ISLAMABAD: Finance Minister Muhammad Aurangzeb assured a high-level delegation of US investors and business professionals on Monday that the government is dedicated to carrying out economic reforms.
Ambassador Ali Jehangir Siddiqui’s group included entrepreneurs, business practitioners, and professionals from technology, academia, and finance. Key members included Auren Hoffman, CEO of SafeGraph, Kristen Edwards Marqua (Hakluyt & Company), Michael Levi (The D.E. Shaw Group), Dr. Jeff Chang (Rad AI), and others.
According to an official finance ministry announcement, Mr. Aurangzeb welcomed the team and briefed them on the country’s recent macroeconomic accomplishments, stressing important successes in resolving long-standing issues.
“Pakistan has previously had twin deficits; nevertheless, increased export performance has resulted in a fiscal and current account surplus. Foreign exchange reserves have surpassed $12 billion, inflation has been reduced to single digits, and the policy rate is trending in the correct way,” he said.
He went on to elaborate on the government’s comprehensive reform strategy, which included privatization, SOE restructuring, federal government rightsizing, and pension changes.
Mr. Aurangzeb also addressed two existential challenges: fast population increase and climate change.
“With a population growth rate that exceeds 2 percent, we face serious consequences for food security, child stunting, and out-of-school youngsters. Climate change worsens these vulnerabilities, making it critical to acquire financial and technical help to address them.
He also stated that he has emphasized the importance of these initiatives in meetings with foreign partners, including World Bank President Ajay Banga.
When asked about executing IMF criteria and structural changes, the minister stated that the willingness and ability to execute reforms are critical. “While we have significant work ahead, as long as we maintain commitment and momentum, and stay the course, we will achieve the desired outcomes” , he commented.
Responding to another question, he emphasized the importance of the private sector in driving economic growth. “The government is responsible for policy frameworks and continuity, but the private sector must drive economic growth. The government’s priority is to provide an enabling environment to facilitate this transition,” he remarked.
The group praised the government’s efforts.
Published in NEWSPEAK, December 10th, 2024
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