Govt is currently in talks with the IMF mission for further engagement: Finance Minister Muhammad AurAngzeb

ISLAMABAD, May 22 (SABAH): Canadian High Commissioner to Pakistan Ms. Leslie Scanlon called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division on Wednesday.

The Finance Minister welcomed the Canadian High Commissioner and informed her about the successful completion of the nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). He further stated that the Government is currently in talks with the IMF mission for further engagement. Senator Muhammad Aurangzeb also apprised the High Commissioner about Government’s key priority reform areas that include tax-to-GDP ratio by bringing untaxed segments into the tax net, end to end digitalization and administrative reforms. The Minister said that the consultants have been engaged in this regard. The Federal Minister, while mentioning the privatization initiatives affirmed the Prime Minister’s commitment to privatize State-Owned Enterprises (SOEs). He added that a positive response has been received from local and foreign investors for privatization of Pakistan International Airlines (PIA).

The Minister also explained the complex energy equation, informing that DISCO boards have been reconstituted with the subject matter experts from private sector, to increase their efficiency. Furthermore, the Finance Minister emphasized the role of the Special Investment Facilitation Council (SIFC) as a pragmatic single-window platform, designed to streamline investment processes and attract foreign investments.

The High Commissioner Ms. Scanlon recognized the efforts of Government to improve the country’s economy. While expressing hope for the economic growth and stability in the country, she assured that the Canadian government will continue to support the socio-economic development of Pakistan.

Meanwhile a delegation of representatives from Aerated Beverage Industry led by President of Lotte Akhtar Beverages Ghazi Akhtar, called on Senator Muhammad Aurangzeb at Finance Division on Wednesday. Turkish Ambassador to Pakistan H.E Dr. Mehmet Pacaci also joined the meeting. The delegation expressed their appreciation for the government’s economic initiatives and conveyed that they are encouraged by supportive policies of Government. They presented several tax proposals for the upcoming fiscal year, suggesting adjustments to the Federal Excise Duty (FED) that could support their industry growth and contribute to the government’s tax collection efforts.

Finance Minister highlighted the government’s commitment to support the private sector. He emphasized the Prime Minister’s vision for the private sector led economic growth as reflected in the ongoing privatization efforts. He assured the delegation that the government will proceed with strategic intent and within the available fiscal space. The delegation thanked the Finance Minister and expressed optimism for continued collaboration and support.