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Karachi: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, addressed key initiatives and the country’s macroeconomic outlook during a meeting with the Executive Committee of the Pakistan Banks Association (PBA) on Tuesday. The meeting, held to discuss the collaboration between public and private sectors, included influential figures from the finance and banking industries.
According to Press Information Department, the session was attended by presidents of leading Pakistani banks, the Chairman of the PBA, and other notable government officials. Minister Aurangzeb highlighted the ongoing efforts in enhancing financial infrastructure and stressed the importance of the private sector’s role in these advancements. He specifically noted the government’s satisfaction with the current external financing position and discussed the impending draft resolution with the International Monetary Fund (IMF).
The Finance Minister also underscored the need for Pakistan to improve its presence in International Capital Markets, aiming for a minimum rating upgrade from CCC+ to B-. He touched upon the critical areas of agriculture and technology, urging private banks to increase funding and support, especially for the IT sector and freelancers. Concerns regarding the energy sector were also addressed, with the minister pointing out challenges like additional taxation and high energy costs that impact the development sector and large-scale manufacturing.
The meeting concluded with a directive for banks to prepare for upcoming engagements with the International Finance Corporation (IFC) next week, where they will report on their progress and initiatives in these areas.
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