Finance Minister Muhammad Aurangzeb has announced significant government restructuring plans, including the closure of loss-making entities such as the Utility Stores Corporation and PASCO, alongside a shift to a defined-contribution pension scheme for new civil servants.
Addressing the inaugural session of the 9th Edition of “The Future Summit” in Karachi today, Aurangzeb detailed a fundamental pivot from reactive policymaking to a forward-looking, reform-driven strategy intended to stabilize Pakistan”s economy and restore investor confidence.
The minister outlined the administration”s commitment to structural reforms, fiscal discipline, and strategic partnerships as the core components for redefining the country’s economic direction and establishing a sustainable course for growth.
He asserted that macroeconomic stability has already been achieved and externally validated, pointing to recent outlook upgrades by major rating agencies and the successful conclusion of the International Monetary Fund’s second review under the ongoing program.
The government reaffirmed its dedication to cultivating an enabling ecosystem in priority sectors identified for investment, including minerals and mining, information technology, agriculture, pharmaceuticals, and the blue economy.
Discussing the burgeoning knowledge-based economy, the Finance Minister welcomed Google”s decision to open an office in Pakistan, viewing it as a move that would help establish the country as a regional technical and export hub.
Aurangzeb also emphasized the critical need to equip the nation”s youth with advanced digital and technical skills to help them secure higher-value opportunities in burgeoning fields like coding, blockchain, and AI-driven sectors.
Updates were also shared on the right-sizing of federal ministries and departments, a measure proceeding in parallel with the closure of unprofitable state-owned enterprises.