Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here on Wednesday urged for a national shift from policy discussions to timely execution, warning that climate change and rapid population growth were the two most urgent existential threats facing Pakistan.
\nSpeaking at the conference on \u201cBuilding a Resilient Public Financial Management Ecosystem\u201d, Aurangzeb said the country cannot afford to treat these challenges as academic.
\nThe conference was organized by the Institute of Chartered Accountants of Pakistan (ICAP), in collaboration with the Chartered Institute of Public Finance and Accountancy (CIPFA).
\n \u201cWe are living through climate change every day\u2014it\u2019s not a future problem. From recent floods in Gilgit-Baltistan to the ongoing devastation in Punjab, the impacts are already here,\u201d he said adding population growth was equally alarming.
\nAurangzeb pointed to recent macroeconomic improvements, including Pakistan\u2019s upgraded ratings by Fitch, S&P, and most recently Moody\u2019s, as validation of the country\u2019s economic direction.<\/p>\n
He described this as a critical opportunity to move from stability to sustainable growth. \u201cMacroeconomic stability is not the end\u2014it\u2019s a means to an end. We must now channel that stability into reforms and investments,\u201d he said.<\/p>\n
He also highlighted the government\u2019s recent rollout of Pakistan\u2019s first Green Taxonomy, calling it a crucial step to attract climate financing.
\nOn taxation, Aurangzeb announced that tax policy has officially been shifted from the FBR to the Finance Division. This move, he said, reflects the need to align taxation with long-term economic strategy, rather than simply balancing books.
\nHe also pointed to simplifications introduced in the latest budget, especially for the salaried class. Tax return forms that once required over 800 fields have now been reduced to 35\u201340 for most individual filers.
\nTaking about privatization, he said, that 24 State-Owned Enterprises (OEs) were currently in the pipeline, with some expected to see quick movement. While recognizing the political and operational sensitivities, he insisted the government must enable the private sector to lead economic activity. \u201cThe government should provide the ecosystem and get out of the way,\u201d he said.
\nThe Minister noted progress in pension reform, stating that a contributory system has already been rolled out for new civil service entrants as of July 2024.
\nAurangzeb acknowledged that Pakistan has never lacked in drafting policies\u2014whether on taxation, industry, or investment\u2014but has consistently fallen short in implementation.
\nHe concluded by inviting the private sector, regulators, and development partners to become active collaborators in Pakistan\u2019s reform journey.
\nHe emphasized that government institutions must focus on management discipline, saying as public servants, when we commit, we must deliver\u2014on time.
\nOn the occasion, two exclusive roundtable dialogues were held on Enhancing SOE Governance and Expanding Pakistan\u2019s Tax Revenue Capacity.
\nThese sessions gathered policymakers, regulators, development partners, and senior corporate leaders, providing a collaborative platform to deliberate on reforms, transparency, and strategies to strengthen fiscal resilience and institutional performance.<\/p>\n","protected":false},"excerpt":{"rendered":"
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here on Wednesday urged for a national shift from policy discussions to timely execution, warning that climate change and rapid population growth were the two most urgent existential threats facing Pakistan. Speaking at the conference on \u201cBuilding a Resilient Public Financial Management Ecosystem\u201d, Aurangzeb said the […]<\/p>\n","protected":false},"author":2,"featured_media":475190,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-499359","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\n