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The grant will be transferred under the Development Expenditure of the National Food Security and Research Division to the Power Division for onward payment, supporting energy efficiency in the agriculture sector. The ECC considered the summary regarding the security package documents for the 7.07 MW Railii-II Hydro Power Project under the Power Generation Policy 2015. It also approved AJ&KIA and WUA, with the contractual and payment obligations of AJ&K being backstopped and guaranteed by the GOP. The Boards of PPIB, CPPA-G, and GOAJ&K were authorized to make necessary project-specific amendments to the draft security package documents to ensure compliance with NEPRA’s Tariff Determination. To achieve this goal, Mr. Schehzad urged the management to formalize recommendations for structural changes and privatization of State-Owned Enterprises (SOEs), which could advance governmental goals and boost market capitalization. In concluding remarks, Finance Minister Senator Muhammad Aurangzeb emphasized the importance of timely policy measures to address critical economic, energy, and industrial needs, with a focus on transparency and efficiency in implementation.
Our Potential
Both sides underscored the need for enhancing the trade and investment portfolio through more Government-to-Government (G2G) and Business-to-Business (B2B) arrangements. The meeting was attended by senior leadership from both companies, including Ms. Dk Noor ul Hayati Binti Pg Julaihi, Chairman PBICL, Mr. Sultan M. Hassan Abdulrauf, Chairman SPI&AIC, and senior officers from Finance Division. Juland Jaifer Salim Al-Said, Chairman of the Pak Oman Investment Company Limited (POIC) on Thursday to discuss ways for expanding business collaborations and enhancing investment and trade flows between the two brotherly countries. In the end, the Finance Minister also reassured Chinese investors of their security, underscoring the importance of their contributions to Pakistan’s economic progress, and reiterated the commitment of the government to promote a business and investment friendly environment in the country. Senator Muhammad Aurangzeb welcomed the initiative and highlighted the role of agriculture in Pakistan’s economy, particularly its contribution to the GDP of the country. He noted that while Pakistan’s economy during FY2024 grew by 2.38 per cent, agriculture emerged as a main driver of economic growth, registering an impressive growth of 6.25 per cent due to double- digit growth in output of major crops.
Major Product Categories of Diamond Super market
He highlighted key initiatives taken by the government such as broadening the tax base, enhancing the ease of doing business, the digitalization of the Federal Board of Revenue (FBR), and ongoing reforms and restructuring in state-owned enterprises (SOEs) and privatization. The Finance Minister expressed appreciation for the outgoing Ambassador’s contributions to strengthening bilateral relations and reiterated Pakistan’s commitment to continue deepening its partnership with Türkiye across various sectors, including trade, investment, technical cooperation, and more. The Minister also highlighted the progress made during the recent visit of the Turkish trade delegation to Pakistan, led by H.E.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with a high-level delegation from Hutchison Ports, led by Mr. Andy Tsoi, Managing Director, Middle East & Africa Division. The delegation included Mr. Changsu Kim, CEO, South Asia Pakistan Terminal, Mr. Navaid Qureshi, CEO, Karachi International Container Terminal, and Mr. Taimur Khan Afridi, Head of Government Relations, Hutchison Ports Pakistan. Bilal Bin Saqib, recognized by Forbes, is a Web3 investor, strategic advisor, and thought leader in the blockchain space. Mr. Saqib was included by Forbes in their 30 under 30 list and has been acknowledged by King Charles III, the late Queen Elizabeth II, and the Mayor of London for his efforts for the community. He was also the recipient of the 1632nd Points of Light Award, awarded by the British Prime Minister to recognize change makers in the country.
- He reiterated the government’s commitment to providing a stable and conducive business environment, assuring that all necessary measures are being taken to facilitate investments.
- He further emphasized that the government is committed to support such initiatives that will not only advance green technology but will also provide a significant boost to the local economy by creating new job opportunities and fostering technological advancements in the automotive sector.
- He pointed out that the region is rich in gems and mineral resources and suggested that GB government can leverage its resources to generate revenue and unlock its true potential.
- He expressed appreciation for the support provided by ICAP in advancing these efforts, emphasizing the role of professional organizations in promoting financial transparency and capacity building.
- “Policy frameworks and continuity are the government’s responsibility, but the private sector must lead the economy.
With support from the IMF’s Extended Fund Facility (EFF) worth $7 billion, we initiated structural improvements in critical sectors such as energy and taxation. This initiative aims to achieve sustainable, export-led 6% GDP growth by 2028 through public-private partnerships, enhanced export competitiveness and optimized public finances. Ms. Natalie Baker commended Pakistan’s economic progress and its commitment to implementing necessary but challenging structural reforms. She acknowledged the country’s resilience and the measures taken to strengthen the foundation for long-term economic stability. She reiterated the US Administration’s commitment to fostering a strong bilateral relationship with Pakistan, with a particular emphasis on deepening economic cooperation and expanding investment opportunities.
Developed nations, he urged, must fulfill their $100 billion annual climate finance commitments and prioritize renewable energy cooperation to help emerging markets transition to low-carbon economies. Furthermore, carbon-intensive trade restrictions that penalize export-dependent economies in the Global South must be reduced. He also called for reforms in the global financial architecture, including the enhancement of Special Drawing Rights (SDRs) allocations and the promotion of green bonds and blended finance models to attract private-sector investment in emerging markets.
He made these comments during a call on him by Mr. Kevin Piccoli, Deputy Director in the Office of International Affairs at the US Commodity Future Trading Commission (CFTC). Chairman SECP Mr. Akif Saeed and senior officials from the Finance Division and officials from US Embassy in Pakistan also attended the meeting. The Minister also lauded the initiatives taken by K-Electric for further investment and expansion of its energy and distribution operations, and assured full support for its efforts to transition to renewables and production of cheaper and affordable energy through the use of domestic resources. The meeting concluded with the Committee emphasizing the importance of strategic oversight and effective governance of State-Owned Enterprises to ensure their contribution to national development objectives.
The meeting concluded with both sides expressing their resolve to continue working closely to address Pakistan’s development challenges and to implement sustainable solutions that benefit all segments of society. Mr. Muhammad Yahya briefed the Finance Minister on the work of UN and its agencies undertaking development and humanitarian assistance projects in Pakistan. A summary of Finance Division regarding the appointment of two Independent Directors on the Board of the Export-Import (EXIM) Bank of Pakistan was considered and approved. The committee endorsed the appointments of Ms. Ayesha Aziz and Mr. Imran Maqbool as Independent Directors on EXIM Bank’s Board, in accordance with Section 17 of the Export-Import Bank of Pakistan Act, 2022. Juland Jaifer Salim Al-Said, Chairman of the Pak Oman Investment Company Limited (POIC), Mr. Nauman Ansari, Managing Director of POIC, and senior officials from POIC and the Finance Division. During the meeting, the Finance Minister presented a comprehensive overview of the Pakistan economy with focus on the stabilisation and growth trajectory achieved over the last one and a half year that had brought back the interest of investors and lenders into Pakistan.
Senator Muhammad Aurangzeb appreciated the overall progress of the Programme and called for a more proactive and dedicated approach on the part of different stakeholders for urgent implementation of final deliverables under the Programme. He said Pakistan could learn from Türkiye’s experience of power sector reforms and invited Turkish firms to enter into mutually beneficial joint ventures with Pakistani counterparts, particularly in the field of information technology and agriculture. He highlighted the historical and fraternal bonds and the great potential for enhancing the current volume of bilateral trade between Pakistan and Türkiye.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Ambassador Shoaib Sarwar, Pakistan’s Ambassador to Denmark, who called on the Finance Minister chicken road game at Finance Division today. Jakob Linulf, Ambassador of Denmark to Pakistan, Ambassador Shoaib Sarwar, Pakistan’s Ambassador to Denmark, Mr. Rene Piil Pedersen, Managing Director A.P. Moller Maersk Singapore, Mr. Ahmed Hassan, SVP of A.P. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Mr. Keith Svendsen, Chief Executive Officer (CEO) of APM Terminals, who called on the Finance Minister at Finance Division today. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Mr. Nocholas Galey, Ambassador of France to Pakistan, who called on the Minister at Finance Division today. The ECC also took up five separate summaries submitted by the Federal Board of Revenue (FBR) as part of the FBR Transformation Plan earlier approved by the Prime Minister. It is highlighted that MoF shared the updated Q1 fiscal operations figures with the IMF on 14th November, 2024.
Terms Of Service
The delegation also pointed out that Pakistan’s gross savings rate, currently at 13% of GDP, remains significantly lower than regional peers such as India, which stands at 30%. He assured that the government is committed to facilitating investments, promoting ease of doing business, and supporting sustainable growth through structural reforms. Addressing the issue of financial inequality, Senator Aurangzeb stressed the need for debt relief and financial justice through restructuring sovereign debt mechanisms to prevent cyclical debt crises, which are impeding the economic growth of many emerging economies, including Pakistan.
During the meeting, participants discussed various initiatives and reforms aimed at broadening the tax base, improving tax compliance, and reducing revenue leakages. The committee explored innovative approaches to enhance the efficiency of tax collection mechanisms and ensure equitable distribution of the tax burden. The discussions also highlighted PKIC’s dedication to supporting small and medium enterprises (SMEs) across Pakistan. The Finance Minister assured the delegation of the government’s full support in facilitating their investment ventures and welcomed their interest in contributing to Pakistan’s economic growth and reiterated Pakistan’s strong commitment to attracting foreign investments through maintaining a business friendly environment. Mr. Sun Bo and Mr. Hassan Raza briefed the Minister on PCICL’s efforts to strengthen Pakistan-China trade and investment, pledging continued support.
The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, attended virtually the 1st Workshop on “Implementation Management” organized by the Kingdom of Saudi Arabia (KSA). This workshop marks the first in a series of three, with subsequent sessions focusing on Digital Transformation and Social Transformation respectively. The event was facilitated by the Special Investment Facilitation Council (SIFC) as part of ongoing efforts to strengthen Pakistan-Saudi economic collaboration. A high-level delegation of foreign investors and business professionals, mostly based in the United States, called on Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division today. The Ministry of Finance, Government of Pakistan, hosted a special cake cutting ceremony in connection with celebration of the occasion of Christmas by the Christian staff of the Finance Division.
