London: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met with Hamish Falconer, UK Minister of State for South Asia, in London on Wednesday.
During the meeting, the Finance Minister briefed Minister Falconer on India's unprovoked and blatant attacks on civilian population in Pakistan and Azad Jammu and Kashmir last night, which had resulted in the deaths of 26 civilians and injuring 46 including women and children. He reiterated Pakistan's resolve to defend its territorial sovereignty and respond to India's aggression in a befitting manner.
The Finance Minister recalled that Pakistan had made multiple offers to India to join an impartial and independent investigation into the Pahalgam incident, including through the UK's good offices. However, India had rebuffed Pakistan's offer and committed wanton aggression against Pakistan. The Minister called on the international community to condemn India's actions and underscored the importance of a just solution to the Jammu and Kashmir dispute for lasting peace and stability in South Asia.
Minister Falconer expressed his condolences over the loss of civilian lives in the Indian attacks and hoped that tensions in South Asia would be defused through dialogue and engagement.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with Lord Livermore, the UK's Financial Secretary to the Treasury and Growth Minister at HM Revenue and Customs in London.
Also present at the meeting were Dr. Mohammad Faisal, Pakistan's High Commissioner to the United Kingdom; Khurram Schehzad, Advisor to the Finance Minister; and officials from the Pakistan High Commission in London.
Senator Aurangzeb highlighted Pakistan's ambitious economic reform agenda focused on diversification and export-led growth, which he stated is beginning to yield results. He noted that recent government policies have led to economic stabilization, with improved indicators: Real GDP growth is projected at 3.0% for 2025 and 4.0% for 2026, while inflation has fallen to a historic low of 0.3%.
The Minister also emphasized ongoing efforts to digitize the tax system, which is expected to broaden the tax base and boost revenue. He shared that tax collection rose to 25.9% during July-March FY 2025. Foreign Direct Investment saw a 14% increase, reaching USD 1.6 billion in the same period, while the policy rate declined to 11%.
Lord Livermore commended Pakistan's reform agenda and acknowledged the country's commitment to broad-based economic transformation. He noted the UK is similarly pursuing reforms across pensions, skills development, and trade.
Senator Aurangzeb expressed appreciation for the UK Treasury's continued partnership and support, particularly through the Foreign, Commonwealth and Development Office (FCDO), which has provided valuable financial and technical collaboration. He reaffirmed Pakistan's commitment to strengthening investment and trade ties between the two nations.