Web Desk

ISLAMABAD: Pakistan&#39;s Federal Minister for Finance Senator Muhammad Aurangzeb has departed for the United States to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank.&nbsp;According to the Ministry of Finance, the minister will represent Pakistan at the plenary sessions of both international financial institutions and hold meetings with senior officials of the IMF, World Bank, International Finance Corporation (IFC), and Multilateral Investment Guarantee Agency (MIGA).&nbsp;During his visit, Senator Aurangzeb will hold a one-on-one meeting with World Bank President Ajay Banga and IMF Managing Director Kristalina Georgieva. He will also participate in sessions of the G24, the Middle East, North Africa and Pakistan (MENAP) platform, and the World Economic Forum (WEF).&nbsp;The finance minister will deliver a keynote address at the MENAP Forum and attend a regional roundtable organized by the World Bank on FBR&rsquo;s digital transformation. Tax authorities from various countries will also share their reform experiences at the event.&nbsp;His schedule includes meetings with senior officials of the White House, the US State Department, the Treasury Department, and the International Development Finance Corporation (DFC).&nbsp;The minister is also expected to meet his counterparts from China, the United Kingdom, Saudi Arabia, T&uuml;rkiye, and Azerbaijan.&nbsp;During the six-day visit, Senator Aurangzeb will participate in more than 65 events, including sessions with global investors, credit rating agencies, and think tanks, where he will highlight Pakistan&rsquo;s economic outlook and investment opportunities.

Economy

Finance Ministry says Aurangzeb will hold meetings with senior officials of the IMF, World Bank, International Finance Corporation, and Multilateral Investment Guarantee Agency.

Pakistan's finance minister departs for US to attend IMF, World Bank meetings

ISLAMABAD: Remittances to Pakistan are projected to grow to $41-43 billion in the current fiscal year, signaling increased confidence in the country&rsquo;s economic outlook, Pakistan&rsquo;s Finance Minister Muhammad Aurangzeb announced at the Pakistan Business Summit in Peshawar, the northwestern city of Pakistan. Aurangzeb, while delivering the keynote address, reported a significant improvement in remittances, which reached $38 billion last year and are projected to grow to $41-43 billion in the current fiscal year, said a press release issued by the Press Information Department of Pakistan on Thursday. The finance minister pointed out that Pakistan successfully repaid $500 million in Eurobond obligations in September without market disruption and is well-positioned to meet the upcoming $1.3 billion repayment in April 2026. Private sector-led growth&nbsp;In his remarks, the finance minister commended the organizers for convening a high-profile forum in Peshawar and underlined the government&rsquo;s commitment to creating an enabling environment for the private sector to lead Pakistan&rsquo;s economic growth.&nbsp; He emphasized that the government&rsquo;s role is to ensure macroeconomic stability, introduce structural reforms, and provide the right ecosystem for business and investment. Forex reserves&nbsp;Reviewing recent economic progress, Aurangzeb highlighted a sharp decline in financing costs following reductions in the policy rate, improved foreign exchange reserves that cover nearly three months of imports, and stability in the exchange rate.&nbsp; He noted that these developments have strengthened investor confidence and facilitated the repatriation of dividends and profits. Addressing structural reforms, Aurangzeb reaffirmed the government&rsquo;s resolve to implement comprehensive tax reforms, separating tax policy from tax administration to restore credibility and consistency for investors.&nbsp; He emphasized the ongoing reforms in state-owned enterprises, privatization efforts, and energy pricing as key components of the economic reform agenda. Export-led growth&nbsp;The finance minister also discussed Pakistan&rsquo;s export-led growth strategy, tariff reforms aimed at reducing duties on raw materials and intermediate goods, as well as measures to attract efficient foreign direct investment (FDI).&nbsp; He cited recent engagements in Beijing, Riyadh, Washington, and New York as evidence of renewed investor confidence, including the signing of 24 joint venture agreements with Chinese companies.&nbsp; He further announced plans for Pakistan&rsquo;s inaugural Panda Bond issuance before the end of the year, opening access to China&rsquo;s deep capital markets. Aurangzeb emphasized that Pakistan&rsquo;s path to sustainable growth relies on enhanced competitiveness, private sector dynamism, and closer coordination between the federation and its provinces.&nbsp; PKR4.3 trillion development budgets He also emphasized the importance of prioritizing the effective utilization of the PKR4.3 trillion national development budget for infrastructure, health, and education. Highlighting long-term challenges, the finance minister identified climate change and population growth as existential issues for Pakistan.&nbsp; He emphasized the urgency of addressing child stunting, learning poverty, and climate resilience alongside economic recovery, noting that these factors directly affect Pakistan&rsquo;s future productivity and leadership. Concluding his address, Aurangzeb reaffirmed the government&rsquo;s commitment to steering Pakistan towards sustainable economic recovery, global competitiveness, and resilience, while ensuring that reforms and growth translate into tangible benefits for the people of Pakistan. The summit, organized under the patronage of the governor of Khyber Pakhtunkhwa, carried the theme &ldquo;Shaping What&rsquo;s Next&rdquo; and brought together policymakers, business leaders, and corporate executives to discuss Pakistan&rsquo;s economy, innovation, and global competitiveness.

Business

Finance Minister Aurangzeb emphasizes the importance of private sector-led growth, structural reforms, macroeconomic stability, and export-driven development at the Pakistan Business Summit, highlighting improved investor confidence, rising remittances, and critical long-term challenges, such as climate change.

Pakistan's remittances expected to grow to $43B in FY2025-26: Ministry of Finance

ISLAMABAD: Pakistan&rsquo;s Economic Coordination Committee (ECC) has approved the commercial import of used vehicles for the first time in years, an official statement released by the finance division said, signaling a major shift in the country&rsquo;s trade policy.&nbsp;Chaired virtually from New York by Finance Minister Muhammad Aurangzeb, the ECC approved amendments to the Import Policy Order, 2022, allowing the import of used vehicles up to five years old until June 30, 2026. After that, the age limit will be lifted entirely.&nbsp;According to the official statement, &ldquo;such commercial importation would remain subject to strict compliance with prescribed environmental and safety standards.&rdquo;&nbsp;To moderate the impact on local industry, a 40% Regulatory Duty (RD) will be imposed on these imports, in addition to existing customs duties.&nbsp;&ldquo;This enhanced duty will remain applicable until 30th June 2026. Thereafter, the duty shall be reduced gradually by 10% points per year, reaching zero by 2029-30,&rdquo; the Finance Division said in a press release.&nbsp;Analysts say the move could help diversify Pakistan&rsquo;s auto market and make vehicles more affordable, though concerns over environmental enforcement remain.&nbsp;In a separate development, the ECC approved a technical supplementary grant of Rs800 million [approximately $2.8 million for the Pakistan Virtual Asset Regulatory Authority (PVARA), as part of efforts to regulate the country&rsquo;s growing digital asset space.&nbsp;The meeting included key cabinet members overseeing petroleum, energy, and food security, as well as senior regulatory officials.

The finance division has approved limited commercial imports of used vehicles with environmental conditions and new duties. The government also allocated $2.8 million to strengthen regulation of digital assets through a new authority.

Articles tagged with "Muhammad Aurangzeb"

Pakistan's finance minister departs for US to attend IMF, World Bank meetings

Pakistan's remittances expected to grow to $43B in FY2025-26: Ministry of Finance

Pakistan opens doors to used car imports