Federal Finance Minister Muhammad Aurangzeb announced significant steps toward economic restructuring, privatization and sustainable growth  During his address at the ninth edition of The Future Summit in Karachi, he highlighting the government’s reform agenda, Aurangzeb said the federal cabinet is undergoing a “right-sizing” process, with 39 ministries being merged and 24 state-owned entities slated for privatization. 

According to Aurangzeb, 70 percent of the ministry mergers and closure of unnecessary departments have already been completed, and employees are being provided packages aligned with private-sector standards. FinMin confirmed that the privatization of Pakistan International Airlines (PIA) will be completed before the end of the year, alongside ongoing efforts to privatize three distribution companies.

The first women’s bank has already been successfully privatized, attracting multi-million-dollar investment. Aurangzeb emphasized the crucial role of the private sector in driving economic growth. “Sustainable, production-based growth is the only path forward. Pakistan’s economy is on the right track, and our macroeconomic stability has been recognized globally,” he said. He added that structural reforms and digitization are essential for transparency and long-term economic resilience. 

The Finance Minister also highlighted Pakistan’s potential in the IT and maritime sectors, noting that the country ranks as the third-largest provider of freelancers worldwide. Plans are underway to make Pakistan an export hub, with global companies showing strong interest in investment. Addressing fiscal reforms, Aurangzeb mentioned that corporate profits have increased by 9%, while the number of taxpayers has grown by 900,000, with Egypt reportedly seeking guidance on Federal Board of Revenue (FBR) reforms. 

Credit: Independent News Pakistan (INP)