Finance Minister Muhammad Aurangzeb today termed Federal Cabinet’s approval of a historic Security Pact with Saudi Arabia as a development a significant step in deepening the multifaceted ties between the two nations.

The minister highlighted the pact, previously signed by the Saudi Crown Prince and Pakistan’s Prime Minister, while reaffirming the government’s commitment to strengthening its strategic partnership with the Kingdom.

In a virtual address to a visiting Saudi business delegation at the Overseas Investors Chamber of Commerce and Industry, Aurangzeb reiterated the government’s core belief that the private sector must spearhead the nation”s economic progress, with the state’s role being to foster an enabling environment.

The finance minister highlighted the nation’s improving financial health, stating that macroeconomic stability has been restored. He noted that for the first time in several years, all three major global rating agencies are aligned in their assessment of the country”s economy.

While celebrating progress on the stabilization front, the minister confirmed that the administration is concurrently pursuing crucial structural reforms. These changes, focused on the taxation and energy sectors, are being advanced through a consultative process with private industry stakeholders.

Regarding international financial engagement, Aurangzeb expressed optimism about reaching a staff-level agreement with the International Monetary Fund shortly. He described the ongoing discussions with the IMF mission as constructive, with only a few outstanding issues remaining to be settled during his upcoming meetings in Washington.

On the domestic front, the minister mentioned that the government is finalizing rapid damage assessments following recent floods. He clarified that the immediate priority is to utilize domestic resources for rescue and relief operations before considering external assistance for long-term rehabilitation and reconstruction.