Islamabad: In a significant development aimed at enhancing economic cooperation, Pakistan and France have pledged to deepen their economic relations, focusing on investment opportunities and expanding bilateral trade. This commitment was articulated during discussions held today in Islamabad between Ali Pervaiz Malik, Pakistan’s Minister of State for Finance, and French Ambassador Nicolas Galey.

According to Ministry of Information and Broadcasting, Minister Malik briefed Ambassador Galey on Pakistan’s current economic progress, noting improvements such as rising foreign exchange reserves, reduced inflation rates, and a strong stock market performance. He detailed ongoing reforms including privatization efforts, energy sector enhancements, and the restructuring of state-owned enterprises, which have been recognized positively by international rating agencies.

The meeting also delved into the Federal Board of Revenue’s digitization efforts, supported by McKinsey, aimed at enhancing tax administration and compliance. Malik emphasized the 2024-25 budget’s focus on broadening the tax base and integrating segments of the economy previously untaxed, as well as initiatives to bring non-filers into compliance.

Ambassador Galey lauded the reforms implemented by Pakistan and offered France’s technical support in areas of shared interest, acknowledging the strides Pakistan has made in stabilizing its economy and expressing optimism for future collaborative endeavors.