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The meeting was attended by key figures, including the CEO of the PCC, Bilal Bin Saqib, the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission (SECP), and the Federal IT and Law Secretaries, all of whom are members of the PCC. The ECC noted the factors leading to the project escalations, and approved the proposals contained in the summary with the directions to the Ministries of Petroleum & Finance to continue close coordination with a view to ensuring timely implementation of all agreed actions. The meeting concluded with a pledge to strengthen economic cooperation between Pakistan and Korea and to work collectively towards addressing mutual concerns for the benefit of both nations.
- Minister for Power Sardar Awais Ahmad Khan Leghari, Special Assistant to Prime Minister on Power Mr. Muhammad Ali, and Minister of State for Finance & Revenue Mr. Ali Pervaiz Malik also attended the meeting.
- The meeting was attended by Mr. Musadik Masood Malik, Minister for Petroleum; Sardar Awais Ahmad Khan Leghari, Minister for Power; Mr. Ali Parvez Malik, Minister of State for Finance and Revenue; and Federal Secretaries and senior officers from relevant ministries and divisions.
- 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.
- Honorable John K C Lee welcomed Minister Aurangzeb’s visit and echoed the sentiment of enhancing collaboration between Pakistan and Hong Kong.
- This workshop marks the first in a series of three, with subsequent sessions focusing on Digital Transformation and Social Transformation respectively.
- He reiterated the government’s commitment to accelerating financial inclusion as a cornerstone of sustainable economic development.
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The discussion underscored the importance of strengthening economic cooperation between Pakistan and Dubai Islamic Bank. The meeting reflected the shared commitment of both parties to fostering sustainable economic development and further deepening financial ties between Pakistan and the UAE. The Finance Minister also recalled a recent meeting with the Turkish Trade Minister, where both sides discussed various avenues for trade and business collaboration. This meeting, he noted, is part of the broader strategy to strengthen ties between Pakistan and Turkey in multiple sectors, including aviation.
Group Chief Executive of Standard Chartered Bank PLC Mr. Bill Winters called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division today. Standard Chartered Pakistan CEO Mr. Rehan Shaikh and Head CCIB Pakistan Mr Arslan Nayeem were also present in the meeting. A delegation of Pakistan Tax Bar Association led by PTBA President Anwar Kashif Mumtaz called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division today.
These reforms focused on broadening the tax base by targeting under-taxed sectors like agriculture, real estate and trade, while leveraging technology to enhance compliance and transparency. The meeting concluded with a consensus on adopting a cautious yet forward-looking approach, ensuring that future developments in the digital asset space align with national interests, FATF guidelines, and global financial standards. During the meeting, Hutchison Ports presented their upcoming investment plan of USD 1 billion, aimed at upgrading their existing terminals to enhance operational efficiency, logistics connectivity, and automation. The investment includes infrastructure development, road improvements to facilitate efficient cargo movement, modernization of HPKICT into a cutting-edge automated terminal, and the development of a 52-hectare logistics park to enhance trade connectivity. Additionally, automation upgrades will include remote quay cranes, automated RTGs, electric trucks, and digitalized gate operations, alongside training programs for maritime professionals in port operations, management, and AI applications.
During the meeting, the PMIC team presented a detailed overview of the microfinance landscape, highlighting key challenges and opportunities. It was noted that Pakistan significantly lags behind regional counterparts, such as Bangladesh, India, and the Philippines, in terms of financial inclusion, with a potential microcredit market of 41 million, of which only 7.4 million clients are currently served. The meeting was also attended by Governor SBP, CEO State Life Insurance Corporation (SLIC), MD Bait-ul-Mal, Secretary BISP, Secretary PA&SS, and Secretary Finance. Pakistan currently has over 20 million active users in the digital asset market who face significant challenges, including high transaction fees. The Finance Minister reaffirmed his commitment to regulating and encouraging this industry by adopting appropriate frameworks, laws, and incentives to ensure transparency and facilitate digital business growth. The meeting concluded on a positive note, with all parties expressing optimism about the potential for collaborative efforts to uplift Pakistan’s agriculture and livestock sectors, thereby contributing to national economic growth and prosperity.
He also stressed the need for a balanced approach—one that encourages innovation and investment in digital assets while maintaining strict regulatory oversight in line with international standards. Finance Minister Senator Muhammad Aurangzeb appreciated MUFAP’s insights and reaffirmed the government’s commitment to strengthening Pakistan’s investment landscape. He directed SECP and relevant authorities to evaluate the proposed reforms and ensure the development of a more robust and inclusive financial ecosystem. The APTMA delegation expressed their appreciation for the expedited disbursement of tax refunds and requested further support for the clearance of outstanding dues. The Finance Minister reaffirmed that the government values this consultative approach and would continue to engage with key sectors to ensure their concerns are addressed effectively in the upcoming budget.
Our Potential
In his keynote address to the session, the Finance Minister described the conference as reflective of Pakistan’s growing commitment to fostering a robust Islamic capital market, highlighting the country’s dedication to transforming its financial ecosystem in line with Shariah principles. The ECC approved the inclusion of Tier 4 in the Cabinet-approved portfolio of the Prime Minister’s Youth Business and Agriculture Loan Scheme (PMYBALS). Under Tier 4, all loans will be term loans only, with an end-user rate of 0% on a first-loss basis on the disbursed portfolio. The ECC approved a Technical Supplementary Grant (TSG) amounting to Rs. 14 billion from the Prime Minister’s National Programme for Solarization of Agricultural Tubewells in Pakistan.
Minister Aurangzeb provided an update on the government’s recent reforms of State-Owned Enterprises (SOEs), aimed at improving governance, efficiency, and financial sustainability. Mr. Asakawa appreciated the efforts undertaken by Pakistan in this regard, reaffirming ADB’s support for the ongoing SOE reforms and their role in strengthening the country’s fiscal framework. In his welcoming remarks, the Finance Minister highlighted Pakistan’s long-standing partnership with the ADB, underscoring the pivotal role the bank has played in supporting Pakistan’s development agenda. He commended ADB’s continued assistance in key sectors such as infrastructure, energy, education, and social development.
Ambassador Abdula proposed the exploration of educational cooperation, specifically the promotion of student exchange and scholarship programs. This initiative aims at providing Ethiopian students with opportunities to study in Pakistan, fostering educational and cultural ties between the two nations. During the meeting, the Finance Minister highlighted the significant strides achieved in recent months to stabilize the economy and put it on a sustainable path of growth. Senator Muhammad Aurangzeb called the macroeconomic reforms “work in progress” and pointed to more serious challenges of climate change and child stunting which threatened to perpetuate inequalities and disrupt the pace of economic growth and stability in Pakistan over the medium to long term. He said Pakistan looked forward to building climate resilience through adaptation reforms and averting malnutrition with the technical and financial support of development partners for ensuring holistic development goals.
His insights provided a valuable framework for participants to consider while shaping Pakistan’s transformation journey. To ensure data-driven discussion and effective policymaking, it was decided to form a working group comprising representatives from FBR, SBP, the IT Ministry, P@SHA, and the Freelancers Association. The group will focus on harmonizing data, identifying significant issues, simplifying processes, enhancing transparency, and ensuring continuity of progress made by SBP and other stakeholders. Participants also explored leveraging the Roshan Digital Account to facilitate international remittances for IT companies and freelancers.
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The delegation was led by Mr. Dilawar Bajauri, Senior Investment Guarantee Officer – Financial Institutions and Capital Markets / Lead for FIG Products / Business in the Middle East, Turkey, and Pakistan, along with Mr. Jae Kwon, Senior Underwriter – Head of South Asia Business Development. A delegation of Jefferies Investors, led by Ms. Alia Moubayed from Jefferies, called on the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, in Islamabad today. The delegation included Mr. Vasil Nikolov from HBK Investment Management, Mr. Khaled Sellami from Barings, Mr. Xin Xu from Ashmore, Mr. Salman Ahmed from Fidelity, Mr. Khurram Sheikh from Jefferies, and Mr. Mahmood Ali Shah Bukhari from Ktrade Securities.
He underscored the importance of attracting more capital to support sustainable development initiatives within the country. This aligns with the global shift towards greener investments and highlights TPG’s commitment to responsible investing. Senator Muhammad Aurangzeb acknowledged and appreciated the longstanding bilateral cooperation, and highlighted the significance of Japan’s developmental and economic assistance and its vital role in helping Pakistan overcome economic challenges and strengthen its economy. He said both nations have significant potential to strengthen their ties through increased exchanges in trade, culture, education, and people-people interaction. During the meeting which site was also attended by Minister of State for Finance and Revenue Mr. Ali Pervaiz Malik and Chairman FBR Mr. Rashid Mahmood Langrial, issues of mutual interest, including bilateral cooperation and collaboration in trade, commerce and socio-economic sectors, were discussed.
