Finance Minister Muhammad Aurangzeb outlined six economic priorities on Thursday, saying private investment must drive Pakistan’s transition from stabilisation to sustainable growth.
Addressing the Overseas Investors Chamber of Commerce and Industry (OICCI), he emphasised lasting stability, structural reforms and wider financing access.
“Three years ago, the country’s economy had contracted. Today, we have moved from stabilization towards growth, and we have to make sure that this growth remains sustainable,” he said.
His first priority involves strengthening fiscal and external resilience against economic shocks. The second centres on inclusive growth through productivity, investment, exports and jobs while sustained implementation of structural reforms forms the third.
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The remaining priorities include replacing aid dependence with trade, investment and private capital flows. They also cover financing for SMEs, agriculture, housing and underserved borrowers, alongside digitalisation, blockchain, Web 3.0 and emerging technologies.
Aurangzeb urged Pakistan to escape recurring boom-and-bust cycles by reducing reliance on temporary liquidity injections and consumption-driven expansion.
“The government’s job is to provide a business-friendly and enabling environment; the private sector has to lead economic growth,” he said.
He cited the PIA transaction, saying major Pakistani business groups had collectively mobilised close to $1.2 billion.
Government support would include regulatory facilitation, tariff negotiations and engagement with US EXIM Bank, other export credit agencies and international partners.
He reported investor interest in mining, minerals, technology, agriculture, oil and gas, and refinery upgrades. Turkish investors had shown interest in electricity distribution companies’ privatisation, alongside growing Saudi and other international interest.
However, investments needed time, consistent policies and effective facilitation to materialise, he said.
Aurangzeb said reforms covering taxation, energy, state-owned enterprises, privatisation and public finance had entered implementation.
Tax filers had exceeded 5.7 million, against around 3.9 million last year and 1.8 million to 1.9 million in 2022. He linked stronger collections with taxpayer facilitation, trust, digitalisation and data-driven administration.
Under the prime minister’s ApnaGhar Programme, financing had reached around Rs60 billion. Banks had also approved a substantial additional pipeline.
He said the next challenge involved strengthening housing supply so credit generated construction, investment and employment.
Deeper capital markets should direct domestic savings towards infrastructure, housing, privatisation and business expansion, he added. OICCI representatives discussed business conditions and opportunities for international investors.
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Aurangzeb also expected Pakistan to secure a B+ sovereign rating during July–September 2027, the first quarter of fiscal year 2027–28.
However, he said declaring the ongoing $7 billion IMF Extended Fund Facility Pakistan’s final programme would be premature.
S&P Global Ratings raised Pakistan’s rating to B from B- in July 2026, retaining a stable outlook. Its assessment cited stronger institutional capacity, reform implementation and fiscal consolidation.
Moody’s subsequently upgraded Pakistan to B3 from Caa1 in August 2026 maintaining a stable outlook. Aurangzeb’s anticipated B+ upgrade remains an expectation rather than an announced rating decision.
