Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, virtually addressed a business session arranged for the visiting Saudi business delegation at the Overseas Investors Chamber of Commerce and Industry (OICCI) in Karachi today. The event was co-hosted by the OICCI and the Pakistan Business Council (PBC)..
The announcement came as he addressed a visiting Saudi business delegation, underscoring the nation’s restored economic stability and unveiling a push for private sector-led growth.
Senator Aurangzeb expressed confidence that a deal would be finalized during his upcoming meetings in Washington for the annual gatherings of the IMF and the World Bank.
The Finance Chief highlighted significant improvements in the country’s economic health, stating that macroeconomic stability has been restored. He noted that all three major global rating agencies are now aligned on Pakistan”s standing after several years. “Stable financing rates, a steady foreign exchange regime, and adequate reserves have helped make capital and profit repatriation routine matters rather than challenges,” he asserted.
To illustrate this newfound stability, the minister pointed to the recent repayment of a US$500 million Eurobond on September 30. He remarked that “when there is macroeconomic stability, such events become non-events – there is no drama.’
The government is also pursuing deep structural reforms in the taxation and energy sectors, developed through a consultative process with the private sector. Senator Aurangzeb acknowledged the valuable contributions from both OICCI and PBC in shaping these critical policy changes.
Addressing the Saudi delegation, the minister emphasized the government”s firm belief that the private sector must spearhead economic expansion, with the state’s role being that of a facilitator. He said Pakistan currently enjoys a unique confluence of favorable factors, including positive geopolitical tailwinds with partners like Saudi Arabia, China, and the United States engaging on trade and investment.
This sentiment was reinforced by the Federal Cabinet’s formal approval of the historic Security Pact signed between His Royal Highness the Crown Prince of Saudi Arabia and Prime Minister Muhammad Shehbaz Sharif, a development he termed a significant step in deepening multifaceted ties.
Senator Aurangzeb also made a striking claim about the nation”s financial landscape, pointing out that while Pakistan”s recorded economy is US$411 billion, nearly half remains undocumented. “The real size of our economy is close to a trillion dollars,” he stated, adding that digitization and documentation, personally led by the Prime Minister, would be pivotal in broadening the tax base.
The session, he noted, would present concrete project opportunities for the Saudi investors in key sectors of mutual interest, including agriculture, mining, information technology, pharmaceuticals, and tourism.
On domestic matters, the minister mentioned that rapid damage assessments following recent floods are being finalized, with a focus on utilizing domestic resources for rescue and relief before seeking external aid for reconstruction.
Concluding his remarks, Senator Aurangzeb extended his best wishes to the Saudi delegation for their engagements in Karachi and Lahore, expressing optimism for fruitful deliberations and enhanced investment partnerships.