ISLAMABAD: Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with Scott Jacobs, Managing Director of Jacobs, Cordova and Associates, on Monday to discuss proposed regulatory reforms in Pakistan.
According to a statement from the Finance Division, the meeting focused on reforms designed to enhance the regulatory environment, fostering greater entrepreneurship, innovation, and investment. Jacobs presented a detailed proposal aimed at streamlining the regulatory system through a comprehensive review of standardized processes.
Jacobs, Cordova and Associates, a US-based consulting firm, specializes in improving government regulations using multidisciplinary approaches that incorporate microeconomics, rule of law, and new public management.
During the meeting, Aurangzeb emphasized the significance of these reforms and highlighted the necessity for impactful assistance to ensure their successful implementation. Discussions also targeted specific areas where reforms are urgently needed to optimize operations and regulatory frameworks.
The meeting was attended by the Secretary of the Board of Investment (BoI) and officials from various ministries and divisions.
Recently, at the groundbreaking ceremony for the new head office of the Securities and Exchange Commission of Pakistan (SECP), Aurangzeb stressed the urgency of advancing structural reforms in key sectors. He noted that the government could no longer delay these reforms, which are critical under the ongoing International Monetary Fund (IMF) program.
Aurangzeb reiterated that the government is committed to moving forward with structural changes in taxation, energy, State-Owned Entities (SOEs), and privatization. This follows the recent staff-level agreement with the IMF for a $7 billion, 37-month loan program aimed at reinforcing stability and promoting inclusive growth.
