ISLAMABAD: The government is dedicated to enacting economic reforms, Finance Minister Muhammad Aurangzeb reassured a high-level delegation of US investors and business executives on Monday.
Entrepreneurs, business executives, and experts in technology, academics, and finance made up the delegation that Ambassador Ali Jehangir Siddiqui organized. Michael Levi (The D.E. Shaw Group), Dr. Jeff Chang (Rad AI), Kristen Edwards Marqua (Hakluyt & Company), Auren Hoffman, CEO of SafeGraph, and others were important participants.
According to a statement from the finance ministry, Mr. Aurangzeb greeted the team and gave them an update on the nation’s recent macroeconomic developments, emphasizing noteworthy successes in resolving long-standing issues.
Pakistan has previously suffered from twin deficits, but as a result of better export results, the economy is currently running with a current account and budget surplus. Inflation has been reduced to single digits, foreign exchange reserves have surpassed $12 billion, and the policy rate is trending upward, he said.
He went on to discuss the government’s overall reform plan, which includes pension changes, rightsizing the federal government, privatization, and SOE restructuring.
Rapid population growth and climate change are two existential issues that Mr. Aurangzeb also discussed.
Stunting, out-of-school children, and food security are all seriously impacted by a population growth rate of more than 2 percent. These vulnerabilities are made worse by climate change, therefore obtaining financial and technical support is essential to properly addressing these problems,” he said.
He added that in conversations with foreign partners, such as World Bank President Ajay Banga, he has emphasized the significance of these issues.
In response to a question about putting IMF requirements and structural reforms into practice, the minister stated that the ability and commitment to carry out reforms are essential. “Even though we still have a lot of work to do, we will succeed as long as we stay on track and remain committed,” he continued.
In response to another query, he emphasized how the private sector propels economic expansion. The private sector must drive the economy, but the government is in charge of maintaining policy frameworks. To facilitate this shift, the administration is concentrating on establishing an enabling environment,” he said.
The group talked about potential areas of cooperation in sectors including innovation, investment, and financial inclusion and expressed gratitude for the government’s efforts to stabilize the economy.
