Finance Minister Muhammad Aurangzeb reassured the public that tax recovery efforts would not involve harassment, emphasizing the need for new legislation to restrict non-filers from opening bank accounts or purchasing property. His statements were made during a press conference in Washington, where he reported positive discussions with officials from the International Monetary Fund (IMF) and the World Bank.
He mentioned that members of the Pakistani diaspora in the U.S. showed interest in investing in Pakistan and stated, “We will utilize available tax data to enhance revenue without pressuring anyone.” Aurangzeb noted the government’s intent to phase out the term ‘non-filer’ as part of reforms within the Federal Board of Revenue (FBR), which aims to promote transparency and sustainable development.
Regarding privatization, he asserted that companies suitable for private sector management should not remain under government control. He expressed confidence that international financial institutions would continue their support for Pakistan.
Reflecting on his trip for the IMF-World Bank meetings, Aurangzeb highlighted that Pakistan was included in all relevant discussions and described the talks with the IMF as constructive, stating, “Our goal is for this to be Pakistan’s last IMF program.” He reported recent economic improvements, citing lower inflation and policy rates, and noted that foreign exchange reserves now stand at $11 billion, with rating agencies indicating positive trends for Pakistan.
During interactions with diaspora leaders, he discussed socio-economic developments and engaged with Pakistani-American tech entrepreneurs, identifying IT as a growing sector. He assured them that efforts were being made to enhance Pakistan’s digital ecosystem through comprehensive legislative and operational initiatives.
Aurangzeb also met with Jin Liqun, President of the Asian Infrastructure Investment Bank (AIIB), acknowledging the bank’s support in addressing the aftermath of the devastating floods in 2022. He expressed a desire to diversify financing sources, including exploring the issuance of a panda bond with a partial credit guarantee from the AIIB.
The discussions also covered the idea of conducting a no-deal roadshow followed by a deal roadshow. Aurangzeb expressed satisfaction with the progress of AIIB projects in Pakistan and invited the bank to invest in the reconstruction of the N-5 (GT Road) project, as well as to support climate change adaptation efforts. He also welcomed the upcoming visit of the AIIB Vice President (Operations) to discuss mutual interests and review ongoing projects.
