ECONOMIC NEWS
KARACHI: Finance Minister Muhammad Aurangzeb outlined a comprehensive plan for economic restructuring, privatization, and sustainable growth while speaking at the ninth edition of The Future Summit in Karachi.
Presenting the government’s reform strategy, Aurangzeb said that a major “right-sizing” initiative was underway in the federal cabinet, under which 39 ministries are being consolidated and 24 state-owned enterprises will be privatized.
He noted that around 70 percent of the mergers and closures have already been completed, and employees affected by the restructuring are being offered compensation packages comparable to those in the private sector.
Aurangzeb reaffirmed the government’s commitment to completing the privatization of Pakistan International Airlines (PIA) before the end of this year. He added that efforts are also advancing to privatize three power distribution companies, while the First Women Bank has already been successfully sold, drawing significant foreign investment.
Underscoring the importance of private sector involvement, the finance minister said, “Pakistan’s future lies in sustainable, production-driven growth. Our economy is moving in the right direction, and global institutions have acknowledged our macroeconomic stability.” He further stressed that structural reforms and digital transformation are critical to ensuring transparency and lasting resilience.
Aurangzeb also spoke about Pakistan’s untapped potential in information technology and maritime industries, pointing out that the country is now the world’s third-largest source of freelancers. He shared that Pakistan aims to position itself as an export-oriented economy, with growing interest from international investors.
On fiscal matters, the minister revealed that corporate profits have risen by 9 percent, while the number of taxpayers has increased by 900,000. He also mentioned that Egypt has expressed interest in learning from Pakistan’s Federal Board of Revenue (FBR) reforms.
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