Muhammad Aurangzeb says govt won’t back step from reforms

Finance Minister Muhammad Aurangzeb has reaffirmed the government’s commitment to implementing reforms, stating that there will be no retreat from the measures being introduced.

Speaking to the media in Karachi, he emphasized that state-owned enterprises that can operate efficiently in the private sector will not remain under government control. He stressed that privatization is in the country’s best interest, highlighting the need to enhance the economic framework.

Aurangzeb announced that the International Monetary Fund (IMF) review mission is scheduled to visit Pakistan in the first week of March. He noted that the country’s current account is in surplus, the State Bank has reduced interest rates, and economic stability is improving.

He underscored the importance of focusing on emerging markets and stated that privatization will drive progress in other sectors. The government aims to achieve sustainable and inclusive development, he added.

The finance minister revealed that the privatization of three power distribution companies will commence soon, and Pakistan International Airlines (PIA) will also be reintroduced to the market for privatization.

He pointed out that Pakistan is not alone in facing economic challenges, as similar issues affect other emerging economies. Questioning the nature of agricultural incomes, he argued that agricultural reforms are crucial structural changes. He concluded by stating that the government will jointly assess the implementation of these reforms.