GOVERNMENT OF PAKIST
Islamabad: July 12, 2024 : Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb was called on by a delegation from British International Investment (BII) Board at the Finance Division today. The meeting was attended by CEO BII Mr. Nick O’Donohoe, Chairperson Ms. Diana Layfield, MD & Head of Asia Mr. Srini Nagarajan, Regional Director South Asia Mr. Habib Yousaf, Development Directors Mr. Alex Woods & Ms. Jo Moir, Senior Economic Advisor Mr. Louie Dane, and officials from Finance Division.
The Finance Minister extended a warm welcome to the delegation and provided an overview of Pakistan’s improving economic landscape including GDP growth rate of 2.4% for FY 24, which is expected to improve to about 3.6% in FY 25, buildup of foreign exchange reserves to USD 9.4 billion, revived confidence of investors in the capital markets and decrease in CPI inflation at 12.6% in June 2024, and increase in foreign remittances by 7.7% as compared to last year He highlighted the successful completion of 9-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) and government’s commitment to achieve sustainable economic growth in future under a fund supported medium term program, negotiations for which are underway.The Minister also underscored that increasing Tax to GDP ratio to about 13.7% in the medium term is the priority of the government through increasing tax base and FBR’s end-to-end digitization He further outlined the initiatives being undertaken in energy sector to reduce the cost of generation and privatization of DISCOs. It was further highlighted that the Government is working on SOE reforms, privatization, rightsizing the government and bringing in investment through Public Private Partnership. Importance of FDI was highlighted and the role of SIFC in bringing in FDI in the priority areas of energy sector, agriculture sector and IT sector was discussed.
The delegation from British International Investment appreciated the Government’s initiatives to stabilize the economy and enhance the investment environment, they also expressed interest in investing in the energy sector, particularly in improving transmission system. The Federal Minister encouraged the delegation to engage with the Special Investment Facilitation Council (SIFC), highlighting it as a pragmatic platform that attracts foreign investments and provides a streamlined process for investors.
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