ISLAMABAD: Ali Jahangir Siddiqui met Finance Minister Senator Muhammad Aurangzeb with a delegation of US-based investors and business professionals to discuss Pakistan’s recent macroeconomic developments and explore international collaboration. ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb discussed Pakistan’s recent macroeconomic developments and avenues for international collaboration with a delegation of US-based investors and business professionals. The delegation was led by Ali Jahangir Siddiqui.
The delegation, hosted by Siddiqui, included entrepreneurs and professionals from sectors such as technology, academia, and finance. Notable participants were Auren Hoffman, Chief Executive Officer of SafeGraph; Kristen Edwards Marqua of Hakluyt & Company; Michael Levi from The D.E. Shaw Group; and Dr. Jeff Chang of Rad AI. Advisor to the Finance Minister Khurram Shehzad and senior officers from the Finance Division and FBR were also present.
During the meeting, Finance Minister Aurangzeb provided an update on the country’s recent efforts to address long-standing economic challenges. Highlighting key achievements, he stated:
“Pakistan has historically struggled with twin deficits; however, due to improved export performance, the economy is now operating with a surplus in fiscal and current accounts. Foreign exchange reserves have crossed the $12 billion mark, inflation has been brought down to single digits, and the policy rate is moving in the right direction.”
He further outlined the government’s reform agenda, including privatization, restructuring of state-owned enterprises (SOEs), rightsizing the federal government, and pension reforms.
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Macro-Economic Challenges
The finance minister highlighted the challenges posed by rapid population growth and climate change. He noted that a population growth rate exceeding 2% has serious implications for food security, child stunting, and education.
“Climate change exacerbates these vulnerabilities, making it imperative to secure both financial and technical assistance to tackle these issues effectively,” said Finance Minister Aurangzeb. He also discussed the government’s focus on these priorities with international partners, including World Bank President Ajay Banga.
Engaging International Stakeholders
Ali Jahangir Siddiqui opened the dialogue by outlining the delegation’s composition, objectives, and their engagements with various stakeholders. He emphasized the importance of building dialogue between Pakistani policymakers and the international community.
Collaboration for Economic Growth
The delegation acknowledged the government’s efforts to stabilize the economy and emphasized the role of public-private partnerships. Discussions explored opportunities for collaboration in innovation, investment, and financial inclusion.
In response to a question about the role of the private sector, Senator Aurangzeb stated, “Policy frameworks and continuity are the government’s responsibility, but the private sector must lead the economy. The government’s focus is on creating an enabling environment to support this transition.”
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Addressing questions on implementing IMF conditions and structural reforms, the minister responded, “The willingness and ability to execute reforms are crucial. While we have significant work ahead, as long as we maintain commitment and momentum, and stay the course, we will achieve the desired outcomes.”
The session concluded with a shared commitment to strengthening US-Pakistan cooperation, particularly in achieving mutual economic goals and addressing shared challenges. With this visit, facilitated by Ali Jahangir Siddiqui, international partnerships remain an important component in advancing Pakistan’s economic agenda and fostering sustainable growth.
