ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has reiterated that the government is not responsible for conducting trade but remains fully committed to supporting the private sector. Speaking at the Insurance Impact Conference hosted by the Securities and Exchange Commission of Pakistan (SECP), he emphasized the importance of innovation and structural reforms within the insurance sector.
Aurangzeb also reflected on the government’s efforts to stabilize the macroeconomy over the past year, mentioning a productive meeting with the International Monetary Fund (IMF) head, who acknowledged Pakistan’s progress in implementing key structural reforms.
“While the details of economic stability are well-known, the focus now should shift to enacting further reforms,” he said.
He underscored the importance of affordable and efficient insurance solutions for achieving an “insured Pakistan” and called for modern approaches to life, health, and general insurance. Additionally, he recognized the importance of addressing climate change in shaping the future of the insurance industry.
Aurangzeb also proposed privatizing state-owned insurance companies that are operating at a loss. “If these public-sector firms continue to operate in deficit, they should be handed over to the private sector,” he stated.
The minister reiterated that the government’s role is not to engage in trade but to establish favorable policy frameworks and create an environment where businesses, particularly in the private sector, can flourish.
Prime Minister Muhammad Shehbaz Sharif also met with IMF Managing Director Kristalina Georgieva at the World Governments Summit (WGS) 2025 in Dubai, where they discussed Pakistan’s ongoing IMF program and the progress made in achieving macroeconomic stability.
The discussion highlighted Pakistan’s successful implementation of structural reforms, fiscal discipline, and its commitment to sustaining these efforts for long-term economic growth. Georgieva commended Pakistan’s achievements, praising the government’s leadership and the positive trajectory of the country’s economy.
She reiterated the IMF’s continued support for Pakistan’s reform agenda, emphasizing the need for fiscal discipline, structural reforms, and good governance to ensure lasting economic stability.
