Islamabad July 10 2024: Minister for Finance and Revenue Senator Muhammad Aurangzeb on Wednesday met with the delegation of Standard & Poor’s (S&P) Global Rating Agency at Finance Division.
The meeting was attended by a delegation from S &P Global led by Directors of Sovereign and International Public Finance Ratings Yee Farn Phua, Andrew David Wood, and senior officials of the ministry, said a news release.
The minister welcomed the S&P delegation and gave an update on Pakistan’s current economic situation.
He highlighted the successful completion of the 9 month Stand By Arrangement (SBA) with International Monetary Fund (IMF) and the improving macroeconomic indicators of Pakistan.
Aurangzeb also highlighted some of the indicators including building up of foreign exchange reserves to USD 9.4 billion, robust performance of the stock exchange, declining trend of inflation rates with CPI inflation clocking in at 12.6% in June 2024, and increase in foreign remittances by 7.7% as compared to last year.
He emphasized the government’s efforts to broaden the tax base as tax collection during FY 2024 increased by 30% as compared to FY 2023 and also to further improve the tax-to-GDP ratio.
During the meeting the ongoing reforms in the energy sector, and State-Owned Enterprises including privatization were discussed. Furthermore, the minister underscored the confidence shown by multilateral institutions through their financing for various projects in Pakistan.
He also informed the delegation that Pakistan was currently holding talks with IMF on a new medium term programme to support Pakistan’s economic reform agenda.
The Finance Secretary reiterated the stable yet optimistic outlook and elaborated on the economic reform agenda of the government, which was reflected in the FY 25 budget.
The delegation from S&P Global appreciated the fiscal measures adopted by the Government of Pakistan and acknowledged the improvement in economic indicators.
