Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a virtual meeting today with Ms. Johana Chua, Head of Emerging Markets Economies, Citigroup Global Markets, along with a host of representatives from the investment community.
During the meeting, the Minister shared key updates on Pakistan’s recent economic developments. He briefed the participants on his recent visit to the United Kingdom and engagements with bilateral partners, which he described as constructive and encouraging for Pakistan’s economic outlook.
Senator Aurangzeb highlighted the recent upgrade in Pakistan’s sovereign rating by Fitch, terming it a positive external validation of the country’s improving macroeconomic trajectory.
He underscored that “staying the course” remains the guiding message and national commitment, reflecting the government’s resolve for continuity in reforms and fiscal discipline.
The Minister also apprised the participants of the successful conclusion of a Staff Level Agreement with the International Monetary Fund (IMF) under the Extended Fund Facility (EFF), with the next tranche expected to be received tomorrow. He further mentioned the approval of the Resilience and Sustainability Facility (RSF), calling it a milestone achievement for Pakistan.
Focusing on growth priorities, the Minister emphasized Pakistan’s shift toward an export-led growth model, noting a significant surge in IT services exports, which have reached USD 3.2 billion this year.
The discussion also covered ongoing tax reforms, including legislative progress on Agricultural Income Tax and the revival of the National Tax Council. Senator Aurangzeb stressed that while the formal sector and salaried class are already contributing to the national revenue, it is imperative to expand the tax net and enhance enforcement in sectors where tax leakages persist.
Ms. Johana Chua and her team appreciated the recent macroeconomic developments and reform measures undertaken by the Government of Pakistan. She welcomed the progress on the IMF programme and the commitment to fiscal consolidation, export growth, and tax reforms. Ms. Chua reaffirmed Citigroup’s interest in continued engagement with Pakistan and expressed support for the country’s reform trajectory and international re-engagement.
The meeting concluded with both sides agreeing to maintain regular communication and explore avenues for future collaboration.
