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Muhammad Aurangzeb

Improvement in Pakistan’s credit rating is global recognition of reform efforts: Finance Minister

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Finance Minister Muhammad Aurangzeb has said that the recent improvement in Pakistan’s credit rating by global agency S&P Global reflects international recognition of the government’s ongoing economic reforms. Terming the development a positive sign for Pakistan’s economic direction, the finance minister thanked the S&P Global delegation during their meeting in Islamabad. The meeting discussed Pakistan’s … Read more

IMF deal and the country’s new export-led growth strategy, says FinMin Aurangzeb

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Finance Minister Muhammad Aurangzeb stated in an interview with CNBC during the 2025 Annual Meetings of the World Bank and IMF that ongoing structural reforms in Pakistan have the potential to set the country on a path of rapid and sustainable growth, similar to the “East Asia Movement.” The minister highlighted that Pakistan has made … Read more

Aurangzeb departs for US to attend IMF, WB annual meetings

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Aurangzeb

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has departed for the United States to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank Group. During his visit, the finance minister will represent Pakistan at the plenary sessions of both the IMF and World Bank. Senator Aurangzeb is … Read more

Pakistan’s banking system more complex than other countries: Aurangzeb

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Aurangzeb

ISLAMABAD: Federal Minister for Finance Senator Muhammad Aurangzeb has said that Pakistan’s banking system is more complex compared to other countries. Addressing a ceremony in Islamabad, the finance minister stated that facilitating traders and investors is the government’s top priority. He added that the process of economic reforms is underway and the economy is moving … Read more

Aurangzeb hints at further cut in interest rate, power traffi

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Aurangzeb

RAWALPINDI: Federal Minister for Finance and Revenue, Muhammad Aurangzeb has hinted at the possibility of further reducing interest rates and lowering electricity prices. Addressing the business community on “Independence Day Celebrations”, at Rawalpindi Chamber of Commerce and Industry (RCCI), the minister he noted that consumer confidence is at its peak, economic growth is at record … Read more

Finance Minister departs for US to finalize trade agreement

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Finance Minister

ISLAMABAD: Finance Minister Muhammad Aurangzeb has departed for Washington, D.C., to finalize a key bilateral trade agreement with the United States. According to details, the minister is expected to oversee the signing of a mutually agreed tariff deal ahead of the August 1, 2025 deadline. The agreement aims to strengthen economic ties and enhance trade … Read more

Govt approves construction of low-cost housing scheme

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housing scheme

ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has approved a new scheme for the construction of low-cost housing. The decision was made during a meeting of the Economic Coordination Committee (ECC), chaired by the finance minister, where financial support under the Markup Subsidy and Risk Sharing Scheme was approved. At the meeting, Muhammad Aurangzeb approved the … Read more

US is Pakistan’s largest trade partner, says Finance Minister

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US

ISLAMABAD: Federal Finance Minister Senator Muhammad Aurangzeb has emphasized that the United States is Pakistan’s largest trading partner, and both countries aim to elevate bilateral relations to a new level. During a briefing following his meeting with U.S. officials, the finance minister highlighted Pakistan’s commitment to expanding trade and investment ties with the United States, … Read more

Govt expands tax net to include E-commerce sector

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Govt

ISLAMABAD: Federal Minister for Finance Muhammad Aurangzeb announced the government’s decision to impose taxes on those conducting business through e-commerce platforms. In his budget speech, Muhammad Aurangzeb stated that goods sold via online platforms would now be subject to taxation, including items and services ordered digitally. The minister further clarified that individuals and entities operating … Read more

Sukkur-Hyderabad-Karachi Motorway top priority: Aurangzeb

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Aurangzeb

ISLAMABAD: Finance Minister Muhammad Aurangzeb assured the National Assembly that the Sukkur-Hyderabad-Karachi Motorway is essential for Pakistan’s economic connectivity and will be completed at all costs. Responding to concerns raised by lawmakers, the minister said the project has been prioritized and will move forward with funding either through foreign sources or the Public Sector Development … Read more

Environmental degradation posing threats to country’s economy: Aurangzeb

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Environmental

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb said that the government would utilize all its resources to realized sustainable economic and environmental growth as both were correlated to each other. At present, environmental degradation and large population are major existential threats to the country’s economy, for which the government will provide all … Read more

Pakistan Crypto Council officially launched  

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Pakistan

ISLAMABAD: Pakistan Crypto Council (PCC) has been established which will play a pivotal role in formulating policies, fostering innovation and ensuring a secure adoption of cryptocurrency in Pakistan. Finance Minister Muhammad Aurangzeb has been made the PCC chairman while Bilal Bin Saqib has been appointed Chief Executive Officer (CEO) of the Council. Finance Minister Muhammad … Read more

Aurangzeb reaffirms govt’s commitment to supporting insurance sector

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Aurangzeb

ISLAMABAD: Federal Minister for Finance Senator Muhammad Aurangzeb reaffirmed government’s commitment to supporting the insurance sector, recognizing its potential for significant private sector investment. During a meeting with a delegation of chief executive officers from Pakistan’s leading insurance companies, the minister said government wanted to diversify lending beyond the banking sector, urging the insurance industry … Read more

Muhammad Aurangzeb says govt won’t back step from reforms

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Finance Minister Muhammad Aurangzeb has reaffirmed the government’s commitment to implementing reforms, stating that there will be no retreat from the measures being introduced. Speaking to the media in Karachi, he emphasized that state-owned enterprises that can operate efficiently in the private sector will not remain under government control. He stressed that privatization is in … Read more

Govt to reduce financial burden on salaried class: Finance Minister

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Finance Minister Muhammad Aurangzeb has announced plans to reduce the financial burden on the salaried class in the upcoming budget. Speaking to media representatives in Lahore on Sunday, he highlighted positive economic indicators, including a rise in remittance senders to 35 million and an increase in Roshan Digital Account inflows. Muhammad Aurangzeb emphasized the private … Read more

PM Shehbaz Sharif to unveil ‘Uran Pakistan’ economic plan today

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PM calls emergency NSC meeting after India suspends Indus Waters Treaty

Prime Minister Shehbaz Sharif is set to unveil “Uran Pakistan” a domestically developed five-year national economic plan, in Islamabad today. Finance Minister Muhammad Aurangzeb explained that its goal is to transition the country from its current macroeconomic stability to sustainable growth. Describing it as a momentous occasion, the Finance Minister stated that one of the … Read more

FBR announces action against non-filers

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FBR

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial has categorically announced that action will be taken against those who do not submit tax returns.

Finance Minister Muhammad Aurangzeb, Minister of State Ali Pervez Malik and Chairman FBR Rashid Mahmood Langrial held a press conference in Islamabad.

While addressing a press conference in Islamabad, Chairman FBR Rashid Mahmood Langrial said that we have given notices to 190,000 people and 38,000 people have submitted 37.7 million tax returns.

He said action will be taken against those who did not submit the return and did not pay the tax.

Chairman FBR said that Pakistan’s tax gap is Rs. 7100 billion and income tax gap is Rs. 2400 billion. He said FBR is digitizing the invoicing process and the focus is on the top 5 percent people.

He said FBR is directly looking at the sugar mills and several mills caught on flying invoices in Punjab.

Speaking at the press conference, Finance Minister Muhammad Aurangzeb said that we have to fix the tax system on a permanent basis and there is a total additional tax potential of RS 71 billion.

He said that technology is very important in tax collection AND transparency has to be brought in the system to prevent tax evasion. He added that human intervention in tax collection of FBR is being reduced.

Minister of State for Finance Ali Pervez Malik said in the press conference that we have to have a partnership with the International Monetary Fund(IMF) and we want standard.

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Finance Minister Says Economy Stabilizing, Prices Falling

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Finance Minister Muhammad Aurangzeb said on Saturday that protests are causing losses of around 190 million rupees every day. He emphasized, “We need to avoid this kind of activity.” Speaking at the Overseas Investors Chamber of Commerce and Industry, Aurangzeb highlighted that certain steps are necessary to boost trade and investment. The minister stated that … Read more

FM reiterates importance of inclusive growth, data sharing

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FM

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb reemphasized the need for inclusive growth, highlighting the importance of bringing everyone into the mainstream to contribute constructively to the economy.

Speaking at the launch of ‘ESG Sustain Pakistan’s premier Sustainability centric online platform’, the minister praised the Securities and Exchange Commission of Pakistan (SECP) for its efforts in promoting digitization and data sharing.

He noted that digital channels and avenues are the way forward, enabling the scaling up of initiatives and promoting a culture of transparency and accountability.

The minister said the ESG platform was aimed at encouraging companies and institutions to share their success stories and best practices.

This initiative is expected to serve as an equalizer, allowing all institutions, regardless of size, to showcase their achievements and learn from each other.

Aurangzeb reiterated the importance of private sector leadership in driving Pakistan’s growth, with the government providing a policy framework and enabling environment.

He emphasized that the government has no business being in business, citing the significant losses of around Rs6 trillion incurred by state-owned enterprises (SOEs) over the past decade.

The minister also highlighted the need to address Pakistan’s two existential problems including population growth and climate change.

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ADB to provide $500m loan for Pakistan

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ADB

ISLAMABAD: Asian Development Bank (ADB) will provide $500 million loan to Pakistan which will be spent on environmental and natural disaster protection programs.

Finance Minister Muhammad Aurangzeb with ADB President Masatsugu Asakawa. During the meeting, Asakawa indicated the provision of $500 million in loans and emphasized ADB’s commitment to supporting Pakistan’s development efforts.

According to the Ministry of Finance, the Asian Development Bank will give a loan of 500 million dollars to Pakistan, the money will be spent on environmental and natural disaster protection programs.

The Finance Minister thanked ADB for its support in approving the Policy Baseline and hoped for the early completion of ADB’s Country Partnership Framework.

According to the Ministry of Finance, the Finance Minister welcomed the opening of ADB’s new office in Islamabad, while the parties agreed on the need for increased domestic revenue and regional

On the other hand, Finance Minister Aurangzeb met with representatives from Moody’s Credit Rating Agency and the US Export-Import Bank (EXIM) in Washington. The minister thanked Moody’s for recently upgrading Pakistan’s credit rating to CAA2.

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Finance Minister invites US companies to invest in Pakistan

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Pakistan’s economic reforms on right path, says finance minister

Finance Minister Muhammad Aurangzeb has encouraged US enterprises to invest in Pakistan’s agriculture, IT, and energy sectors. In a meeting with the US Assistant Secretary of State for Economic and Business Affairs in Washington, he emphasized the significance of the Pakistan-US economic partnership for the country’s socio-economic development. Additionally, Aurangzeb met with Mohamed bin Hadi … Read more

ITFC to provide $3b in commodity financing to Pakistan

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ITFC

WASHINGTON: The International Islamic Trade Finance Corporation (ITFC) has announced to provide $3 billion in commodity financing to Pakistan over three years, immediately followed by direct financing of $269 million.

Finance Minister Muhammad Aurangzeb expressed his gratitude to IFTC for providing commodity financing to Pakistan for three years.

Earlier, Federal Finance Minister Muhammad Aurangzeb also met Assistant Secretary for Economic and Business Affairs Amy Holman of the US Department of State.

In this meeting held in Washington DC, the Finance Minister recognized the importance of Pakistan-US economic partnership in the socio-economic development of Pakistan and thanked the US for its support.

In the meeting, the finance minister identified investment opportunities in agriculture, IT, energy, and mining sectors and invited American companies to invest in these sectors.

In an address to a think tank in Washington, Federal Finance Minister Muhammad Aurangzeb said that policies are being made regarding the reduction of government expenditure and reforms in various sectors.

He said that the Pakistani rupee is getting stronger and remittances are improving.

It should be noted that Federal Finance Minister Muhammad Aurangzeb is in America with a delegation to participate in the annual meetings of World Bank and International Monetary Fund(IMF) in Washington.

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ECC approves exports of surplus sugar

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ECC

ISLAMABAD: The Economic Coordination Committee of Cabinet (ECC) has approved the export of 500,000 metric tonnes of surplus sugar.

A meeting of the ECC was held under the supervision of Finance Minister Muhammad Aurangzeb in which the export of surplus sugar was approved. The statement said that the export was allowed due to surplus sugar reserves in the country.

The export is subject to an undertaking by Pakistan Sugar Mills Association that their mills will commence production by 21st of next month for the next crop year and export quota of any non-compliant mill will be revoked.

According to provincial statistics, existing stock of sugar stood at 2.054 million MT of sugar reserves were available in the country till September 30 while 5.454 million MT of sugar were consumed in the country in the last 10 months and 0.900 million MT of sugar are estimated to be consumed in October and November.

The committee made the export of sugar subject to the commencement of the crushing season on November 21 by the sugar mills. The sugar will be exported in 3 months and this facility can be withdrawn at any time if the price of sugar increases.

The ECC further directed that the Cabinet Committee on Monitoring Sugar Exports, already constituted vide Cabinet Division’s Notification dated 25th & 26th June, 2024 and 13th September, 2024, would continue to regularly monitor and update the Cabinet on demand, supply and price situation of sugar in the country, including in the case of export of 0.500 MMT of sugar as well.

The ECC also discussed and approved a summary submitted by the Ministry of Energy (Power Division) seeking a compensation package for the deceased Chinese employees of Port Qasim Electric Power Company (Private) Limited.

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Govt decides to impose tax on agriculture income from July 2025

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Govt

ISLAMABAD: The Federal Finance Minister Muhammad Aurangzeb has announced that federal government will impose tax on agricultural income from July 2025.

Speaking to the media in Parliament, Finance Minister Muhammad Aurangzeb said that the tax legislation on the agricultural sector will be made in January 2025 and progress is being made on the National Finance Pact with the provinces.

He said that the re-profiling of debt of China–Pakistan Economic Corridor(CEPC) power projects is going on positively and it is hoped that the re-profiling agreement of CPEC power projects will be done soon.

He said that he is a supporter of complete independence of State Bank of Pakistan.

It should be noted that there is no tax on agricultural income in the country, if the tax is imposed, it will be for the first time after the independence of Pakistan.

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FBR likely to extend deadline for filing income tax returns

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FBR faces Rs110bn revenue shortfall in April 2025

ISLAMABAD: Federal Board of Revenue (FBR) has set September 30(today) as last and final day for submission of income tax returns while government has not yet announced an extension.

It is the last day for submission of income tax returns, the business community is demanding an extension of the date, but no decision has been taken by the government to extend the date.

FBR has started considering extending the date of submission of income tax returns.

Sources say that it will be recommended to extend the date of the Prime Minister’s return to the country, there is a lot of load on the system during the submission of returns.

So far, 29 million returns have been collected till September 28. 1.4 million returns were submitted till this date last year.

Earlier, Finance Minister Muhammad Aurangzeb said that this year the number of filers has reached to 3.2 million, last year there were 300,000 new filers, while this year it has increased to 723,000.

He said that non-filers will not be able to buy vehicles, property and there will be a decision regarding the under-filers.

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Aurangzeb terms agriculture, IT as backbone of country’s economy

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Aurangzeb

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb said that agriculture and information technology (IT) were the backbone of country’s economy and the real levers of economic growth.

Aurangzeb made these comments during a meeting with Deputy Director in the Office of International Affairs at the US Commodity Future Trading Commission (CFTC), Kevin Piccoli who called on the minister here.

Chairman Securities and Exchange Commission of Pakistan (SECP), Akif Saeed and senior officials from the Finance Division and officials from US Embassy in Pakistan also attended the meeting.

They discussed the role of agricultural commodities market and the collaboration between SECP and CFTC for an ongoing series of capacity-building training sessions on the development of commodities futures market, regulation and oversight leading to a well-functioning commodities market in Pakistan.

On the occasion, the minister welcomed the initiative and highlighted the role of agriculture in Pakistan’s economy, particularly its contribution to the GDP of the country.

He noted that while country’s economy during FY2024 grew by 2.38 per cent, agriculture emerged as a main driver of economic growth, registering an impressive growth of 6.25 per cent due to double- digit growth in output of major crops.

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FM discusses investment opportunities with foreign investors

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FM discusses

ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb held a meeting with a delegation of international investors, led by Chief Executive Officer (CEO) J.P. Morgan Pakistan, Amin Mohammad Khowaja, to explore fixed income investment opportunities in country’s economy

According to press release issued by finance ministry, during the meeting, the minister highlighted the significant strides Pakistan has made in improving its macroeconomic indicators – including the 14 % rise in exports, the decline in inflation to 9.6 % (which is 34 months low), and an overall decline in the Current Account deficit.

He also pointed out the improvement in Pakistan’s sovereign credit ratings which reflect a stable and promising economic outlook. “The country’s economic growth is underpinned by robust fiscal discipline, inflation management, and a favorable balance of payments” he stated.

Senator Aurangzeb also elaborated on the government’s ambitious structural reforms agenda, aiming at broadening the tax base, rightsizing of the public sector, privatization drive, and energy sector reforms, to aid overall macroeconomic stability.

The Minister reaffirmed the government’s resolve to carry forward the comprehensive reforms agenda to enhance the efficiency and governance of public institutions. “These reforms,” he noted, “are designed to create a more conducive environment for foreign investment and to ensure the long-term stability of the economy.”

The Finance Minister assured the delegation of the government’s full support in facilitating their investment ventures and welcomed their interest in contributing to Pakistan’s economic growth. He reiterated Pakistan’s strong commitment to attracting foreign investments through maintaining a business friendly environment.

On the occasion, the delegation commended the government’s efforts to create a business-friendly environment and expressed optimism about the prospects of increased investment flows into Pakistan.

The discussions covered a range of potential investment areas, including renewable energy, information technology, infrastructure development, and the financial sector.

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Reforms must be make EFF last IMF programme: Finance Minister

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IMF

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here reiterated the need for structural reforms to ensure the Extended Fund Facility (EFF) with International Monetary Fund (IMF) is the country’s last programme, highlighting the importance of privatization, export-led growth, and foreign direct investment to sustainable macroeconomic stability.

Addressing the Ground Breaking Ceremony of the Head Office Building of the Securities and Exchange Commission of Pakistan (SECP), the minister said, the Staff Level Agreement (SLA) has been signed with IMF and it would go to fund’s board for final approval.

“So under the fund umbrella, it is not only getting the fund but making sure that this time we do the structural reforms,” he remarked.

“If we have to make it last programme of the fund then whether it is on taxation side, energy side, or SOE reforms and the privatization side, we have to move forward because we do not have the space and room any more to dither on this agenda.” the minister remarked.

He said upgrade in Pakistan’s rating by Fitch, an international credit rating agency, and the policy rate reduction by State Bank of Pakistan (SBP) were direct manifestations of macroeconomic stability that the government has been following under the leadership of Shehbaz Sharif.

He said, the economic team would continue to move forward with this agenda. However, he added there was need to bring permanence into it. “Stabilization would lead to growth, so we have to bring permanence,” he said.

Talking about the role of private sector, the minister said, it has been decided in the cabinet committee on State-Owned Enterprises (SOEs) that all insurance companies under the public sector will be handed over the private sector.

He said, there was no reason whatsoever the government holds on to those entities or their functions. Even the strategic functions would be done by private sector he said adding the government would be there to provide policy framework and policy continuity.

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