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The MoIB will be required to abide by the Cabinet’s earlier decision regarding non-essential and non-strategic SOEs. The Ministry of Federal Education and Professional Training presented a request for a Technical Supplementary Grant (TSG) of Rs. 1.5 billion. The funding is intended to increase the salaries of faculty members under the Tenure Track System, which has not been revised since 2021.
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The ECC approved the creation of a Pension Fund through a Non-Banking Finance Company (NBFC) regulated by the SECP. Rs. 30 million was authorized as seed money for the NBFC, with Rs. 1 million approved to meet incorporation expenses. The following individuals were appointed 3 first directors of the company and a temporary Chief Executive Officer until a permanent CEO is appointed. The ECC approved the Finance Division’s proposal for the arrangement of rupee cover amounting to PKR 10 billion. This includes adjustments from the current side budgetary allocation for the current fiscal year, with USD 105.5 million allocated for the Water Infrastructure Project (WIF) funded by ADB and USD 137 million for the Flood Impact Infrastructure Project (FIIP) funded by the World Bank.
Any such agreements will remain effective until the expiration of the license or agreement, whichever occurs first. This ensures that the rights and obligations of these consumers, including agreed-upon rates, will continue as per the existing terms. As part of the approved changes, the ECC has revised the buyback rate from the National Average Power Purchase Price (NAPP) to Rs 10 per unit. Furthermore, the committee approved the proposal, subject to the ratification of Cabinet, to allow the National Electric Power Regulatory Authority (NEPRA) to revise this buyback rate periodically, ensuring that the framework remains flexible and aligned with evolving market conditions. Additionally, the Minister acknowledged the significance of the Pakistan-Russia Freight Pilot Train Project, scheduled for launch on March 31, 2025, under the North-South Transport Corridor via Iran.
- He outlined key priority areas for the Government comprising of taxation reforms, energy sector reforms, and restructuring of State-Owned Enterprises (SOEs).
- They invited the Finance Minister to the Pakistani Investors Day in London, scheduled for May 2025, as part of efforts to strengthen engagement with global investors.
- Global stakeholders are invited to support Pakistan’s journey by investing in priority sectors such as agriculture, IT, renewable energy, mining and minerals, textiles and apparels, pharmaceuticals, while capitalizing on Special Economic Zones (SEZs).
- Senator Muhammad Aurangzeb appreciated the success of Turkish aviation industry and added that collaboration in the aviation sector with Turkiya was an important part of the bilateral relations, noting that it aligns with the Prime Minister’s vision to enhance Pakistan’s aviation industry.
He stressed the government’s focus on transforming Pakistan into an export-led economy and attracting Foreign Direct Investment (FDI) to enhance the country’s export base. The Finance Minister highlighted the government’s comprehensive policy framework aimed at enhancing tax revenues through improved documentation and financial transparency. He emphasized the importance of standardizing financial regimes to align with global practices, which are crucial for fostering investor confidence, both domestic and international. He reiterated the government’s commitment to ensuring policy continuity to create a conducive environment for sustainable economic growth.
The discussions also centered on identifying specific areas where reforms are urgently needed to optimize operations and regulatory frameworks. The meeting focused on the subject of regulatory reforms aimed at improving regulatory environment in the country to improve entrepreneurship, innovation and investment. Mr. Jacobs presented a comprehensive proposal to streamline the regulatory system, suggesting a thorough review of standardized processes to achieve significant results. The meeting was attended by Minister for Housing & Works Mian Riaz Hussain Pirzada, Minister for Maritime Affairs Mr. Qaiser Ahmed Sheikh, Minister for Economic Afairs Mr. Ahad Khan Cheema, Governor SBP, Chairman SECP, and other senior officers of the relevant ministries. — BYD, a global frontrunner in electric vehicles and renewable energy solutions, made a significant entry into the Pakistani market today, promising a new era of eco-friendly transportation.
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The Finance Minister expressed gratitude for the World Bank’s support and reaffirmed the government’s resolve to implement reforms aimed at sustainable economic progress. During the meeting, Senator Muhammad Aurangzeb welcomed the delegation and briefed them on the ongoing macroeconomic reforms and their positive impact on the stability and future economic growth of the economy. The Council emphasized the importance of cohesive policy implementation, capacity building, and robust stakeholder engagement to achieve sustainable reform goals. Participants acknowledged the potential of these measures to support national fiscal stability and promote equitable growth. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has said that Islamic finance and Islamic capital markets can play a pivotal role in helping Pakistan remain steadfast on the road to macroeconomic stability and sustainable growth.
The discussions also focused on the broader implications of this collaboration, emphasizing the need to enhance Pakistan’s presence in international financial markets and attract foreign investment. The meeting between Finance Minister Senator Muhammad Aurangzeb and Chief Executive John K C Lee exemplified the commitment of both parties to strengthening bilateral ties and exploring opportunities for meaningful engagement across various sectors. Honorable John K C Lee welcomed Minister Aurangzeb’s visit and echoed the sentiment of enhancing collaboration between Pakistan chicken road and Hong Kong. He acknowledged the significance of fostering strong partnerships to drive economic development, innovation, and cultural exchange, emphasizing the mutual benefits of such cooperation.
The ECC approved replacing the bank guarantees, imposed on October 7, 2023, for the import of Di-Ammonium Phosphate (DAP) under APTTA, with insurance guarantees. Federal Minister for Communications Mr. Abdul Aleem Khan also gave a perspective on the core functions of the Ministry and how its departments, particularly National Highway Authority (NHA), could be made profitable. He said the NHA could become a major revenue spinner for the government if its resources were diverted to construction of revenue-based motorways like the M-6 leading from Sukkur to Karachi port. The Minister also said the implementation of the decisions taken by the Committee and subsequently endorsed by the federal cabinet so far would be followed up for implementation by the sub-committee of the Rightsizing Committee, and the main Committee would intervene only in case of matters requiring escalation. The meeting featured detailed presentations from both the Revenue Division and the Ministry of Poverty Alleviation & Social Safety regarding their mandates, organizational structures, budget allocations, expenditures, and the impact of their work on public services.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb had a meeting with the Korean Ambassador and representatives of Korean Companies working in Pakistan at the Finance Division today. The Secretary, Ministry of Communications, Chairman National Highway Authority (NHA), MD Private Power & Infrastructure Board (PPIB), and senior officers from relevant ministries were also present in the meeting. The PTBA delegation appreciated the efforts of the Government to increase the tax base and conveyed their perspectives on optimizing tax documentation process to enhance efficiency.
He made this statement during a meeting held today at the Finance Division with the leadership of the All Pakistan Textile Mills Association (APTMA). The meeting was attended by senior officials, including the Chairman of the Federal Board of Revenue (FBR), the Secretary of the Commerce Division, and other senior officers from the Finance Division and FBR. FAdvisor to Finance Minister Khurram Schehzad emphasized the vital role of private sector investors in Pakistan’s economic uplift, speaking at an Iftar-dinner event organized by PARCO Gunvor Limited. The ECC further discussed a summary submitted by Ministry of Maritime Affairs regarding Export of Potassium Sulphate Fertiliser from Gwadar Port.
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They invited the Finance Minister to the Pakistani Investors Day in London, scheduled for May 2025, as part of efforts to strengthen engagement with global investors. Additionally, he will advise the Finance Ministry on exploring the use of artificial intelligence (AI) to enhance government efficiency, optimize decision-making processes, and drive innovation in public sector operations. The Finance Minister acknowledged the valuable feedback from the PTBA delegation and underscored the government’s commitment to digitalization efforts aimed at reducing human intervention and increasing transparency within the tax administration.
He also appreciated the government’s resolve to stay the course and ensure permanence to macroeconomic stability by meeting the structural benchmarks agreed with the IMF. Finance Minister Senator Muhammad Aurangzeb highlighted the importance of digital economy and digital integration as a critical component of the economic transformation of the country. He said the government was determined to enhance connectivity and improve digital infrastructure to ensure mass adoption of emerging digital technologies and innovative applications for cross-sector socio-economic development, transformation of economic activities and achievement of sustainable development goals.
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Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, held a meeting with Mr. Najy Benhassine, Country Director of the World Bank, and his team at the Finance Division today. Ms. Bohannaon appreciated the government’s comprehensive reforms program and assured the full support to FCDO. The government remains focused on maintaining economic stability and fulfilling all obligations under the IMF program with diligence and transparency, aiming to lay the foundation for stronger, sustainable, and inclusive growth. The delegation was led by Mr. Atila Yenisen, Executive Vice President METRO AG Germany, and accompanied by Mr. Alfred Graannas, Ambassador of the Federal Republic of Germany to Pakistan. Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has reiterated Pakistan’s commitment to ensuring a smooth and successful completion of the 37-month IMF programme described by him as Pakistan’s own programme of macro-economic reforms and structural adjustments funded and supported by the Fund.
To enhance this initiative, the government will consider establishing a National Crypto Council, which will serve as a dedicated advisory body comprising key government representatives, regulatory authorities, and industry experts. This Crypto Council will oversee policy development, address regulatory challenges, and ensure that Pakistan’s digital asset ecosystem evolves in a secure, compliant, and sustainable manner. The Council will also collaborate with friendly countries to develop standardized frameworks for international digital economic engagement. The Finance Minister reaffirmed the government’s commitment to facilitating foreign investors and welcomed continued engagement with global investment firms.
