AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad, In a meeting today with the Ambassador of Italy to Pakistan, H.E Ms. Marilina Armellin, Pakistani Minister for Finance and Revenue Muhammad Aurangzeb highlighted significant economic reforms and invited Italian investment in various sectors, including information technology and agriculture.
According to Ministry of Finance, Minister Aurangzeb detailed Pakistan’s recent economic achievements, such as reducing the current account deficit, reaching an all-time high in the stock market, and successfully completing a nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). The discussion also covered the government’s ongoing negotiations with the IMF for a new, long-term program.
The minister emphasized strategic initiatives to broaden the tax base by targeting previously untaxed and under-taxed segments and reiterated the government’s commitment to privatizing various State-Owned Enterprises (SOEs), starting with Pakistan International Airlines (PIA) and major airports. This policy shift from aid to investment reflects a new approach in Pakistan’s economic strategy.
Ambassador Armellin acknowledged the promising economic indicators in Pakistan and expressed interest in strengthening cooperation between Italy and Pakistan, particularly in sectors like textiles, machinery, agriculture, and dairy. The Finance Minister thanked the Italian government for their ongoing support and expressed eagerness to continue fostering long-standing bilateral relations.