Islamabad: Minister for Finance and Revenue Senator Muhammad Aurangzeb has emphasized structural reforms to avoid boom and bust cycles and move towards sustainable and inclusive growth.
Addressing an event organized by Pakistan Retail Business Council in Islamabad on Thursday, Muhammad Aurangzeb said these structural reforms are already underway in areas such as taxation, energy, State-Owned Enterprises (SOEs), and public finance. He expressed satisfaction that the country is heading in the right economic direction with macroeconomic stability achieved.
On the taxation side, the Finance Minister mentioned that a real transformation is underway with a focus on utilizing latest technology to bring transparency and check leakages. He emphasized that it is also important to restore trust in the tax authority.
He noted that the disproportionate tax burden on the salaried class is not sustainable, stressing that other sectors, such as retail, wholesale, real estate and agriculture, will have to step up and contribute their fair share in taxes.
On the energy side, Muhammad Aurangzeb stated that tough measures are being implemented to move towards competitive energy.
Regarding SOEs reforms, he mentioned that the process has already started, and the rightsizing process will be completed by June this year. He also affirmed that the privatization process will be taken forward.
Meanwhile Finance Minister Senator Muhammad Aurangzeb held a meeting on Thursday with Asyad Group. Ghassan Al Amoudi, CEO of Asyad Holdings KSA and Chairman of Wafi Energy Pakistan Limited, Zubair Shaikh, Managing Director and CEO of Wafi Energy Pakistan Limited, and Javaid Akhtar, CFO of Asyad Holdings KSA and Director of Wafi Energy Pakistan Limited, participated.
The Finance Minister welcomed the delegation and appreciated Asyad Holdings' and Wafi Energy Pakistan's contributions to Pakistan's energy and investment sectors. He reaffirmed the government's commitment to facilitating foreign investors and ensuring a business-friendly environment.
Senator Muhammad Aurangzeb also briefed the delegation on his recent visit to Saudi Arabia for the AlUla Conference 2025, highlighting the remarkable progress of Vision 2030 and its impact on regional economic transformation. He commended Saudi Arabia's strides in economic diversification and infrastructure development.
The delegation apprised the Minister of their plans to expand their investments in Pakistan, emphasizing that Pakistan already hosts their largest investments. They expressed confidence in Pakistan's economic potential and shared their vision for further collaboration in the downstream petroleum sector and energy infrastructure.
The delegation appreciated the Finance Minister's efforts in revitalizing Pakistan's economy, noting that investor and consumer confidence is returning. They lauded the government's ongoing reforms and commitment to creating a stable economic environment. The Finance Minister reiterated the government's full support for foreign investors and its dedication to policies that foster investment, innovation, and sustainable economic progress.