Finance Minister Muhammad Aurangzeb has asserted that Pakistan’s economic revival cannot hinge on foreign loans alone. During the inauguration of the SECP Head Office in Islamabad, Aurangzeb emphasized the necessity for immediate reforms in the energy sector to ensure that the current IMF program is the last of its kind.
Aurangzeb stressed the importance of implementing reforms while adhering to the ongoing IMF program and following privatisation policies. He underscored that Pakistan must reduce its dependence on external borrowing and banks to improve its economic situation.
Highlighting the need for greater transparency in economic affairs, Aurangzeb noted that the SECP plays a crucial role as the primary regulator. He also advocated for leveraging technology to advance the economy, citing the simplification of the company registration process as a key step.
“Our current economic challenges force us to seek loans even for modest amounts like $1 billion,” Aurangzeb stated, pointing out the untapped potential within Pakistan’s domestic market. He assured support for necessary legislative changes to improve regulations.
Aurangzeb expressed optimism about recent positive economic developments, including an improved rating by Fitch, a reduced interest rate by the State Bank of Pakistan, and strengthened global confidence due to the new IMF loan program.
He reaffirmed the government’s commitment to fostering private sector growth and avoiding unnecessary involvement in businesses typically managed by the private sector. The Prime Minister also aims for the current IMF program to be the final one for Pakistan.