Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, hosted a meeting with representatives from Standard and Poor’s (S&P) Global Rating Agency, focusing on Pakistan’s economic stability and growth prospects.
According to Ministry of Finance announcement issued on 10 July 2024, the S&P delegation, led by Directors of Sovereign and International Public Finance Ratings Mr. Yee Farn Phua and Mr. Andrew David Wood, was briefed on the recent economic achievements of Pakistan. Minister Aurangzeb outlined the successful completion of the nine-month Stand By Arrangement with the IMF and the positive trajectory of the nation’s economic indicators. Key highlights included the buildup of foreign exchange reserves to USD 9.4 billion, strong stock market performance, a decrease in inflation rates to 12.6% in June 2024, and a 7.7% increase in foreign remittances year-over-year. He also noted a 30% increase in tax collection for FY 2024 compared to the previous year, alongside ongoing reforms in energy and state-owned enterprises aimed at enhancing efficiency and promoting privatization.
The Minister further discussed ongoing negotiations with the IMF regarding a new medium-term program to support Pakistan’s economic reform agenda, which is also reflected in the FY 25 budget. The S&P delegation acknowledged the significant fiscal measures undertaken by the Government of Pakistan and recognized the improvements in economic indicators.