Aurangzeb urges need for structural reforms

Pakistan cannot provide jobs to 240m people, says Finmin; to visit US as Pakistan reassesses trade strategy amid regional trade shifts

ISLAMABAD: Finance Minister Muhammad Aurangzeb said on Saturday the government cannot provide jobs to all 240 million citizens, stressing the need for private-sector-led growth as the country works to stabilise and expand its economy.

Speaking at the Pakistan Economic Growth Conference organised by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in Islamabad, Aurangzeb said: “We cannot give jobs to 240 million people,” underscoring the importance of structural reforms and investment.

He said foreign exchange reserves were steadily increasing, and the economy was moving towards stability and growth.

The finance minister said work was underway to boost the construction sector and broaden the tax base, adding that greater digitalisation of the economy would enhance transparency and increase revenue collection.

Aurangzeb acknowledged challenges facing developers and bankers, particularly recovery issues, and said Prime Minister Shehbaz Sharif would address the matter in the coming days.

He said cement production was rising, while taxes related to the construction sector were also increasing.

Referring to the information technology sector, Aurangzeb said Pakistan was receiving $10 million in IT exports, but said that additional earnings were leaving the country through informal hundi and hawala channels.

Meanwhile, Finance Minister Muhammad Aurangzeb on Saturday said he will travel to the United States next week to advance economic engagement, as Pakistan reassesses its trade positioning following recent agreements between New Delhi and Washington, with Bangladesh also reaching an understanding with Washington, which has unsettled local industry.

“I am leaving for the United States next week; all your recommendations in terms of how we need to further negotiate with the US will be discussed,” he said, while addressing industrialists at Pakistan’s Economic Growth and Stability program at the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Regional Office, Lahore.

“We totally aligned with your ask,” he said, while urging the local industry to review the revenue model and improve productivity. Staff Report