ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb has said Pakistan’s economic priorities are moving from stabilisation towards sustainable and inclusive growth, with the government placing greater emphasis on private investment, exports, employment and improved access to finance for small and medium-sized enterprises (SMEs).
Aurangzeb made the remarks during a meeting with Asian Development Bank (ADB) Vice President Yingming Yang, where the two sides discussed Pakistan’s reform programme, SME financing, export-led growth and greater private-sector participation in development.
The ADB vice president appreciated Pakistan’s progress towards economic stability, improvements in sovereign credit ratings and advancement of the reform agenda.
He also acknowledged improvements in fiscal management and broader macroeconomic stability.
Aurangzeb stresses institutional reforms
The finance minister appreciated the ADB’s continued support for the government’s reform agenda, saying Pakistan needed to institutionalise reforms in key areas to achieve durable economic growth.
He highlighted domestic resource mobilisation, public finance, energy, insurance and pensions among sectors requiring continued reforms.
Aurangzeb said the government’s priority was now to move beyond stabilisation towards sustainable and inclusive economic growth.
Investment, exports, employment generation and private-sector participation would remain key pillars of that transition, he added.
SME financing central to Pakistan’s growth strategy
The finance minister particularly emphasised improving access to finance for SMEs, describing smaller businesses as an important component of Pakistan’s economic and export strategy.
He said the government wanted to expand financing opportunities for SMEs and strengthen their contribution to employment, investment and exports.
Efforts were also required to connect Pakistani SMEs with global markets and improve their competitiveness, Aurangzeb said.
The minister welcomed the ADB’s growing involvement beyond sovereign financing, particularly its increased focus on the private sector and public-private partnerships (PPPs).
Pakistan, ADB discuss infrastructure and clean energy
The meeting also reviewed reforms in the insurance sector, public-private partnerships and measures to improve Pakistan’s capacity to prepare and implement development projects.
Both sides discussed opportunities for expanding cooperation in infrastructure, transport, clean energy, water resources and climate resilience.
Aurangzeb said innovative financing mechanisms, co-financing arrangements and greater participation by international financial institutions were important for mobilising domestic and private capital.
ADB pledges continued support
Yingming Yang reaffirmed the ADB’s commitment to supporting Pakistan’s development priorities and economic reform programme.
The bank expressed willingness to deepen cooperation in private-sector development, SME growth and access to finance, among other priority areas.
The ADB vice president also stressed the importance of maintaining fiscal discipline while transitioning towards sustainable economic growth.
Pension reforms, institutional capacity and ongoing and proposed policy-based operations were also discussed.
Aurangzeb welcomed continued cooperation under the ADB’s country partnership strategy, identifying private-sector-led growth, export competitiveness, access to finance, infrastructure, climate resilience and social protection among Pakistan’s major development priorities.
