Islamabad: In a decisive affirmation of Pakistan’s commitment to ongoing economic reforms, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, outlined the government’s strategic focus to foreign investors. Addressing a delegation led by Barclays, the Minister emphasized the nation’s dedication to structural adjustments in critical sectors such as energy, state-owned enterprises, privatization, and taxation.

According to Ministry of Finance announcement issued on 08 October 2024, the discussion highlighted the government’s efforts over the past year to shake off Pakistan’s image as a ‘single-tranche country’ and transition towards sustainable macroeconomic stability. The Minister briefed the investors on various policy measures that have been implemented to stabilize the economy, including maintaining currency stability, managing foreign exchange reserves, and addressing inflation concerns.

Senator Aurangzeb credited the successful conclusion of the nine-month IMF Stand-by Agreement, initiated under Prime Minister Shehbaz Sharif and rigorously implemented by the caretaker government, as foundational to the nation’s current economic stability. He pointed out the significant clearing of Letters of Credit and import backlogs, as well as the nearly $2 billion payment to foreign investors last year, as evidence of the positive impact of these reforms.

Furthermore, the Minister detailed the government’s proactive measures to continue these reforms, such as the signing of a National Fiscal Pact aimed at broader sectoral improvements. He also discussed the recent performance improvements, including the diversification of exports and the notable decrease in inflation from last year’s high to a more controlled figure in the current fiscal year.

The delegation from Barclays expressed their approval of the economic roundup presented by Minister Aurangzeb and showed interest in further investment opportunities, signaling international confidence in Pakistan’s reformative trajectory.