Aurangzeb | Pakistan

Finance Minister Muhammad Aurangzeb on Saturday asserted that the proposed budget for the next fiscal year (FY27) would set the foundation for “accelerating the sustainable growth” recorded in the past two years. He made the remarks on the floor of the National Assembly as he wound up the debate on the budget FY27, which was presented on June 12. The finance czar recalled that MNAs presented their opinions on the proposed budget during the debate, adding that reservations were also voiced in some proposals. “But, we have gotten very clear feedback from within and outside the House that this is overall a positive and pro-growth budget, which sets the foundation to accelerate the sustainable growth witnessed over the last two years,” he declared. Speaking on the budget proposals, Aurangzeb stated that a “sustainable and inclusive export-led growth that increases productivity” was the fundamental objective of the government and the budget. “We often hear and see that the documented corporate sector and salaried ...

Finance Minister Muhammad Aurangzeb on Tuesday termed the launch of the Tax Asaan Scheme for traders a “paradigm shift”, adding that the government had to start somewhere in its efforts to widen the tax net. In an interview on Geo News programme ‘Capital Talk’, Aurangzeb said: “We kept the tax rate at 1pc for traders because we have to start somewhere. However, it is part of a broader framework to expand the tax net, and we are moving in the right direction.” The finance minister elaborated that he was working on a “new operating model” for tax collection with “no human intervention”. He said that under the new scheme for traders, the discretionary powers of income tax officers would be limited. “There will be a Central Processing Unit that will monitor everything. We have comprehensive data. We have compiled data from third-party sources and tax records, on the basis of which we are examining the issues,” the finance minister said. He said the public had welcomed the budget and that the government’s goal was...

Pakistan could improve economic projections for 2027 after the end of the Iran war, but it is still too early to revise the budget, Finance Minister Muhammad Aurangzeb told Reuters, hours after the US and Iran signed a deal to end the Middle East conflict. Damaged energy infrastructure meant supply chains would take time to return to normal, after the conflict pushed inflation back into double digits, Aurangzeb said. “We were looking at how we manage the second, third-order impact in case this conflict continues,” he said. “The energy infrastructure has been hit. And therefore, it will take time before we return to normalcy in terms of supply chains.” He added, “I do see upsides in what we have projected for next year,” but cautioned it would be “way too premature” to revise the budget. The budget for the upcoming financial year, presented in Parliament on Friday, targets growth of 4 per cent and inflation of 8.2pc. It raised defence spending by 18pc to Rs3 trillion, while relying on higher tax revenue to kee...

Finance Minister Muhammad Aurangzeb held a “productive” meeting with officials of the United States Department of the Treasury, with both sides discussing avenues for cooperation in the mineral and energy sectors, the finance ministry said on Saturday. Aurangzeb arrived in the United States on Monday to participate in the World Bank Group and International Monetary Fund (IMF) Spring Meetings 2026, taking place from April 13 to 18 in Washington, DC. The Spring Meetings bring together finance ministers, central bank governors, policymakers and development experts from around the world amid ongoing global economic uncertainty. On the sidelines of the World Bank-International Monetary Fund (WB-IMF) Spring Meetings 2026 in Washington, DC, Aurangzeb held a “productive” meeting with Francis Brooke, the deputy secretary at the US Department of the Treasury, the ministry said in a post on X. “Both sides discussed avenues for cooperation and collaboration in energy, mineral development, and strengthening the anti-money...

Finance Minister Muhammad Aurangzeb appreciated China’s support in facilitating Pakistan’s engagements with the International Monetary Fund (IMF) in a meeting with his Chinese counterpart, the finance ministry said on Friday. Aurangzeb arrived in the United States on Monday to participate in the World Bank Group and International Monetary Fund (IMF) Spring Meetings 2026, taking place from April 13 to 18 in Washington, DC. The Spring Meetings bring together finance ministers, central bank governors, policymakers and development experts from around the world amid ongoing global economic uncertainty. While there, the finance minister held an important meeting with China’s Finance Minister Lan Fo’an on the sidelines of the meetings, the ministry said in a statement on X. During the meeting, he expressed deep appreciation for China’s “long-standing and unwavering bilateral support” to Pakistan, as well as the constructive role played by China’s Executive Director at the International Monetary Fund (IMF) in facilit...

International Monetary Fund (IMF) Managing Director Kristalina Georgieva has commended Pakistan’s “continued progress on economic reforms” under the Fund’s programme and the resulting macroeconomic stability. She met with Finance Minister Muhammad Aurangzeb on the sidelines of the IMF–World Bank Spring Meetings 2026 in Washington, where the finance czar had arrived on Monday. During his visit, Aurangzeb was expected to participate in over 50 high-level engagements from April 13 to 18. “Great to see Aurangzeb at the IMF Meetings!” Georgieva said on X early on Thursday. “Strong programme implementation has helped Pakistan maintain macroeconomic stability and build confidence,” the IMF official said. She emphasised that “sound policies and deeper structural reforms remain key to sustaining growth and raising welfare for all Pakistanis”. In its statement on the interaction, the finance ministry recalled Georgieva’s remarks, noting that she “appreciated Pakistan’s continued progress on economic reforms”. “The rema...

Pakistan is considering Eurobonds, loans from other countries and commercial debt to replace a $3.5 billion facility from the United Arab Emirates (UAE) and manage its foreign reserves, Finance Minister Muhammad Aurangzeb said. Aurangzeb also told Reuters the shock from the ongoing war in the Middle East meant that Pakistan must consider a strategic petroleum reserve and a faster switch to renewable energy. “All options are on the table,” Aurangzeb said when asked if the government was in talks with Saudi Arabia for a loan that could replace the UAE facility. Pakistan will reportedly return a $3.5bn loan to the UAE this month, putting pressure on its reserves and risking breaches of its International Monetary Fund (IMF) programme targets. The country has been thrust into the international spotlight as it plays the role of a mediator between the United States and Iran to end the war in the Middle East. Aurangzeb, speaking on the sidelines of the IMF/World Bank annual spring meetings, said the country could man...

Finance Minister Muhammad Aurangzeb called for “enhanced technical support, advanced analytical tools, and specialised training for Pakistan’s Debt Management Office” in his meeting with the World Bank Vice President Jorge Familiar Calderon in Washington on Monday, the Ministry of Finance said. Aurangzeb arrived in Washington earlier on Monday to represent Pakistan in the International Monetary Fund (IMF) and the World Bank Group Spring Meetings 2026. He is expected to participate in more than 50 high-level gatherings, which will take place from April 13 to 18. The finance ministry’s statement said Aurangzeb “congratulated Calderon on his recent appointment and underscored the critical role of the World Bank Group Treasury in supporting developing economies through enhanced access to capital markets, financial innovation, and advisory services in debt and risk management”. He outlined Pakistan’s diversified financing strategy, highlighting the use of instruments such as Sukuk and environmental, social, and go...

Finance Minister Muhammad Aurangzeb arrived in Washington on Monday to attend the World Bank Group and International Monetary Fund (IMF) Spring Meetings 2026, the Ministry of Finance said. According to a statement, the minister is scheduled to hold key meetings with global financial leaders to advance “Pakistan’s reform agenda and economic priorities”. Aurangzeb departed for the United States on Saturday to participate in the high-level gathering, which will take place from April 13 to 18 in Washington, DC. The Spring Meetings bring together finance ministers, central bank governors, policymakers and development experts from around the world amid ongoing global economic uncertainty. As per an earlier statement, during his visit, the finance minister will “represent Pakistan at important events organised by the IMF and the World Bank Group”. At the conference, he is expected to engage with “leading academics, policymakers, and members of the Pakistani diaspora, and share Pakistan’s economic outlook, reform tra...

ISLAMABAD - Finance Minister Mu­hammad Aurangzeb on Sunday said the gov­ernment was moving towards ‘targeted relief’ so that the benefit could be passed onto the deserving.

Finance Minister Muhammad Aurangzeb on Sunday said that the government was moving towards “targeted relief” so that the benefit is passed onto the deserving. Aurangzeb’s remarks came amid spiking global fuel prices caused by the US-Israeli war on Iran. Delivering a televised address, the minister referred to Prime Minister Shehbaz Sharif’s address to the nation on Friday night, where the latter mentioned the steps taken to minimise the burden on the public “He spoke clearly and said that the government has taken on Rs69bn of the burden using our own fiscal resources,” the finance minister said. “Yesterday, my honourable colleagues in the cabinet, Petroleum Minister Ali Pervaiz Malik and Information Minister Attaullah Tarar, had a detailed talk,” he said. “Ali Pervaiz Malik sahib especially said in detail that all our efforts are focused on making sure we have supplies, so that we have no supply disruption in the chain [and] we can ensure the uninterrupted supply of petrol, diesel and other molecules,” Aurangz...

• Insists govt can’t create jobs for millions of people; private sector must lead employment drive • Claims FIR registered against sitting senator over alleged tax evasion • Says tobacco sector ‘not paying taxes’, involved in smuggling • Construction relief package ‘in pipeline’, announcement expected soon • Textile support under review; minister seeks 10-12 days for concrete steps LAHORE: Finance Minister Muha­mmad Aurangzeb on Saturday warned that Pakistan could not be run with a rapidly increasing population and stressed that the private sector would have to take the lead and create employment opportunities. “If this growth rate (2.5pc) continues, our population can reach 400 million in the coming years. So, you tell us who will run this country in such a situation,” he said while speaking at the Pakistan Economic Growth Conference at the regional office of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Lahore. “So please help us on how to control the population,” he added. On empl...

Finance Minister Muhammad Aurangzeb said on Tuesday that Pakistan was at an early but important stage in shaping its digital asset ecosystem. He expressed the views during a meeting with a visiting delegation from Icoin Technology Inc, a Silicon Valley-based blockchain infrastructure company. The delegation was led by the company’s Chief Executive Officer Chet Silvestri, the finance ministry said in a press release. According to the press release, the minister said Pakistan was at an early but important stage in shaping its digital asset ecosystem and welcomed knowledge-sharing and responsible investment aligned with national priorities. During the meeting, Aurangzeb briefed the delegation on Pakistan’s ongoing efforts to develop a “structured and responsible” framework for digital assets and apprised it of the progress made toward the establishment of a Pakistan Crypto Council and the Pakistan Virtual Assets Regulatory Authority (PVARA) “The minister highlighted Pakistan’s growing participation in global dig...

Finance Minister Muhammad Aurangzeb underscored Pakistan’s strategic shift from seeking aid-based support towards trade- and investment-led engagement to ensure long-term economic sustainability and mutually beneficial partnerships, particularly with the Gulf Cooperation Council (GCC) countries. In an interview with CNN Business Arabia, Aurangzeb highlighted the vision of Prime Minister Shehbaz Sharif, which reflected Pakistan’s renewed economic confidence and reform momentum. He said that Pakistan has followed a comprehensive macroeconomic stabilisation program for the past 18 months, which has delivered tangible and measurable results, while inflation has declined to single-digit levels from an unprecedented 38%. On the fiscal front, Pakistan has achieved primary surpluses, while the current account deficit remains well within targeted limits. According to the finance czar, the exchange rate has also stabilised, and foreign exchange reserves have improved to approximately 2.5 months of import cover, reflect...

Finance Minister Muhammad Aurangzeb said on Sunday that the recent report by the International Monetary Fund (IMF) that highlighted financial irregularities in Pakistan was “not criticism” but a “catalyst for accelerating long-overdue reforms”. The document’s publication, a precondition for the IMF’s approval for disbursing the next $1.2 billion loan tranche in December, found that institutional weaknesses, lack of transparency in state functions, preferential treatment for select businesses, and inefficiencies in public-sector transactions were major constraints to growth. It also called for a series of reforms spread across the next three to six months to help raise the growth rate to 5-6.5 per cent over the next five years. The report led to criticism of the government, and opposition parties have called for a probe into the “worst financial scandal of Pakistan’s history”. However, Aurangzeb said during a press conference in Islamabad today that the government itself had requested and facilitated the asses...

Finance Minister Muhammad Aurangzeb said on Wednesday that unchecked population growth and climate change are hindering Pakistan from becoming a $3 trillion economy. Pakistan is home to a vast population of over 251 million, according to World Bank figures. In 2023, the population growth rate was reported to have reached around 2.55 per cent. However, almost 45pc of Pakistan’s population lives below the poverty line, according to a World Bank report. At the same time, Pakistan has been ranked as the most vulnerable country to climate change in 2022, according to the Global Climate Risk Index 2025. “I have been clear right from the beginning that we have two existential issues because if we don’t tackle them correctly … there are two reasons that could derail us from becoming a $3tr economy and those are climate change and population growth,” said the finance minister in an interview on Geo News show ‘Capital Talk’. Aurangzeb said the former was no longer merely “an academic discussion” but something “we are l...

Finance Minister Muhammad Aurangzeb has said he is “quite hopeful” that Pakistan could manage to achieve GDP growth of close to 3.5 per cent during the ongoing fiscal year despite the impact of recent floods. The finance czar shared this projection during an interview on CGTN America programme ‘One on One’, which was published on Tuesday. During the interview, the finance minister was asked how big a challenge the recent floods posed to economic recovery. To that, Aurangzeb began his reply by underlining that climate change was an “existential issue for Pakistan”. “We are living it day in and day out,” he said. He then went on to recall previous floods and their impact, and stated: “We grew at 3pc GDP last year. We had estimated that we would grow a little over 4pc this year, but now, given the flood situation, this will shave off a certain percentage around that. But, I am still quite hopeful that we can manage anything close to 3.5pc during this fiscal year.” At the outset of the interview, the finance mini...

Finance Minister Muhammad Aurangzeb met his Saudi counterpart on the third day of his ongoing US visit, the finance ministry said on Thursday, adding that the former briefed the latter about the privatisation process of the Pakistan International Airlines (PIA) and key airports. The meeting was held on the sidelines of the plenary meetings of the International Monetary Fund (IMF) and World Bank (WB) in Washington, D.C., where Aurangzeb arrived on Sunday on a six-day trip. A foreign ministry statement issued today said Aurangzeb continued a series of high-level meetings in the US capital, including his engagement with Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan. “He apprised his Saudi counterpart of the ongoing privatisation process of Pakistan International Airlines (PIA) and key airports, underscoring the government’s resolve to attract strategic investments through transparency and efficiency,” it added. The development comes after a parliamentary committee was informed last month that the PIA Co...

Finance Minister Muhammad Aurangzeb has left for the United States to participate in the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB), state-run Radio Pakistan reported on Saturday. The visit comes after a IMF mission concluded talks with Pakistani authorities on reviews of two lending programmes totalling $8.4 billion without announcing a staff-level agreement (SLA). A day earlier, the finance minister had expressed optimism that the SLA with the IMF would be finalised next week during his visit to Washington. According to the Radio Pakistan report, the minister will participate in more than 65 events, forums, ceremonies, and meetings during his six-day visit to the US. “During his visit, the finance minister will represent Pakistan at the plenary meetings of the IMF and the WB,” the report added. It further said that Aurangzeb would meet with senior officials from the IMF, the WB, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency...

Finance Minister Muhammad Aurangzeb on Wednesday said that talks with the International Monetary Fund (IMF) were headed in the “right direction”. An IMF mission led by Iva Petrova held a formal kick-off meeting with Pakistan’s economic team to review the implementation of the EFF and RSF. The programme’s performance as of the end of June this year — the period under review — has been mixed. The start of the next review period, ending December this year, has also been off the mark, particularly in revenue collection. The two sides now have to agree on corrective measures during their dialogue to meet the next biannual targets. Today, Aurangzeb spoke to reporters as he left a meeting of the Senate Standing Committee on Finance and Revenue in Islamabad. The minister told reporters that the $7.1 billion Extended Fund Facility (EFF) and the $1.1bn Resilience and Sustainability Facility (RSF) were being reviewed. “So far, so good,” he said. The EFF is undergoing its second review, while the RSF is being reviewed fo...