Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, has reaffirmed Pakistan's strong commitment to private sector-led economic growth and deepening economic cooperation with the Kingdom of Saudi Arabia.
Virtually addressing a business session organized for the visiting Saudi business delegation at the Overseas Investors Chamber of Commerce and Industry (OICCI) in Karachi, co-hosted by the Pakistan Business Council (PBC), the Minister thanked the leadership of both organizations for their initiative and regretted his inability to attend in person due to his upcoming participation in the IMF-World Bank annual meetings in Washington.
Recalling his recent interaction with His Highness Prince Mansour and members of the Saudi delegation at a luncheon hosted by the Prime Minister, Senator Aurangzeb reiterated that the Government firmly believes in enabling the private sector to lead Pakistan's economic revival, while the state focuses on ensuring a conducive business environment.
Highlighting Pakistan's improving macroeconomic indicators, the Finance Minister said that macroeconomic stability has been restored, with all three major global rating agencies aligned after years of divergence. He noted that stable financing rates, an orderly foreign exchange regime, and adequate reserves have normalized capital and profit repatriation. Referring to the smooth repayment of Pakistan's US$500 million Eurobond on September 30, he remarked, 'When there is macroeconomic stability, such events become non-events - there is no drama.'
Senator Aurangzeb informed the participants that structural reforms in taxation and the energy sector are being pursued through a consultative approach with the private sector, acknowledging valuable input from OICCI and PBC in this regard.
Appreciating the evolving partnership with Saudi Arabia under the guidance of His Excellency Al-Tuwaijri, the Minister said Pakistan was eager to learn from the Kingdom's Vision 2030 and its remarkable success in execution. He emphasized that Pakistan seeks to boost export-led growth and overcome structural bottlenecks to achieve sustainable development.
He further announced that the Federal Cabinet had formally approved the historic Security Pact signed between His Royal Highness the Crown Prince of Saudi Arabia and Prime Minister Muhammad Shehbaz Sharif - a move he described as a major milestone in strengthening the multifaceted bilateral relationship.
The Minister noted that Pakistan currently enjoys a 'unique confluence' of positive factors - macroeconomic stability and favorable geopolitical dynamics - with key partners such as Saudi Arabia, China, and the United States showing renewed interest in trade and investment. He termed the Saudi delegation's visit 'timely and strategically important' in unlocking new avenues of cooperation.
On the domestic front, Senator Aurangzeb said that rapid damage assessments are being finalized after recent floods and that the government will prioritize domestic resources for rescue and relief before seeking external assistance for reconstruction.
Regarding Pakistan's engagement with the IMF, he confirmed that talks with the mission remain 'constructive' with only minor outstanding issues, expressing optimism about reaching a staff-level agreement during his Washington meetings.
Addressing Prince Mansour and the Saudi business representatives, Senator Aurangzeb lauded Pakistan's private sector for its professionalism and vision, noting that the session would showcase opportunities in agriculture, mining, IT, pharmaceuticals, and tourism.
He also briefed participants on two major reform tracks personally led by the Prime Minister - taxation reforms and Pakistan's digital transformation toward a cashless economy. Highlighting the need for documentation, he said Pakistan's recorded economy stands at US$411 billion, but nearly half remains undocumented, meaning 'the real size of our economy is close to a trillion dollars.'
Concluding his remarks, the Finance Minister extended his best wishes to His Highness Prince Mansour and the Saudi delegation for their engagements in Karachi and Lahore and expressed hope that the visit would strengthen investment partnerships between the business communities of both countries.
Senator Aurangzeb also expressed his intent to meet the Saudi leadership again at the upcoming Future Investment Initiative (FII) in Riyadh.