Karachi: Finance Minister Muhammad Aurangzeb has reaffirmed the government’s commitment to private sector-led growth and strengthen economic ties with Saudi Arabia. He was virtually addressing a business session arranged for the visiting Saudi business delegation at the Overseas Investors Chamber of Commerce and Industry in Karachi on Friday.
According to Radio Pakistan, Muhammad Aurangzeb reiterated that the Government firmly believes that the private sector must take the lead in driving the country’s economic growth, with the government’s role being to provide an enabling ecosystem. Highlighting Pakistan’s improving macroeconomic indicators, the Finance Minister stated that macroeconomic stability has been restored, with all three major global rating agencies now aligned after a gap of several years.
The Minister noted that while progress has been achieved on the stabilization front, the Government is simultaneously pursuing structural reforms in taxation and energy sectors through a consultative process with the private sector. The Minister appreciated the strategic partnership developing with the Kingdom of Saudi Arabia.
The Finance Minister said that the Federal Cabinet had, a day earlier, formally approved the historic Security Pact signed between the Crown Prince of Saudi Arabia and Prime Minister Muhammad Shehbaz Sharif. He termed this development a significant step in deepening the multifaceted ties between the two brotherly countries.
On the domestic front, Muhammad Aurangzeb said that the government is finalizing rapid damage assessments following recent floods and will prioritize the use of domestic resources for rescue and relief operations before considering external assistance for rehabilitation and reconstruction.
Regarding the ongoing engagement with the International Monetary Fund, the Minister reaffirmed that talks with the IMF mission remain constructive, with only a few outstanding issues, and expressed optimism about reaching a staff-level agreement shortly during his upcoming meetings in Washington.