Aurangzeb, IFC team discuss reforms

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with International Finance Corporation (IFC) delegation led by its Managing Director and Executive Vice President, Makhtar Diop, here Friday.

The IFC delegation included Hela Cheikh Rouhou, Regional Vice President (MCT Region), Khawaja Aftab Ahmed, Regional Director (Middle East, Pakistan, and Afghanistan), Najy Benhassine, Country Director (World Bank Pakistan), and Zeeshan Sheikh, Country Manager (IFC Pakistan & Afghanistan), according to press release issued by finance ministry.

The Finance Minister was joined by Dr Syed Tauqeer Hussain Shah, Executive Director (Pakistan) at the World Bank Group, Finance Secretary, Imdad Ullah Bosal and senior officers from the Finance Division.

According to press release, Finance Minister congratulated IFC on its recently signed projects with the private sector and commended the thriving and vibrant role of private enterprises in Pakistan.

He also briefed the delegation on Pakistan’s macroeconomic stability, mentioning his recent meeting with Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) in Dubai.

He apprised that Georgieva appreciated the progress Pakistan has made on the macroeconomic front. He further highlighted that since the last meeting with IFC in Davos, improvements have been observed on both the debt and equity sides.

Aurangzeb also outlined key structural reforms, including the introduction of agricultural income tax—an unprecedented step in the country—along with pension reforms and rightsizing initiatives across 43 ministries and 400 attached departments, many of which have been merged or wrapped up.

He reaffirmed the government’s commitment to fostering an environment where the private sector leads economic growth, particularly in driving export-led expansion. He also thanked IFC for its continuous support and assistance.

The Finance Minister also highlighted the government’s recent declaration of warehousing as an industry and reaffirmed its commitment to public-private partnerships (PPPs) in infrastructure, IT, data centers, and AgTech.

He emphasized that agricultural income tax remains a key area of discussion, alongside the broader goal of capital mobilization, where the private sector must play a leading role. He also noted that several international partners have publicly acknowledged Pakistan’s growing investment potential.

On the occasion, Makhtar Diop appreciated the Finance Minister’s hospitality and acknowledged the government’s reform efforts.

He noted that private sector stakeholders in Pakistan have expressed confidence in the Finance Minister’s policies and are appreciative of the progress being made. He also commended Pakistan’s Country Partnership Framework (CPF) with the World Bank, recognizing it as one of the best practices globally.

Diop reiterated IFC’s commitment to working closely with Pakistan and providing support in key areas such as green energy, data centers, agricultural supply chain improvements, the telecom sector, and digitization.

The meeting concluded with both sides reaffirming their commitment to continued collaboration and investment in Pakistan’s economic development.