Aurangzeb says upcoming budget to be strategic, focused on long-term growth

Finance Minister Muhammad Aurangzeb on Tuesday said the government was aiming to prepare the upcoming federal budget for fiscal year 2025-26 “as a strategic document—one that aligns fiscal priorities with the broader objective of sustainable, export-driven growth”.

The finance minister made these remarks during a meeting with a group of leading exporters and businessmen led by Shabbir Diwan, former Chairman of the Pakistan Business Council (PBC), read a statement released by the Finance Division.

The meeting was part of the government’s ongoing consultative process with stakeholders from the business and industrial community, read the statement. The federal government will present the next fiscal year’s budget on June 2.

Speaking during the meeting, Aurangzeb underscored that export-led growth is not just a priority—it is the only viable path forward for Pakistan’s economic stability and sustainability.

“Every sector of the economy will have to contribute,” he said, stressing that increased productivity and outward-looking policies are essential if Pakistan wants to break free from the recurring boom-and-bust cycles and avoid returning for what would be a 25th International Monetary Fund (IMF) programme.

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He reiterated that the existing protectionist regime must be dismantled to enable market-based competitiveness. “The era of unnecessary protection must come to an end. The prime minister is personally chairing meetings to drive this shift,” he said.

The minister further highlighted that resolving structural bottlenecks—such as high financing costs, elevated energy tariffs, and an overly complex tax regime—is essential for helping the local industry become competitive and lead the country to productivity and export-led growth.

The discussion covered the government’s Tariff Rationalisation Program, aimed at removing anomalies and inconsistencies that hinder business operations.

Diwan welcomed the government’s efforts and shared private sector perspectives on improving policy consistency and predictability.

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Aurangzeb assured that all stakeholder inputs will be considered in shaping the next phase of reforms. He emphasised the importance of public-private collaboration to lay down a resilient, productive, and globally integrated economic framework.