Message from Minister for Finance, Revenue, Economic Affairs, Statistics and Privatization

Today marks a significant achievement in the history of Pakistan's financial and capital markets. The divestment process for shares of Pakistan Stock Exchange has successfully concluded and PSX has been able to secure a much welcome strategic investment. On this occasion, I extend felicitations to the Pakistan Stock Exchange, the PSX Divestment Committee, the Consortium, and the Securities Exchange Commission of Pakistan. All stakeholders deserve appreciation for conclusion of the exercise in a timely and transparent manner.
It gives me great pleasure and encouragement to note that the Pakistani capital market has been able to achieve great milestones in the last few years. Demutualization and integration of three stock exchanges, re-classification of Pakistan from Frontier Markets to Emerging Markets by MSCI, PSX being declared best market of Asia by Bloomberg, promulgation of key modern laws and now successful completion of the PSX divestment process. These achievements will go a long way in shaping the future landscape of Pakistan's financial markets and our economy. These achievements are a testament to the stable, proactive, pro-business and pro transparency policies of the government.
Having achieved macroeconomic stability, the present government is fully focused on achieving higher, inclusive and sustainable economic growth. The government's business friendly reforms have translated into strong macro-economic indicators such as record forex reserve levels and improved credit ratings, while international donor agencies have shown increased confidence. Also, the year 2016 saw Pakistan on a path of higher growth trajectory, reduced budget deficit, lower inflation, increased development spending, a thriving industrial sector, fiscal consolidation and higher tax revenues.
The government also fully realizes that a robust capital market can prove as a basic building block for a strong economy. Post MSCI reclassification, integration and divestment, I am sure PSX is better poised to attract quality listings, diversify its product portfolio and attract the desired level of foreign and domestic investment. Going forward, I believe investor education, awareness and protection should be some of the key focus areas of the Exchange. It is imperative now that PSX pitches itself as an exchange functioning on principles of good governance, transparency and investor protection, to secure and achieve technological partnerships, product development, market outreach etc. I hope that the Consortium will benefit the Exchange through its global experience, expertise and better governance.
I wish the PSX all success and expect that Pakistan's capital market shall demonstrate its capacity and capability as a successful platform for channeling both domestic and international savings, to play its greater role in the country's economy.