Mohsin Siddiqui (Chief Reporter) 

Canadian High Commissioner to Pakistan, H.E. Ms. Leslie Scanlon, met with Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb, at the Finance Division today. The meeting focused on Pakistan’s economic reforms, IMF engagements, and potential investment opportunities, highlighting the efforts of both countries to strengthen their economic ties.
Senator Aurangzeb warmly welcomed High Commissioner Scanlon and shared the successful completion of the nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). He elaborated on the government’s ongoing discussions with the IMF mission for further engagement, emphasizing the importance of this partnership for Pakistan’s economic stability.
The Finance Minister outlined the government’s key priority reform areas, which include improving the tax-to-GDP ratio by bringing untaxed segments into the tax net. He stressed the need for comprehensive end-to-end digitalization and administrative reforms, noting that consultants have been engaged to assist in these areas. These reforms aim to create a more efficient and transparent tax system, ultimately boosting government revenue and fostering economic growth.
Highlighting the government’s privatization initiatives, Senator Aurangzeb reaffirmed Prime Minister’s commitment to privatizing State-Owned Enterprises (SOEs). He shared that there has been a positive response from both local and foreign investors regarding the privatization of Pakistan International Airlines (PIA). This move is expected to enhance the airline’s operational efficiency and service quality, attracting more investors and passengers alike.
Addressing the complex energy equation, the Finance Minister explained that DISCO boards have been reconstituted with experts from the private sector. This step is intended to improve their efficiency and service delivery, ensuring a more reliable energy supply for consumers. The involvement of private sector experts is expected to bring in innovative solutions and best practices, contributing to the overall improvement of the energy sector.
Senator Aurangzeb also emphasized the role of the Special Investment Facilitation Council (SIFC) as a pragmatic single-window platform designed to streamline investment processes and attract foreign investments. The SIFC aims to simplify procedures, reduce bureaucratic hurdles, and provide a more investor-friendly environment, making Pakistan an attractive destination for foreign investors. This initiative is part of the government’s broader strategy to foster economic growth and create job opportunities through increased investment.
High Commissioner Scanlon recognized the Pakistani government’s efforts to improve the country’s economy. She expressed hope for continued economic growth and stability in Pakistan, assuring that the Canadian government would continue to support Pakistan’s socio-economic development. The High Commissioner acknowledged the significance of the reforms and initiatives undertaken by the Pakistani government, noting that they align with Canada’s goals of promoting global economic stability and development.
The meeting between the Canadian High Commissioner and the Pakistani Finance Minister underscores the strong bilateral relations between Canada and Pakistan. Both countries are committed to working together to enhance economic cooperation and support each other’s development goals. The discussions highlighted the potential for increased collaboration in various sectors, including finance, energy, and investment, which could lead to mutual benefits for both nations.
As Pakistan continues to implement its reform agenda and attract foreign investment, the support from international partners like Canada will be crucial. The engagement with the IMF and the focus on privatization and digitalization reforms reflect the government’s determination to create a more robust and resilient economy. These efforts are expected to pave the way for sustainable economic growth and improved living standards for the people of Pakistan.