Tells Saudi counterpart Pakistan’s reserves enhancing, investor confidence rising
Commerce obstacles positioned on international merchandise are mistakenly thought of a profit by many politicians, when in truth they harm their very own residents and economic system and in flip make exports tougher. photograph: file
ISLAMABAD:
Federal Minister for Finance Senator Muhammad Aurangzeb has stated that Pakistan’s economic system is on a path of stability and progress. International trade reserves have improved and there may be import cowl of round three months, reflecting financial stability.
The boldness of each home and international buyers is rising. At current, 16 preliminary public choices (IPOs) are into consideration, whereas 9 IPOs had been efficiently accomplished final yr. Greater than 120,000 new buyers have entered the capital market, which is a transparent signal of confidence within the economic system.
In line with the Ministry of Finance, he expressed these views throughout a gathering with Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan on the sidelines of the World Financial Discussion board Annual Assembly 2026 in Davos.
Through the bilateral assembly, the 2 leaders exchanged views on Pakistan’s financial progress and mentioned methods to additional strengthen the longstanding financial partnership between Pakistan and Saudi Arabia. Saudi Finance Minister Mohammed Al-Jadaan expressed satisfaction over the latest enchancment in Pakistan’s economic system.
Senator Aurangzeb thanked the dominion for his or her continued help for Pakistan, highlighting the sturdy and enduring relations between the 2 nations. Briefing his Saudi counterpart on key financial indicators, he reiterated that Pakistan’s economic system is shifting in the direction of stability and progress. He stated a downward development in rates of interest has begun, whereas financial coverage choices are taken independently by the State Financial institution of Pakistan.
The finance minister stated financial progress stood at 3.1% final yr, which elevated to three.7% within the first quarter of the present fiscal yr. He clarified that the federal government’s focus is on a secure present account and sustainable financial progress.
Senator Aurangzeb additionally highlighted the essential function of remittances, stating that these are anticipated to extend from $38 billion final yr to over $41 billion this yr. Development in IT companies was additionally described as optimistic for financial exercise. On the event, he appreciated the help supplied by Saudi Arabia.
Highlighting the federal government’s efforts to advertise international funding, the finance minister stated that minerals, agriculture and different productive sectors are key priorities for funding, which might help enhance exports and create employment alternatives for the native inhabitants.
He additionally briefed his counterpart on the federal government’s privatisation technique, noting that vital progress has been made in latest months, together with the funding made by the United Arab Emirates within the digital sector and issues associated to Pakistan Worldwide Airways.
He stated work will proceed within the subsequent part on the privatisation of different state-owned enterprises, energy distribution corporations and the airports of Islamabad, Lahore and Karachi. The finance minister stated the Privatisation Fee is working underneath the management of skilled professionals and the method is being made clear, structured and sustainable.
In his remarks, Saudi Finance Minister Mohammed Al-Jadaan referred to Saudi Arabia’s expertise with privatisation, stating that by way of built-in and constant reforms, the dominion has achieved long-term advantages. He cited Saudi airports for example, which have change into worthwhile establishments after reforms.
On the conclusion, each finance ministers reaffirmed their dedication to additional increasing financial relations between Pakistan and Saudi Arabia and selling cooperation based mostly on mutual profit.
