ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb held a meeting with a delegation from Standard & Poor’s Global Rating Agency in the country’s capital, Islamabad on Wednesday.
During the meeting, the Finance Minister provided an update on Pakistan’s economic status, highlighting the successful conclusion of the nine-month Stand By Arrangement with the IMF.
He emphasized the country’s improving macroeconomic indicators, citing the bolstering of foreign exchange reserves to $9.4 billion, the resilient performance of the stock exchange, and a decreasing trend in inflation rates, with CPI inflation recorded at 12.6% last month.
Furthermore, he noted a 7.7% rise in foreign remittances compared to the previous year and a significant 30% increase in tax collection for the current fiscal year, aiming to enhance the tax-to-GDP ratio.
The meeting also covered ongoing reforms in the energy sector and State-Owned Enterprises (SOEs), including privatization efforts. Minister Aurangzeb highlighted the support from multilateral institutions for various projects in Pakistan, underscoring their confidence in the country’s economic policies.
Furthermore, the Finance Minister informed the delegation about Pakistan’s ongoing discussions with the IMF regarding a new medium-term program to further advance economic reforms.
Directors of Sovereign & International Public Finance Ratings at S&P Global, Yee Farn Phua and Andrew David Wood, leading the delegation, commended the fiscal measures undertaken by the Pakistani government and acknowledged the positive trajectory of economic indicators.
