Senator Muhammad Aurangzeb, Pakistan’s Minister for Finance and Revenue, held a virtual meeting with Ms. Johana Chua, Head of Emerging Markets Economies at Citigroup Global Markets, along with representatives from the broader investment community, to discuss Pakistan’s recent economic progress and reform priorities.
The minister shared updates on key developments, including his recent visit to the United Kingdom, which he described as “constructive and encouraging” in terms of strengthening bilateral partnerships and investor confidence.
He drew attention to the recent sovereign credit rating upgrade by Fitch, calling it “a positive external validation of the country’s improving macroeconomic trajectory.”
Senator Aurangzeb reiterated that “‘staying the course’ remains the guiding message and national commitment,” underlining the government’s resolve to maintain fiscal discipline and continuity of reforms.
He also briefed participants on the successful conclusion of a Staff Level Agreement with the International Monetary Fund (IMF) under the Extended Fund Facility (EFF), with the next tranche expected to be received tomorrow. In addition, the minister referred to the approval of the Resilience and Sustainability Facility (RSF) as “a milestone achievement for Pakistan.”
Turning to growth priorities, he highlighted Pakistan’s strategic pivot toward an export-led model, noting a substantial rise in IT services exports, which have reached USD 3.2 billion this year.
The meeting also addressed ongoing tax reform efforts, including legislative progress on the Agricultural Income Tax and the revival of the National Tax Council. Senator Aurangzeb emphasized the need to expand the tax base and improve enforcement, particularly in sectors where leakages persist. He noted that “the formal sector and salaried class are already contributing to the national revenue.”
Ms. Chua and her team welcomed the macroeconomic improvements and reform steps taken by the government. She praised the progress on the IMF programme and reaffirmed Citigroup’s interest in continued engagement with Pakistan, expressing support for the country’s reform trajectory and international re-engagement.
The meeting concluded with both sides agreeing to maintain regular communication and explore future opportunities for collaboration.
