Ministry of Finance, Government of Pakistan

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb today chaired a virtual meeting with presidents and senior office bearers of Chambers of Commerce and Business Entities from across the country to discuss the prevailing economic situation, upcoming budget priorities, and avenues for strengthening economic recovery and growth.

The meeting, which lasted nearly 90 minutes, was also attended by Minister of State for Finance Bilal Azhar Kayani, along with senior officials of the Finance Division, Revenue Division, and Tax Policy Office.

Opening the session, the Finance Minister welcomed the participants and appreciated their continued engagement with the government. He highlighted Pakistan’s growing prominence on the global stage amid evolving regional dynamics and underscored the importance of maintaining regular and structured dialogue with the business community. He noted that the interaction was particularly timely as he prepares for important engagements with international financial institutions and global counterparts, and emphasized the need to gather first-hand insights from key economic stakeholders.

The Minister explained that the purpose of the meeting extended beyond discussions on taxation and the upcoming budget, focusing equally on identifying practical and forward-looking ideas to leverage current opportunities for enhancing trade, attracting investment, and promoting sustainable economic growth. He noted that Pakistan had entered the recent challenging phase from a position of relative macroeconomic stability, supported by fiscal discipline and strengthened external buffers, and reaffirmed the government’s commitment to maintaining economic resilience while ensuring inclusive and durable recovery.

Highlighting recent economic developments, the Minister pointed to improvements in fiscal management, fulfillment of external obligations, and targeted support measures for vulnerable segments. He emphasized that economic recovery is grounded in strengthening fundamental economic indicators and institutional discipline, achieved in partnership with the private sector. He further encouraged participants to share actionable proposals to capitalize on emerging opportunities, particularly in trade facilitation, logistics, and regional connectivity, including the growing potential of Pakistan as a transshipment and investment hub.

Following the Minister’s remarks, the floor was opened for discussion, with participants presenting a broad range of proposals and recommendations aimed at supporting economic activity and enhancing competitiveness. The discussion focused on improving the overall business environment, facilitating exports, strengthening productivity, and aligning policy frameworks with regional benchmarks. Participants emphasized the importance of reducing operational inefficiencies, enabling optimal utilization of infrastructure, and fostering investment across key sectors of the economy.

The participants also highlighted the need to improve liquidity flows, support export-oriented industries, and diversify markets to expand Pakistan’s global trade footprint. Suggestions underscored the importance of policy predictability, consultative engagement in the budget-making process, and targeted facilitation to promote investment in infrastructure, manufacturing, and emerging sectors. The dialogue reflected a shared commitment to strengthening the formal economy, encouraging innovation and technology adoption, and unlocking long-term growth potential through coordinated efforts.

Minister of State for Finance Bilal Azhar Kayani, in his remarks towards the conclusion of the meeting, appreciated the constructive input from the business community and reaffirmed the government’s commitment to continued engagement. He noted that many of the proposals were aligned with the government’s reform agenda and emphasized the importance of prioritizing measures that deliver maximum economic impact within available fiscal space, while ensuring practical and implementable solutions.

Senior officials from the Tax Policy Office and Federal Board of Revenue also briefed participants on the ongoing consultative process, assuring that proposals received from chambers were being carefully evaluated to formulate balanced and effective policy measures. They reiterated that continuous stakeholder engagement would remain central to shaping a responsive and growth-oriented budget.

Concluding the meeting, the Finance Minister thanked the participants for their valuable contributions and reaffirmed the government’s resolve to work closely with the business community to steer the economy towards stability, resilience, and sustainable growth. He emphasized that the current phase presents a critical opportunity to advance economic reforms and capitalize on emerging prospects, noting that sustained collaboration between the public and private sectors will be essential in achieving these objectives.

The meeting was attended by Mr. Atif Ikram Sheikh, President FPCCI; Mr. Zaki Ijaz, Vice President FPCCI; Mr. Javed Bilwani, Karachi Chamber of Commerce and Industry; Mr. Rehan Hanif, President Karachi Chamber of Commerce and Industry; Mr. Faheem Saigol, President Lahore Chamber of Commerce and Industry; Mr. Usman Shoukat, President Rawalpindi Chamber of Commerce and Industry; Mr. Sohail Altaf, Group Leader Rawalpindi Chamber of Commerce and Industry; Mr. Ahtisham Mazhar, President Sialkot Chamber of Commerce and Industry; Mr. Farooq Yousaf Sheikh, President Faisalabad Chamber of Commerce and Industry; Mr. Mohammad Ayoub, President Quetta Chamber of Commerce and Industry; Mr. Junaid Altaf, President Sarhad Chamber of Commerce and Industry; Mr. Ali Humayun Butt, Gujranwala Chamber of Commerce and Industry; Mr. Ahmad Hassan, Gujrat Chamber of Commerce and Industry; and Mr. Sardar Tahir, President Islamabad Chamber of Commerce and Industry, who actively contributed to the discussion and shared their perspectives on strengthening Pakistan’s economic outlook.

The Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a virtual interaction with global institutional investors, led by Jefferies Financial Group (Jefferies), to discuss Pakistan’s macroeconomic outlook, reform trajectory, and evolving investment landscape. Strong interest was observed, with over 250 participants representing global institutional investors joining the session.

Welcoming the participants, the Finance Minister appreciated Jefferies’ continued engagement with Pakistan and its role in facilitating dialogue with the global investment community. He emphasized that Pakistan remains committed to a reform-oriented economic agenda anchored in macroeconomic stability, fiscal discipline, and structural transformation.

The Finance Minister highlighted that Pakistan has made steady progress under its ongoing program with the International Monetary Fund (IMF), with successful completion of key reviews reflecting adherence to both quantitative and structural benchmarks. He noted that this progress underscores the government’s commitment to maintaining fiscal and external discipline while advancing reforms critical for long-term economic sustainability.

Providing an overview of recent developments, the Minister outlined the government’s proactive and coordinated response to evolving global and regional challenges. He shared that a whole-of-government approach has been adopted to ensure supply chain continuity, manage energy availability, and maintain market stability. Targeted and digitally delivered subsidies, he noted, have helped protect vulnerable segments while ensuring transparency and fiscal responsibility.

The Minister reiterated Pakistan’s commitment to honoring its external obligations in a timely manner, noting that the Eurobond repayment was being executed in an orderly manner, reflecting the country’s continued resolve to uphold its financial commitments and credibility in international financial markets.

The Finance Minister also outlined key structural reforms underway, including tax administration reforms, energy sector improvements, rightsizing of the federal government, and restructuring and privatization of state-owned enterprises. Emphasizing revenue mobilization as a central pillar, the Minister noted that enhancing the tax-to-GDP ratio through digitization, improved compliance, and reduced leakages remains critical for achieving fiscal sustainability and building resilience against external shocks.

Highlighting emerging opportunities, the Finance Minister pointed to Pakistan’s growing potential as a regional connectivity and logistics hub. He noted increased operational activity at ports, including Gwadar, and emphasized the opportunity to further position Pakistan as a maritime and transshipment hub. He also underscored opportunities in agriculture, minerals and mining, and the ongoing transition toward renewable energy, including notable progress in solar adoption.

The Minister also highlighted that Pakistan’s current valuation environment presents compelling opportunities for global investors, offering significant upside potential as reform momentum continues and economic confidence strengthens. He emphasized that the government remains focused on converting macroeconomic stability into durable, investment-led growth through consistent policy implementation and continued engagement with international stakeholders

Investors were also briefed on the country’s external financing strategy. Plans for the issuance of Panda Bonds were highlighted as part of ongoing efforts to diversify funding sources and broaden the investor base. It was further noted that preparations for accessing international capital markets, including Eurobond and Sukuk options, remain under consideration, with a focus on optimizing pricing, tenor, and market conditions, while maintaining prudent debt management.

The meeting also included discussions on emerging areas such as digital finance and virtual assets. Participants were briefed on efforts to establish a robust regulatory framework aimed at promoting innovation, ensuring consumer protection, and enhancing transparency in the digital financial ecosystem.

The investors acknowledged the relative attractiveness of Pakistan’s investment landscape, noting that improving fundamentals, combined with competitive valuations, present a compelling medium-term opportunity as reform momentum continues and investor confidence strengthens.

Participants appreciated the government’s reform efforts and proactive policy measures, noting improving macroeconomic indicators, strengthened external buffers, and a more stable economic outlook. They emphasized the importance of sustaining reform momentum, ensuring policy continuity, and maintaining effective communication to further strengthen investor confidence and support increased capital inflows.

The meeting concluded with a constructive exchange of views on global economic developments and regional dynamics, with both sides reaffirming the importance of continued engagement to support Pakistan’s long-term economic objectives and investment outlook.

The meeting was attended by Chairman PVARA (virtual), Commissioner Securities and Exchange Commission of Pakistan (SECP), along with senior officials of the Finance Division.

The Cabinet Committee to Monitor Petrol Prices met today under the chairmanship of the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, to review the petroleum supply situation and market conditions following the recent price adjustment. The meeting focused on ensuring supply continuity, maintaining market discipline, and strengthening monitoring mechanisms across the supply chain.

The Committee undertook a comprehensive review of petroleum stock positions, import plans, and refinery operations. Members were informed that the overall supply position remains stable, with diesel stocks providing approximately 25 days of cover, petrol availability sufficient to meet current demand, and crude oil stocks at around 12 days of cover, supported by incoming cargoes and scheduled imports.

The Petroleum Division apprised the Committee that import arrangements for the coming weeks are on track through a combination of commercial procurement and government-to-government engagements, while refineries continue to operate at optimal levels to maintain throughput and ensure efficient conversion of crude into refined products. The Committee also noted the critical importance of reliable energy supply in supporting key sectors such as agriculture, fertilizer production, transportation, and industry, underscoring its role in sustaining economic activity and maintaining price stability.

In light of recent price movements, the Committee emphasized continued vigilance across the supply chain to prevent hoarding, speculative behavior, and any disruption in product availability. The importance of closely monitoring demand patterns, including localized variations in consumption, was highlighted to support balanced supply management. The committee also underscored the need to discourage unauthorized storage and address market irregularities within the regulatory framework.

The Committee also reviewed the gas supply situation, including stock positions of SNGPL and SSGC, and discussed options for managing gas availability for domestic consumers and its allocation between domestic and power sectors. Members emphasized a balanced, data-driven approach to ensure efficient utilization of resources, particularly in view of seasonal demand and increasing reliance on LPG.

The Committee placed particular emphasis on strengthening monitoring and data-driven oversight through the digital dashboard launched by OGRA, which is designed to provide real-time visibility of stock levels, sales, and supply conditions from depots to retail outlets. The dashboard is expected to serve as a central tool for tracking key indicators, including sales, inventory, and demand fluctuations, enabling timely identification of supply gaps and informed decision-making. While acknowledging progress, the Committee noted that data reporting from retail outlets remains below expectations, particularly given the scale of over 12,000 petrol pumps nationwide, and stressed the need to fully operationalize the system to realize its intended benefits.

The Finance Minister emphasized the importance of timely data integration and directed all stakeholders to ensure prompt and accurate sharing of information to support effective utilization of the dashboard for decision-making. OGRA was directed to ensure compliance with data reporting requirements, accelerate digitization efforts across the supply chain, and maintain close coordination with Oil Marketing Companies (OMCs) and other relevant stakeholders to support seamless implementation of the system. In this context, PSO will further enhance visibility across its retail network and strengthen reporting coverage on a priority basis.

To reinforce implementation, it was decided that joint teams comprising representatives of the Petroleum Division, OGRA, FIA, and Pakistan State Oil (PSO) will be deployed to selected PSO petrol pumps in Islamabad to support timely data entry, improve stock transparency, and ensure operational compliance. The Committee underscored the importance of institutionalizing such mechanisms to strengthen oversight, enhance accountability, and promote consistency in reporting practices across the retail network.

Chairing the meeting, the Finance Minister reiterated that maintaining market stability requires proactive coordination, effective monitoring, and consistent enforcement. He emphasized that ensuring uninterrupted fuel availability, improving transparency, and protecting consumers remain key priorities, while also encouraging responsible consumer behavior.

The meeting was attended by Federal Minister for Petroleum Mr. Ali Pervaiz Malik, Federal Minister for Climate Change and Environmental Coordination Dr. Musadik Masood Malik, Federal Minister for National Food Security and Research Mr. Rana Tanveer Hussain (virtual), Federal Minister for Maritime Affairs Mr. Muhammad Junaid Anwar Chaudhry (virtual), and Federal Minister for Power Sardar Awais Ahmad Khan Leghari (virtual), along with federal secretaries and senior officials from the relevant ministries, divisions, and regulatory authorities.