PR No. 104
Federal Minister for Finance & Revenue Muhammad Aurangzeb meets with the Representatives from Standard & Poor (S&P) Global Rating Agency
Islamabad: July 10, 2024

The Minister for Finance and Revenue, Senator Muhammad Aurangzeb held a meeting with the delegation of Standard & Poor’s (S&P) Global Rating Agency led by Directors of Sovereign & International Public Finance Ratings Mr. Yee Farn Phua and Mr. Andrew David Wood, at Finance Division today. The meeting was also attended by senior officials of the Ministry. Finance Minister welcomed the S&P delegation and gave an update on Pakistan’s current economic situation. He highlighted the successful completion of the 9 month Stand By Arrangement (SBA) with IMF and the improving macroeconomic indicators of Pakistan. Minister for Finance & Revenue highlighted some of the indicators including building up of foreign exchange reserves to USD 9.4 billion, robust performance of the stock exchange, declining trend of inflation rates with CPI inflation clocking in at 12.6% in June 2024, and increase in foreign remittances by 7.7% as compared to last year. He emphasized the Government's efforts to broaden the tax base as tax collection during FY 2024 increased by 30% as compared to FY 2023 and also to further improve the tax-to-GDP ratio. The ongoing reforms in the energy sector, and State-Owned Enterprises including privatization were discussed. Furthermore, the Federal Minister underscored the confidence shown by multilateral institutions through their financing for various projects in Pakistan. Senator Muhammad Aurangzeb also informed the delegation that Pakistan is currently holding talks with IMF on a new medium term program to support Pakistan’s economic reform agenda. The Finance Secretary reiterated the stable yet optimistic outlook and elaborated on the economic reform agenda of the government, which is reflected in the FY 25 budget. The delegation from S&P Global appreciated the fiscal measures adopted by the Government of Pakistan and acknowledged the improvement in economic indicators.