industries and Production, Mr. Haroon Akhtar Khan; along with Federal Secretaries and Senior Officials from the relevant Ministries, Divisions, and Regulatory Authorities.

[Ministry of Finance, Government of Pakistan @Financegovpk]

Finance Minister Reviews Progress on Closure of PASSCO and USC

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired a meeting to review progress on the closure of the Pakistan Agricultural Storage and Services Corporation (PASSCO) and Utility Stores Corporation (USC), and to assess the remaining measures required to complete the process.

The meeting was briefed through a detailed presentation on progress made so far on the USC closure process, including implementation of the approved employee severance package, settlement of verified vendor liabilities, disposal and return of stocks, and management of assets and properties.

It was noted that substantial progress had been made in employee payments and settlement of verified liabilities, with the necessary audit and verification mechanisms in place. The meeting was also briefed on measures taken to ensure proper identification and verification, including biometric verification and supporting documentation.

Considerable progress was also made in settling vendor liabilities. The meeting was informed that verified claims had been processed and payments made. The status of USC stocks following closure of the stores was also discussed, with significant quantities of branded and other food items already returned or disposed of, while the remaining stock is being processed through the prescribed mechanisms.

Progress on the auction of racks and other movable assets was also reviewed. The status of IT equipment and vehicles was discussed, with audit and verification underway to facilitate their disposal or transfer.

The status of USC properties and related matters was also considered. The need for appropriate arrangements to facilitate disposal or transfer of these assets was discussed. The Finance Minister also took note of the ongoing litigation involving USC and appreciated the efforts being made to manage and resolve the cases. He emphasized that the legal, financial and administrative requirements should be addressed alongside the closure process.

The meeting further reviewed progress on the PASSCO closure process, including the status of stocks and arrangements required for completion of the remaining work. The Committee discussed the handling of stocks held in different provinces, and it was noted that arrangements were being pursued for their transfer, keeping in view the respective requirements and circumstances. The Finance Minister stressed the importance of close coordination with the provincial authorities to ensure that these matters do not delay the overall closure process.

Senator Muhammad Aurangzeb underscored the importance of maintaining momentum and ensuring that the remaining work is completed in a coordinated manner, with clear responsibilities and practical timelines. He emphasized that the objective should be to bring the closure process to a logical conclusion while safeguarding public resources and ensuring transparency at every stage.

The meeting was attended by Federal Secretary, Ministry of National Food Security & Research; Federal Secretary, Ministry of Industries and Production; representatives of PASSCO and USC, along with senior officials from the relevant ministries and divisions.

[Khurram Schehzad @kschehzad]

🇵🇰 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻’𝘀 𝗖𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗖𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲 𝗧𝘂𝗿𝗻𝘀 𝗨𝗽 — 𝗜𝗽𝘀𝗼𝘀 𝗦𝘂𝗿𝘃𝗲𝘆 𝗤𝟯 𝟮𝟬𝟮𝟲

The latest Ipsos Consumer Confidence Index – Pakistan (Q3 2026) points to a gradual improvement in sentiment after the uncertainty-driven setback in Q2. Confidence is beginning to rebuild — modestly, but across several important indicators.

𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀:

▪️ Consumer Confidence Index rises to 33.6, up from 33.2 in Q2.

▪️ 24% see Pakistan moving in the right direction — broadly stable recently, but more than double the 11% recorded two years ago.

▪️ Inflation concerns fall sharply by 9 percentage points to 69% — still the top concern, but a significant easing.

▪️ 23% expect the economy to strengthen over the next six months — nearly 2x the 12% recorded two years ago.

▪️ Household purchase confidence improves by 3pp to 10%, signalling some return towards stabilization in everyday spending.

▪️ Major-purchase confidence rises by 2pp to 7%, while investment confidence edges up to 15%.

▪️ The broader indices also improve: Expectations +0.7 | Investment +1.4 | Jobs +1.5 points.

The recovery remains cautious, but the direction is encouraging.

𝗕𝗼𝘁𝘁𝗼𝗺𝗹𝗶𝗻𝗲:

The survey suggests that after regional and global uncertainty weighed heavily on sentiment in Q2, Q3 is showing early signs of stabilization and rebuilding confidence.

The task now is to sustain macroeconomic stability, keep inflationary pressures contained, strengthen jobs and incomes, and translate improving expectations into stronger household confidence.

𝗖𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲 𝗶𝘀 𝗿𝗲𝗯𝘂𝗶𝗹𝗱𝗶𝗻𝗴 — 𝗴𝗿𝗮𝗱𝘂𝗮𝗹𝗹𝘆, 𝗰𝗮𝘂𝘁𝗶𝗼𝘂𝘀𝗹𝘆, 𝗯𝘂𝘁 𝗶𝗻 𝘁𝗵𝗲 𝗿𝗶𝗴𝗵𝘁 𝗱𝗶𝗿𝗲𝗰𝘁𝗶𝗼𝗻.

@Financegovpk @GovtofPakistan @PakPMO @MoIB_Official @Ipsos

#Pakistan #ConsumerConfidence #Ipsos #PakistanEconomy #EconomicOutlook #EconomicConfidence #Inflation #Jobs #Growth #MacroeconomicStability #PublicSentiment

[Ministry of Finance, Government of Pakistan @Financegovpk]

Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb, delivered the keynote address at the "Mobilizing Private Capital: National Strategic Dialogue on PPPs and Privatisation," organised by the Asian Development Bank.

The Minister highlighted Pakistan’s economic transformation journey, from hard-earned stability to ongoing structural reforms and policy initiatives for sustainable and inclusive growth. He emphasized that mobilizing private capital through public-private partnerships and privatization is critical for development, investment-led growth, and taking the nation forward, while ensuring lasting economic stability.

[PTV News @PTVNewsOfficial]

وزیر خزانہ محمد اورنگزیب کا ایشیائی ترقیاتی بینک کے زیرِ اہتمام قومی اسٹریٹجک ڈائیلاگ سے خطاب

[OICCI @oicci_pakistan]

OICCI welcomes Pakistan’s largest-ever international bond transaction, a $3 billion dual-tranche Eurobond that drew close to $6 billion in orders from global investors. The strong response by international investors, including firm appetite for the ten-year tranche, reflects growing long-term confidence in Pakistan’s macroeconomic stability, reform momentum and economic outlook.

Continued structural reforms, fiscal discipline and a carefully crafted economic strategy centred on export-led growth are the way forward, further strengthening Pakistan’s investment climate for both established and prospective international investors.

Stay the course, Finance Minister Senator Muhammad Aurangzeb.

@Financegovpk
@kschehzad

[Ministry of Finance, Government of Pakistan @Financegovpk]

Finance Minister Chairs Second Meeting on National Private Equity Policy Framework, Reviews Progress and Next Steps

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, chaired the second meeting of the Committee constituted to develop a National Private Equity Policy Framework, aimed at strengthening Pakistan’s private equity ecosystem and facilitating greater mobilization of domestic and international long-term capital for productive investment.

At the outset, the Committee congratulated the Finance Minister on Pakistan’s successful US$3 billion dual-tranche Eurobond issuance and noted the strong and diversified participation of international investors. The Finance Minister observed that the positive response from global capital markets reflected growing confidence in Pakistan’s economic direction and provided an encouraging backdrop for efforts to deepen the equity side of the capital market and broaden the country’s sources of long-term financing.

The Finance Minister recalled that dedicated work streams had been established following the Committee’s first meeting to advance work across regulatory, taxation, institutional investment and other policy areas. He appreciated the progress made and emphasized that the objective should be to translate these work streams into a coherent, practical and implementable framework capable of mobilizing actual investment, while maintaining appropriate regulatory safeguards and fiscal discipline.

The Committee reviewed progress on the regulatory work stream, including measures being considered by the State Bank of Pakistan to facilitate institutional participation, investment, repatriation and exit, as well as appropriate accounting treatment for private equity investments. The discussion also covered the treatment of such investments under existing banking and IFRS requirements, with emphasis on creating an enabling environment for institutional investors, including banks, Development Finance Institutions, insurance companies and pension funds, while ensuring compliance with applicable prudential and accounting standards.

The Committee discussed the principle of tax neutrality for private equity structures, with the objective of ensuring that the pooling structure itself does not create an additional layer of taxation while preserving taxation at the level of those ultimately earning the income. Members considered the existing income-distribution requirements applicable to funds and examined ways to facilitate genuine investment without creating opportunities for tax arbitrage or erosion of the tax base. Appropriate disclosure, registration and anti-avoidance safeguards were emphasized as integral to the proposed framework.

The Committee also considered the tax treatment of capital gains in private-company transactions. Members noted the importance of developing a framework that does not unnecessarily discourage legitimate investment and exits, while maintaining appropriate guardrails against undervaluation and other potential misuse. The discussion highlighted the need for transparent, credible and reliable valuation mechanisms, drawing, where appropriate, on internationally recognized private equity valuation practices.

The meeting further reviewed progress on the proposed legal and regulatory framework for private equity and venture capital, including ongoing work by the Securities and Exchange Commission of Pakistan. The Committee discussed ways to broaden the domestic institutional investor base and develop a regulatory architecture that provides greater clarity and certainty to investors and fund managers.

Senator Muhammad Aurangzeb emphasized that private equity represents an important asset class for mobilizing patient, long-term capital into businesses and productive sectors of the economy. A stronger domestic private equity ecosystem, he noted, can help businesses access growth capital, strengthen domestic investment and entrepreneurship, support employment and productivity, and provide investors with additional avenues for deploying long-term capital.

The Finance Minister stressed that the framework should be designed not merely to create additional financial structures, but to mobilize actual capital and translate it into investment outcomes. He emphasized the need to develop a credible domestic ecosystem capable of attracting both Pakistani and international investors, building local fund-management capacity and progressively connecting Pakistan’s businesses and investment opportunities with deeper pools of institutional capital.

The Committee agreed that the regulatory, taxation and legal work streams should continue to coordinate closely and consolidate their recommendations into a coherent national framework. Relevant institutions were asked to take forward their respective assessments and technical work so that outstanding issues could be progressively resolved and recommendations brought back to the Committee for further consideration.

The Finance Minister emphasized the need to maintain momentum and move from policy design towards implementation through a clear and sequenced approach. He underscored that the ultimate objective was to establish a competitive, transparent and well-regulated private equity environment that could broaden Pakistan’s financing landscape, complement traditional bank and capital-market financing, and channel more long-term capital towards productive economic activity.

The meeting concluded with broad agreement to take forward the priority recommendations and continue work towards an overall National Private Equity Policy Framework, incorporating appropriate safeguards against misuse and arbitrage while creating the conditions necessary for the sustainable growth of Pakistan’s private equity market.

The meeting was attended by Advisor to the Prime Minister for Industries and Production, Mr. Haroon Akhtar Khan; Advisor to the Prime Minister on Privatisation, Mr. Muhammad Ali; Minister of State for Finance, Mr. Bilal Azhar Kayani; Secretary Finance, Mr. Imdad Ullah Bosal; along with other members of the Committee from the relevant public and private sectors.

[Ministry of Finance, Government of Pakistan @Financegovpk]

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, delivering the keynote address at the "High Level International Dialogue on Taxation for Fiscal Sustainability in Pakistan", organised by the Asian Development Bank.

[PTV News @PTVNewsOfficial]

ایشائی ترقیاتی بینک کے زیراہتمام ٹیکس اصلاحات پراعلیٰ سطح عالمی مکالمہ وزیر خزانہ محمد اورنگزیب کا تقریب سے خطاب

[Ministry of Finance, Government of Pakistan @Financegovpk]

𝘕𝘖𝘛 𝘍𝘖𝘙 𝘙𝘌𝘓𝘌𝘈𝘚𝘌, 𝘗𝘜𝘉𝘓𝘐𝘊𝘈𝘛𝘐𝘖𝘕 𝘖𝘙 𝘋𝘐𝘚𝘛𝘙𝘐𝘉𝘜𝘛𝘐𝘖𝘕 𝘐𝘕, 𝘖𝘙 𝘐𝘕𝘛𝘖, 𝘛𝘏𝘌 𝘜𝘕𝘐𝘛𝘌𝘋 𝘚𝘛𝘈𝘛𝘌𝘚, 𝘈𝘜𝘚𝘛𝘙𝘈𝘓𝘐𝘈, 𝘊𝘈𝘕𝘈𝘋𝘈 𝘖𝘙 𝘑𝘈𝘗𝘈𝘕.

𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻 𝗜𝘀𝘀𝘂𝗲𝘀 𝗥𝗲𝗰𝗼𝗿𝗱 𝗨𝗦$𝟯 𝗕𝗶𝗹𝗹𝗶𝗼𝗻 — 𝗦𝗶𝗻𝗴𝗹𝗲 𝗟𝗮𝗿𝗴𝗲𝘀𝘁 𝗜𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗕𝗼𝗻𝗱𝘀 𝗥𝗮𝗶𝘀𝗲 𝗶𝗻 𝗣𝗮𝗸𝗶𝘀𝘁𝗮𝗻’𝘀 𝗛𝗶𝘀𝘁𝗼𝗿𝘆; 𝗚𝗹𝗼𝗯𝗮𝗹 𝗗𝗲𝗺𝗮𝗻𝗱 𝗡𝗲𝗮𝗿𝘀 𝗨𝗦$𝟲 𝗕𝗶𝗹𝗹𝗶𝗼𝗻

Pakistan has successfully issued US$3 billion through a landmark dual-tranche Eurobond transaction, the largest-ever international bond issuance by Pakistan in a single transaction. The transaction attracted nearly US$6 billion in orders — almost twice the amount issued — from a broad and diversified base of institutional investors across global markets and continents.

The successful transaction marks a major milestone in Pakistan’s renewed and increasingly diversified access to international capital markets, demonstrating strong investor confidence and Pakistan’s ability to access global funding markets at significant scale.

𝗧𝗵𝗲 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻

- US$1.75 billion — 5½-year Eurobond
- Coupon: 7.50%
- US$1.25 billion — 10-year Eurobond
- Coupon: 7.90%
- Total Issued: US$3.0 billion
- Global Demand: Nearly US$6.0 billion

The competitive pricing across both maturities, together with strong demand extending to the 10-year tenor, demonstrates Pakistan’s ability to mobilise sizeable longer-term financing as international investors reassess the country’s improving macroeconomic and credit fundamentals. However, the significance of this transaction goes well beyond the amount raised.

𝗔 𝗦𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗥𝗼𝗮𝗱 𝘁𝗼 𝗚𝗹𝗼𝗯𝗮𝗹 𝗠𝗮𝗿𝗸𝗲𝘁𝘀

The transaction also represents an important milestone in Pakistan’s broader Road to Market strategy.

Following the successful inaugural Panda Bond and improvements in Pakistan’s sovereign credit profile, this is the first issuance under Pakistan’s renewed strategic Global Medium-Term Note (GMTN) Programme — creating a platform for diversified access to international capital markets.

The objective is not simply to raise additional debt. Pakistan is pursuing a broader strategy of active sovereign liability management — diversifying financing sources, extending maturities, reducing refinancing and rollover risks, and creating opportunities to replace shorter-term and more expensive obligations with longer-duration, competitively priced financing, where economically beneficial.

Pakistan has already pursued substantial early retirement of domestic debt ahead of maturity. Extending that discipline to external financing is part of the same objective: Borrow better. Extend maturities. Diversify funding. Reduce refinancing risk. Improve the sovereign debt profile.This is the difference between simply borrowing and actively managing the sovereign balance sheet.

The Debt Management Office, Ministry of Finance, deserves particular recognition for its pivotal role in successfully delivering this landmark transaction.

𝗣𝗮𝗿𝘁𝗻𝗲𝗿𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗟𝗮𝗻𝗱𝗺𝗮𝗿𝗸 𝗧𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻

The Ministry of Finance, Government of Pakistan, highly appreciates the excellent work of the Joint Bookrunners — Citi, Deutsche Bank, Emirates NBD, MUFG and Standard Chartered — in successfully managing and executing this landmark transaction. The Government also acknowledges and appreciates the invaluable support and cooperation extended by all stakeholders, including the legal counsels to the transaction.

𝗧𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁 𝗩𝗲𝗿𝗱𝗶𝗰𝘁

Over the past three years, Pakistan’s improving economic trajectory has increasingly been recognised through successive sovereign credit-rating upgrades and renewed access to international capital markets. Now global investors have reinforced that assessment with billions of dollars of actual capital.

The depth of the order book, its geographically diversified institutional investor base, and substantial demand for a 10-year Pakistan sovereign instrument together provide a powerful market-based signal of renewed confidence in Pakistan’s medium- and long-term trajectory.

The journey is not complete. Fiscal discipline, structural reforms, export competitiveness, investment and productivity improvements will continue and deepen. But Pakistan enters the next stage from a materially stronger position than three years ago: Crisis to Stabilisation, Reform, Credibility, Ratings Upgrades, Investor Confidence to Global Capital.

Three years of rebuilding credibility; nearly US$6 billion of global investor demand, and a record US$3 billion issued in a single transaction — it is a landmark moment in Pakistan’s journey from economic stabilisation towards sustainable growth — and a stronger platform for the road ahead.

𝘛𝘩𝘦 𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭 𝘴𝘦𝘵 𝘧𝘰𝘳𝘵𝘩 𝘩𝘦𝘳𝘦𝘪𝘯 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘤𝘰𝘯𝘴𝘵𝘪𝘵𝘶𝘵𝘦 𝘢𝘯 𝘰𝘧𝘧𝘦𝘳 𝘰𝘧 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘧𝘰𝘳 𝘴𝘢𝘭𝘦 𝘪𝘯 𝘵𝘩𝘦 𝘜𝘯𝘪𝘵𝘦𝘥 𝘚𝘵𝘢𝘵𝘦𝘴 𝘰𝘳 𝘪𝘯 𝘢𝘯𝘺 𝘰𝘵𝘩𝘦𝘳 𝘫𝘶𝘳𝘪𝘴𝘥𝘪𝘤𝘵𝘪𝘰𝘯 𝘪𝘯 𝘸𝘩𝘪𝘤𝘩 𝘴𝘶𝘤𝘩 𝘢𝘯 𝘰𝘧𝘧𝘦𝘳 𝘰𝘳 𝘴𝘰𝘭𝘪𝘤𝘪𝘵𝘢𝘵𝘪𝘰𝘯 𝘪𝘴 𝘶𝘯𝘭𝘢𝘸𝘧𝘶𝘭. 𝘛𝘩𝘦 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘳𝘦𝘧𝘦𝘳𝘳𝘦𝘥 𝘵𝘰 𝘩𝘦𝘳𝘦𝘪𝘯 𝘩𝘢𝘷𝘦 𝘯𝘰𝘵 𝘣𝘦𝘦𝘯 𝘢𝘯𝘥 𝘸𝘪𝘭𝘭 𝘯𝘰𝘵 𝘣𝘦 𝘳𝘦𝘨𝘪𝘴𝘵𝘦𝘳𝘦𝘥 𝘶𝘯𝘥𝘦𝘳 𝘵𝘩𝘦 𝘜𝘯𝘪𝘵𝘦𝘥 𝘚𝘵𝘢𝘵𝘦𝘴 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘈𝘤𝘵 𝘰𝘧 𝟣𝟫𝟥𝟥, 𝘢𝘴 𝘢𝘮𝘦𝘯𝘥𝘦𝘥 (𝘵𝘩𝘦 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘈𝘤𝘵), 𝘰𝘳 𝘵𝘩𝘦 𝘭𝘢𝘸𝘴 𝘰𝘧 𝘢𝘯𝘺 𝘴𝘵𝘢𝘵𝘦, 𝘢𝘯𝘥 𝘮𝘢𝘺 𝘯𝘰𝘵 𝘣𝘦 𝘰𝘧𝘧𝘦𝘳𝘦𝘥 𝘰𝘳 𝘴𝘰𝘭𝘥 𝘸𝘪𝘵𝘩𝘪𝘯 𝘵𝘩𝘦 𝘜𝘯𝘪𝘵𝘦𝘥 𝘚𝘵𝘢𝘵𝘦𝘴, 𝘦𝘹𝘤𝘦𝘱𝘵 𝘱𝘶𝘳𝘴𝘶𝘢𝘯𝘵 𝘵𝘰 𝘢𝘯 𝘦𝘹𝘦𝘮𝘱𝘵𝘪𝘰𝘯 𝘧𝘳𝘰𝘮, 𝘰𝘳 𝘪𝘯 𝘢 𝘵𝘳𝘢𝘯𝘴𝘢𝘤𝘵𝘪𝘰𝘯 𝘯𝘰𝘵 𝘴𝘶𝘣𝘫𝘦𝘤𝘵 𝘵𝘰, 𝘵𝘩𝘦 𝘳𝘦𝘨𝘪𝘴𝘵𝘳𝘢𝘵𝘪𝘰𝘯 𝘳𝘦𝘲𝘶𝘪𝘳𝘦𝘮𝘦𝘯𝘵𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘈𝘤𝘵 𝘢𝘯𝘥 𝘢𝘱𝘱𝘭𝘪𝘤𝘢𝘣𝘭𝘦 𝘴𝘵𝘢𝘵𝘦 𝘭𝘢𝘸𝘴. 𝘕𝘰 𝘱𝘶𝘣𝘭𝘪𝘤 𝘰𝘧𝘧𝘦𝘳𝘪𝘯𝘨 𝘰𝘧 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘸𝘪𝘭𝘭 𝘣𝘦 𝘮𝘢𝘥𝘦 𝘪𝘯 𝘵𝘩𝘦 𝘜𝘯𝘪𝘵𝘦𝘥 𝘚𝘵𝘢𝘵𝘦𝘴. 𝘜𝘯𝘵𝘪𝘭 𝟦𝟢 𝘥𝘢𝘺𝘴 𝘢𝘧𝘵𝘦𝘳 𝘵𝘩𝘦 𝘤𝘰𝘮𝘮𝘦𝘯𝘤𝘦𝘮𝘦𝘯𝘵 𝘰𝘧 𝘵𝘩𝘦 𝘰𝘧𝘧𝘦𝘳𝘪𝘯𝘨, 𝘢𝘯 𝘰𝘧𝘧𝘦𝘳 𝘰𝘳 𝘴𝘢𝘭𝘦 𝘰𝘧 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘸𝘪𝘵𝘩𝘪𝘯 𝘵𝘩𝘦 𝘜𝘯𝘪𝘵𝘦𝘥 𝘚𝘵𝘢𝘵𝘦𝘴 𝘣𝘺 𝘢𝘯𝘺 𝘥𝘦𝘢𝘭𝘦𝘳 (𝘸𝘩𝘦𝘵𝘩𝘦𝘳 𝘰𝘳 𝘯𝘰𝘵 𝘱𝘢𝘳𝘵𝘪𝘤𝘪𝘱𝘢𝘵𝘪𝘯𝘨 𝘪𝘯 𝘵𝘩𝘦 𝘰𝘧𝘧𝘦𝘳𝘪𝘯𝘨) 𝘮𝘢𝘺 𝘷𝘪𝘰𝘭𝘢𝘵𝘦 𝘵𝘩𝘦 𝘳𝘦𝘨𝘪𝘴𝘵𝘳𝘢𝘵𝘪𝘰𝘯 𝘳𝘦𝘲𝘶𝘪𝘳𝘦𝘮𝘦𝘯𝘵𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘈𝘤𝘵 𝘪𝘧 𝘴𝘶𝘤𝘩 𝘰𝘧𝘧𝘦𝘳 𝘰𝘳 𝘴𝘢𝘭𝘦 𝘪𝘴 𝘮𝘢𝘥𝘦 𝘰𝘵𝘩𝘦𝘳𝘸𝘪𝘴𝘦 𝘵𝘩𝘢𝘯 𝘪𝘯 𝘢𝘤𝘤𝘰𝘳𝘥𝘢𝘯𝘤𝘦 𝘸𝘪𝘵𝘩 𝘙𝘶𝘭𝘦 𝟣𝟦𝟦𝘈 𝘶𝘯𝘥𝘦𝘳 𝘵𝘩𝘦 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘈𝘤𝘵.

𝘛𝘩𝘦 𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭 𝘴𝘦𝘵 𝘧𝘰𝘳𝘵𝘩 𝘩𝘦𝘳𝘦𝘪𝘯 𝘪𝘴 𝘯𝘰𝘵 𝘣𝘦𝘪𝘯𝘨 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘦𝘥 𝘵𝘰, 𝘢𝘯𝘥 𝘮𝘶𝘴𝘵 𝘯𝘰𝘵 𝘣𝘦 𝘱𝘢𝘴𝘴𝘦𝘥 𝘰𝘯 𝘵𝘰, 𝘵𝘩𝘦 𝘨𝘦𝘯𝘦𝘳𝘢𝘭 𝘱𝘶𝘣𝘭𝘪𝘤 𝘪𝘯 𝘵𝘩𝘦 𝘜𝘯𝘪𝘵𝘦𝘥 𝘒𝘪𝘯𝘨𝘥𝘰𝘮. 𝘛𝘩𝘦 𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭 𝘴𝘦𝘵 𝘧𝘰𝘳𝘵𝘩 𝘩𝘦𝘳𝘦𝘪𝘯 𝘩𝘢𝘴 𝘯𝘰𝘵 𝘣𝘦𝘦𝘯 𝘢𝘱𝘱𝘳𝘰𝘷𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘜𝘒 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘊𝘰𝘯𝘥𝘶𝘤𝘵 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺 𝘰𝘳 𝘢𝘯 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘴𝘦𝘥 𝘱𝘦𝘳𝘴𝘰𝘯 (𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘚𝘦𝘳𝘷𝘪𝘤𝘦𝘴 𝘢𝘯𝘥 𝘔𝘢𝘳𝘬𝘦𝘵𝘴 𝘈𝘤𝘵 𝟤𝟢𝟢𝟢 (𝘢𝘴 𝘢𝘮𝘦𝘯𝘥𝘦𝘥, 𝘍𝘚𝘔𝘈)) 𝘧𝘰𝘳 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘪𝘰𝘯. 𝘛𝘩𝘪𝘴 𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭 𝘴𝘦𝘵 𝘧𝘰𝘳𝘵𝘩 𝘩𝘦𝘳𝘦𝘪𝘯 𝘪𝘴 𝘰𝘯𝘭𝘺 𝘣𝘦𝘪𝘯𝘨 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘦𝘥 𝘵𝘰 𝘢𝘯𝘥 𝘪𝘴 𝘰𝘯𝘭𝘺 𝘥𝘪𝘳𝘦𝘤𝘵𝘦𝘥 𝘢𝘵, 𝘪𝘧 𝘵𝘩𝘦 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘪𝘰𝘯 𝘪𝘴 𝘣𝘦𝘪𝘯𝘨 𝘦𝘧𝘧𝘦𝘤𝘵𝘦𝘥 𝘣𝘺 𝘢 𝘱𝘦𝘳𝘴𝘰𝘯 𝘸𝘩𝘰 𝘪𝘴 𝘯𝘰𝘵 𝘢𝘯 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘴𝘦𝘥 𝘱𝘦𝘳𝘴𝘰𝘯 𝘶𝘯𝘥𝘦𝘳 𝘍𝘚𝘔𝘈, 𝘰𝘯𝘭𝘺 𝘵𝘩𝘦 𝘧𝘰𝘭𝘭𝘰𝘸𝘪𝘯𝘨 𝘱𝘦𝘳𝘴𝘰𝘯𝘴: (𝘪) 𝘱𝘦𝘳𝘴𝘰𝘯𝘴 𝘸𝘩𝘰 𝘢𝘳𝘦 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭𝘴 𝘢𝘴 𝘥𝘦𝘧𝘪𝘯𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵𝘪𝘤𝘭𝘦 𝟣𝟫(𝟧) 𝘰𝘧 𝘵𝘩𝘦 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘚𝘦𝘳𝘷𝘪𝘤𝘦𝘴 𝘢𝘯𝘥 𝘔𝘢𝘳𝘬𝘦𝘵 𝘈𝘤𝘵 𝟤𝟢𝟢𝟢 (𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘗𝘳𝘰𝘮𝘰𝘵𝘪𝘰𝘯) 𝘖𝘳𝘥𝘦𝘳 𝟤𝟢𝟢𝟧 (𝘵𝘩𝘦 𝘖𝘳𝘥𝘦𝘳); (𝘪𝘪) 𝘱𝘦𝘳𝘴𝘰𝘯𝘴 𝘧𝘢𝘭𝘭𝘪𝘯𝘨 𝘸𝘪𝘵𝘩𝘪𝘯 𝘢𝘯𝘺 𝘰𝘧 𝘵𝘩𝘦 𝘤𝘢𝘵𝘦𝘨𝘰𝘳𝘪𝘦𝘴 𝘰𝘧 𝘱𝘦𝘳𝘴𝘰𝘯𝘴 𝘥𝘦𝘴𝘤𝘳𝘪𝘣𝘦𝘥 𝘪𝘯 𝘈𝘳𝘵𝘪𝘤𝘭𝘦 𝟦𝟫(𝟤) (𝘢) 𝘵𝘰 (𝘥) 𝘰𝘧 𝘵𝘩𝘦 𝘖𝘳𝘥𝘦𝘳; 𝘢𝘯𝘥 (𝘪𝘪𝘪) 𝘢𝘯𝘺 𝘰𝘵𝘩𝘦𝘳 𝘱𝘦𝘳𝘴𝘰𝘯 𝘵𝘰 𝘸𝘩𝘰𝘮 𝘪𝘵 𝘮𝘢𝘺 𝘰𝘵𝘩𝘦𝘳𝘸𝘪𝘴𝘦 𝘭𝘢𝘸𝘧𝘶𝘭𝘭𝘺 𝘣𝘦 𝘮𝘢𝘥𝘦 𝘪𝘯 𝘢𝘤𝘤𝘰𝘳𝘥𝘢𝘯𝘤𝘦 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘖𝘳𝘥𝘦𝘳 (𝘢𝘭𝘭 𝘴𝘶𝘤𝘩 𝘱𝘦𝘳𝘴𝘰𝘯𝘴 𝘣𝘦𝘪𝘯𝘨 𝘳𝘦𝘧𝘦𝘳𝘳𝘦𝘥 𝘵𝘰 𝘢𝘴 𝘳𝘦𝘭𝘦𝘷𝘢𝘯𝘵 𝘱𝘦𝘳𝘴𝘰𝘯𝘴). 𝘛𝘩𝘦 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘳𝘦 𝘰𝘯𝘭𝘺 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦 𝘵𝘰, 𝘢𝘯𝘥 𝘢𝘯𝘺 𝘪𝘯𝘷𝘪𝘵𝘢𝘵𝘪𝘰𝘯, 𝘰𝘧𝘧𝘦𝘳 𝘰𝘳 𝘢𝘨𝘳𝘦𝘦𝘮𝘦𝘯𝘵 𝘵𝘰 𝘴𝘶𝘣𝘴𝘤𝘳𝘪𝘣𝘦, 𝘱𝘶𝘳𝘤𝘩𝘢𝘴𝘦 𝘰𝘳 𝘰𝘵𝘩𝘦𝘳𝘸𝘪𝘴𝘦 𝘢𝘤𝘲𝘶𝘪𝘳𝘦 𝘵𝘩𝘦 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘸𝘪𝘭𝘭 𝘣𝘦 𝘦𝘯𝘨𝘢𝘨𝘦𝘥 𝘪𝘯 𝘰𝘯𝘭𝘺 𝘸𝘪𝘵𝘩, 𝘳𝘦𝘭𝘦𝘷𝘢𝘯𝘵 𝘱𝘦𝘳𝘴𝘰𝘯𝘴. 𝘈𝘯𝘺 𝘱𝘦𝘳𝘴𝘰𝘯 𝘸𝘩𝘰 𝘪𝘴 𝘯𝘰𝘵 𝘢 𝘳𝘦𝘭𝘦𝘷𝘢𝘯𝘵 𝘱𝘦𝘳𝘴𝘰𝘯 𝘴𝘩𝘰𝘶𝘭𝘥 𝘯𝘰𝘵 𝘢𝘤𝘵 𝘰𝘳 𝘳𝘦𝘭𝘺 𝘰𝘯 𝘵𝘩𝘦 𝘮𝘢𝘵𝘦𝘳𝘪𝘢𝘭 𝘴𝘦𝘵 𝘧𝘰𝘳𝘵𝘩 𝘩𝘦𝘳𝘦𝘪𝘯.

𝘈𝘯𝘺 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯 𝘸𝘪𝘵𝘩 𝘳𝘦𝘴𝘱𝘦𝘤𝘵 𝘵𝘰 𝘵𝘩𝘦 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘴𝘩𝘰𝘶𝘭𝘥 𝘣𝘦 𝘮𝘢𝘥𝘦 𝘴𝘰𝘭𝘦𝘭𝘺 𝘰𝘯 𝘵𝘩𝘦 𝘣𝘢𝘴𝘪𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘧𝘪𝘯𝘢𝘭 𝘵𝘦𝘳𝘮𝘴 𝘢𝘯𝘥 𝘤𝘰𝘯𝘥𝘪𝘵𝘪𝘰𝘯𝘴 𝘰𝘧 𝘵𝘩𝘦 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘵𝘩𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘤𝘰𝘯𝘵𝘢𝘪𝘯𝘦𝘥 𝘪𝘯 𝘵𝘩𝘦 𝘉𝘢𝘴𝘦 𝘖𝘧𝘧𝘦𝘳𝘪𝘯𝘨 𝘊𝘪𝘳𝘤𝘶𝘭𝘢𝘳 𝘱𝘳𝘦𝘱𝘢𝘳𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘐𝘴𝘴𝘶𝘦𝘳 𝘪𝘯 𝘤𝘰𝘯𝘯𝘦𝘤𝘵𝘪𝘰𝘯 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘰𝘧𝘧𝘦𝘳𝘪𝘯𝘨 𝘰𝘧 𝘵𝘩𝘦 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 (𝘪𝘯𝘤𝘭𝘶𝘥𝘪𝘯𝘨, 𝘸𝘪𝘵𝘩𝘰𝘶𝘵 𝘭𝘪𝘮𝘪𝘵𝘢𝘵𝘪𝘰𝘯, 𝘵𝘩𝘦 𝘳𝘪𝘴𝘬 𝘧𝘢𝘤𝘵𝘰𝘳𝘴 𝘤𝘰𝘯𝘵𝘢𝘪𝘯𝘦𝘥 𝘵𝘩𝘦𝘳𝘦𝘪𝘯). 𝘐𝘯 𝘢𝘥𝘥𝘪𝘵𝘪𝘰𝘯, 𝘢𝘯𝘺 𝘳𝘦𝘤𝘪𝘱𝘪𝘦𝘯𝘵 𝘴𝘩𝘰𝘶𝘭𝘥 𝘤𝘰𝘯𝘴𝘶𝘭𝘵 𝘵𝘩𝘦 𝘉𝘢𝘴𝘦 𝘖𝘧𝘧𝘦𝘳𝘪𝘯𝘨 𝘊𝘪𝘳𝘤𝘶𝘭𝘢𝘳 𝘧𝘰𝘳 𝘮𝘰𝘳𝘦 𝘤𝘰𝘮𝘱𝘭𝘦𝘵𝘦 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘢𝘣𝘰𝘶𝘵 𝘵𝘩𝘦 𝘴𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴.

𝘔𝘪𝘍𝘐𝘋 𝘐𝘐 𝘱𝘳𝘰𝘥𝘶𝘤𝘵 𝘨𝘰𝘷𝘦𝘳𝘯𝘢𝘯𝘤𝘦 / 𝘗𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘢𝘯𝘥 𝘌𝘊𝘗𝘴 𝘰𝘯𝘭𝘺 𝘵𝘢𝘳𝘨𝘦𝘵 𝘮𝘢𝘳𝘬𝘦𝘵 – 𝘔𝘢𝘯𝘶𝘧𝘢𝘤𝘵𝘶𝘳𝘦𝘳 𝘵𝘢𝘳𝘨𝘦𝘵 𝘮𝘢𝘳𝘬𝘦𝘵 (𝘔𝘪𝘍𝘐𝘋 𝘐𝘐 𝘱𝘳𝘰𝘥𝘶𝘤𝘵 𝘨𝘰𝘷𝘦𝘳𝘯𝘢𝘯𝘤𝘦) 𝘪𝘴 𝘦𝘭𝘪𝘨𝘪𝘣𝘭𝘦 𝘤𝘰𝘶𝘯𝘵𝘦𝘳𝘱𝘢𝘳𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘤𝘭𝘪𝘦𝘯𝘵𝘴 𝘰𝘯𝘭𝘺 (𝘢𝘭𝘭 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘪𝘰𝘯 𝘤𝘩𝘢𝘯𝘯𝘦𝘭𝘴).

𝘜𝘒 𝘔𝘪𝘍𝘐𝘙 𝘱𝘳𝘰𝘥𝘶𝘤𝘵 𝘨𝘰𝘷𝘦𝘳𝘯𝘢𝘯𝘤𝘦 / 𝘗𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘪𝘯𝘷𝘦𝘴𝘵𝘰𝘳𝘴 𝘢𝘯𝘥 𝘌𝘊𝘗𝘴 𝘰𝘯𝘭𝘺 𝘵𝘢𝘳𝘨𝘦𝘵 𝘮𝘢𝘳𝘬𝘦𝘵 – 𝘔𝘢𝘯𝘶𝘧𝘢𝘤𝘵𝘶𝘳𝘦𝘳 𝘵𝘢𝘳𝘨𝘦𝘵 𝘮𝘢𝘳𝘬𝘦𝘵 (𝘜𝘒 𝘔𝘪𝘍𝘐𝘙 𝘱𝘳𝘰𝘥𝘶𝘤𝘵 𝘨𝘰𝘷𝘦𝘳𝘯𝘢𝘯𝘤𝘦) 𝘪𝘴 𝘦𝘭𝘪𝘨𝘪𝘣𝘭𝘦 𝘤𝘰𝘶𝘯𝘵𝘦𝘳𝘱𝘢𝘳𝘵𝘪𝘦𝘴 𝘢𝘯𝘥 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭 𝘤𝘭𝘪𝘦𝘯𝘵𝘴 𝘰𝘯𝘭𝘺 (𝘢𝘭𝘭 𝘥𝘪𝘴𝘵𝘳𝘪𝘣𝘶𝘵𝘪𝘰𝘯 𝘤𝘩𝘢𝘯𝘯𝘦𝘭𝘴).

𝘋𝘦𝘶𝘵𝘴𝘤𝘩𝘦 𝘉𝘢𝘯𝘬 𝘈𝘬𝘵𝘪𝘦𝘯𝘨𝘦𝘴𝘦𝘭𝘭𝘴𝘤𝘩𝘢𝘧𝘵 𝘪𝘴 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘴𝘦𝘥 𝘶𝘯𝘥𝘦𝘳 𝘎𝘦𝘳𝘮𝘢𝘯 𝘉𝘢𝘯𝘬𝘪𝘯𝘨 𝘓𝘢𝘸 (𝘤𝘰𝘮𝘱𝘦𝘵𝘦𝘯𝘵 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺: 𝘌𝘶𝘳𝘰𝘱𝘦𝘢𝘯 𝘊𝘦𝘯𝘵𝘳𝘢𝘭 𝘉𝘢𝘯𝘬). 𝘐𝘵 𝘪𝘴 𝘴𝘶𝘣𝘫𝘦𝘤𝘵 𝘵𝘰 𝘴𝘶𝘱𝘦𝘳𝘷𝘪𝘴𝘪𝘰𝘯 𝘣𝘺 𝘵𝘩𝘦 𝘌𝘶𝘳𝘰𝘱𝘦𝘢𝘯 𝘊𝘦𝘯𝘵𝘳𝘢𝘭 𝘉𝘢𝘯𝘬 𝘢𝘯𝘥 𝘣𝘺 𝘉𝘢𝘍𝘪𝘯, 𝘎𝘦𝘳𝘮𝘢𝘯𝘺’𝘴 𝘍𝘦𝘥𝘦𝘳𝘢𝘭 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘚𝘶𝘱𝘦𝘳𝘷𝘪𝘴𝘰𝘳𝘺 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺. 𝘌𝘮𝘪𝘳𝘢𝘵𝘦𝘴 𝘕𝘉𝘋 𝘊𝘢𝘱𝘪𝘵𝘢𝘭 𝘪𝘴 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘋𝘶𝘣𝘢𝘪 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘚𝘦𝘳𝘷𝘪𝘤𝘦𝘴 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺. 𝘌𝘢𝘤𝘩 𝘰𝘧 𝘊𝘪𝘵𝘪𝘨𝘳𝘰𝘶𝘱 𝘎𝘭𝘰𝘣𝘢𝘭 𝘔𝘢𝘳𝘬𝘦𝘵𝘴 𝘓𝘪𝘮𝘪𝘵𝘦𝘥 𝘢𝘯𝘥 𝘚𝘵𝘢𝘯𝘥𝘢𝘳𝘥 𝘊𝘩𝘢𝘳𝘵𝘦𝘳𝘦𝘥 𝘉𝘢𝘯𝘬 𝘪𝘴 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘴𝘦𝘥 𝘢𝘯𝘥 𝘴𝘶𝘱𝘦𝘳𝘷𝘪𝘴𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘜𝘯𝘪𝘵𝘦𝘥 𝘒𝘪𝘯𝘨𝘥𝘰𝘮 𝘗𝘳𝘶𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺 𝘢𝘯𝘥 𝘪𝘴 𝘴𝘶𝘣𝘫𝘦𝘤𝘵 𝘵𝘰 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯 𝘣𝘺 𝘵𝘩𝘦 𝘜𝘯𝘪𝘵𝘦𝘥 𝘒𝘪𝘯𝘨𝘥𝘰𝘮 𝘍𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘊𝘰𝘯𝘥𝘶𝘤𝘵 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺 𝘢𝘯𝘥 𝘗𝘳𝘶𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘪𝘰𝘯 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺. 𝘐𝘯 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦, 𝘔𝘜𝘍𝘎 𝘚𝘦𝘤𝘶𝘳𝘪𝘵𝘪𝘦𝘴 𝘈𝘴𝘪𝘢 𝘓𝘪𝘮𝘪𝘵𝘦𝘥, 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦 𝘉𝘳𝘢𝘯𝘤𝘩 𝘪𝘴 𝘢𝘶𝘵𝘩𝘰𝘳𝘪𝘴𝘦𝘥 𝘢𝘯𝘥 𝘳𝘦𝘨𝘶𝘭𝘢𝘵𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘔𝘰𝘯𝘦𝘵𝘢𝘳𝘺 𝘈𝘶𝘵𝘩𝘰𝘳𝘪𝘵𝘺 𝘰𝘧 𝘚𝘪𝘯𝘨𝘢𝘱𝘰𝘳𝘦.

[Ali Zaidi @AliHZaidi]

Pleased to be part of this important dialogue on Pakistan’s economic outlook and government's strategic agenda. Grateful to Senator Muhammad Aurangzeb and the Ministry of Finance team for the constructive engagement. We at @DeutscheBank look forward to building on this dialogue.