Federal Minister for Finance and Revenue on Friday appreciated the World Bank\u2019s Thought Leadership and its insightful report titled \u201cFrom Swimming in the Sand to High and Sustainable Growth,\u201d giving a clear roadmap for propelling Pakistan to a High Middle-Income country.<\/p>\n
He expressed these views while attending the \u201cRoundtable on Implementing for Faster Results and Greater Impact,\u201d organized by the financial institution on the sidelines of the World Bank Group-IMF Spring Meetings in Washington D.C. The report laid out a clear roadmap for Pakistan to become a High Middle- Income country by 2047, with the potential for the economy to grow from GDP of over US$ 300 billion to US$ 3 trillion. It cited that owing to the disruptive effects of the COVID-19 pandemic, Pakistan has diverged from that outlined path, thus, achieving the objective of reaching upper-middle-income status by 2047 will require returning to a path of sustained and focused structural reforms. The finance minister emphasized that the World Bank\u2019s focus on climate change, digitalization and human development aligned with the government\u2019s priorities. He commended the World Bank\u2019s initiative to launch a single platform to enhance its operational effectiveness. Meanwhile, the finance minister met with representatives from Moody\u2019s Investor Service and briefed them on Pakistan\u2019s key economic indicators and macro-economic stabilization achieved after entering into a Stand-by Arrangement (SBA) with International Monetary Fund (IMF). He highlighted the government\u2019s key priorities including tax and energy sector reforms, as well as the privatization agenda. The finance minister indicated the government\u2019s intention to tap international capital markets, focussing on the Middle East and China, to support Pakistan\u2019s economic growth and development. He also addressed questions related to inflation, foreign exchange reserves, debt repayments, external account vulnerability, and domestic liquidity, expressing confidence in the government\u2019s ability to address these challenges and create an environment conducive to sustainable economic growth. He hoped that Moody\u2019s Investor Service would upgrade Pakistan\u2019s credit rating soon, reflecting the country\u2019s improved economic fundamentals and the government\u2019s commitment to reforms. He also addressed an important \u201cRoundtable with Investors\u201d and highlighted Pakistan\u2019s stable macroeconomic indicators and outline the government\u2019s reform agenda.
\nAurangzeb apprised the investors of Pakistan\u2019s declining inflation rates, stable currency, robust growth in the agriculture sector, strong remittance inflows, rising foreign exchange reserves and a buoyant stock market. These are positive indicators, he said, adding underscored the country\u2019s improved economic outlook. He informed them about the government\u2019s intention to enter into a larger and extended programme with the International Monetary Fund (IMF), building upon the successful Stand-By Arrangement (SBA). He also discussed key priorities of the government around taxation, energy sector reforms and privatization program. The finance minister noted that the World Bank\u2019s focus on climate change, digitalization and human capital development aligned well with government\u2019s priorities. The participating investors appreciated the government\u2019s efforts to stabilize the economy and expressed keen interest in exploring potential investment opportunities in Pakistan. In a meeting with Saudi Fund for Development (SFD) CEO Sultan Abdulrahman Al-Marshad, Finance Minister Aurangzeb discussed potential avenues for enhanced economic cooperation between Pakistan and Saudi Arabia. During the meeting, he briefed the CEO on his recent visit to Saudi Arabia as well as the recent visit of a high-level Saudi delegation to Pakistan. Both sides reviewed and expressed satisfaction with the progress of ongoing development projects. The finance minister also discussed funding of ongoing projects including Diamer Bhasha Dam and the N-25 highway from Karachi to Chaman. He assured Pakistan would pitch bankable and investable projects to Saudi investors, highlighting the country\u2019s investment potential and favourable policies. The finance minister met with UK\u2019s Minister of State for Development and Africa Andrew Mitchell and acknowledged the long-standing relations between Pakistan and the Kingdom rooted in shared history and mutual understanding. He expressed gratitude for the UK\u2019s support in areas such as education, health, financial management and governance. Aurangzeb briefed him on the favourable economic indicators of the country and priority areas of taxation, energy sector and state-owned enterprise (SOE) reforms, highlighting government efforts to create a conducive environment for foreign investment and economic growth, transparency, and inclusive participation.
\nHe also invited British International Investment (BII) to invest in bankable projects in Pakistan and thanked the UK Minister for planning a visit to Pakistan in August 2024. Meeting with Citibank officials, the finance minister briefed them on the positive economic indicators including buoyant stock market, renewed interest of foreign buyers and institutional flows on the back of Stand-by Arrangement (SBA) signed with IMF. He informed them that Pakistan had successfully repaid Eurobond on time, apprising them that the government had initiated discussions with IMF on a larger and extended programme and \u201cIt is fully committed to carrying out both short-term and long-term reforms in the areas of taxation, energy sector overhaul and SOE reforms.\u201d It is pertinent to mention here that Finance Minister is leading Pakistan\u2019s delegation in the IMF \/ World Bank\u2019s 2024 Spring Meetings being held in Washington DC. Other delegates include Finance Secretary, Imdadullah Bosal; Secretary Economic Affairs Division, Dr. Kazim Niaz ; Governor State Bank of Pakistan, Jameel Ahmed and Senior Joint Secretary, Economic Affairs Division, Adil Akbar Khan.<\/p>\n","protected":false},"excerpt":{"rendered":"
Federal Minister for Finance and Revenue on Friday appreciated the World Bank\u2019s Thought Leadership and its insightful report titled \u201cFrom Swimming in the Sand to High and Sustainable Growth,\u201d giving a clear roadmap for propelling Pakistan to a High Middle-Income country. He expressed these views while attending the \u201cRoundtable on Implementing for Faster Results and […]<\/p>\n","protected":false},"author":2,"featured_media":401170,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-401154","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n