Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb addressed the Executive Committee of the Pakistan Banks Association (PBA) on Tuesday, highlighting key initiatives and discussing the macroeconomic situation in the country. The PBA meeting was attended by all prominent members, including presidents of all leading banks of Pakistan, along with the Chairman PBA and President of the Bank of Punjab Zafar Masood, Chairman FBR, Minister of State Mr. Ali Pervaiz Malik, as well as the Director to Finance Minister Mr. Sheharyar Ahmad. Muhammad Aurangzeb stated, "It is encouraging to see the private sector taking proactive steps in advancing financial and technological infrastructure. The collaboration with SIFC and the focus on corporate farming are critical for our economic growth." The Finance Minister (FM) further stated that extensive talk has been conducted on the Macro aspect, but moving on the external financing front, the government is comfortable with the current situation. We are moving forward with the IMF draft resolution. The Minister also emphasized the importance of public-private partnerships, particularly with HBL and NBP, stating, "We need to create capacity and move forward. The FM laid emphasis on aiming to get back into the International Capital Markets and ensure we reach the ranking of B- to reach the minimum ranking for any finance sector to enter the International Capital Markets, as we currently acquired a rating of CCC+. The Minister continued discussing the macroeconomic situation. "We are aware of the current challenges, but with the IMF's core approval, we believe the situation is manageable. It is essential to continue focusing on agriculture and support initiatives like SIFC." He further noted, "We are urging the private sector to take ownership and lead these transformations." The Minister also emphasized the importance of public-private partnerships, particularly with HBL and NBP, stating, "We need to create capacity to get the cash flow lending moving and move forward. "The agriculture sector and IT industry, especially freelancers, need proper fund allocation. It is time for private banks to step up in terms of financing and fund allocation," he stated. Addressing the energy sector, Muhammad Aurangzeb noted, "The development sector is facing issues with additional taxation, high energy costs, and high interest rates. While competitive energy tariffs are not currently available, progress can still be made. The large-scale manufacturing sector is also facing challenges, but we are working on providing support where possible." The Minister concluded by urging banks to focus on agriculture financing and data collection. The meeting concluded with an announcement that next week, the International Finance Corporation (IFC) will be expecting banks to share their updates and initiatives. *****
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