Successful completion of 9-month SBA: Aurangzeb briefs Canadian envoy

ISLAMABAD: Canadian High Commissioner to Pakistan Leslie Scanlon called on Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at the Finance Division, Wednesday.

The finance minister welcomed the Canadian High Commissioner and informed her about the successful completion of the nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF).

He further stated that the government is currently in talks with the IMF mission for further engagement. Senator Muhammad Aurangzeb also apprised the High Commissioner about government's key priority reform areas that include tax-to-GDP ratio by bringing untaxed segments into the tax net, end-to-end digitalisation and administrative reforms.

The minister said that the consultants have been engaged in this regard.

The federal minister, while mentioning the privatisation initiatives affirmed the prime minister's commitment to privatise state-owned enterprises (SOEs). He added that a positive response has been received from local and foreign investors for privatisation of Pakistan International Airlines (PIA).

The minister also explained the complex energy equation, informing that DISCO boards have been reconstituted with the subject matter experts from the private sector, to increase their efficiency. Furthermore, the finance minister emphasized the role of the Special Investment Facilitation Council (SIFC) as a pragmatic single-window platform, designed to streamline investment processes and attract foreign investments.

The High Commissioner, Scanlon, recognised the efforts of the government to improve the country’s economy. While expressing hope for the economic growth and stability in the country, she assured that the Canadian government will continue to support the socio-economic development of Pakistan.

Copyright Business Recorder, 2024