SLAMABAD: Federal Minister for Finance and Revenue Senator Mohammad Aurangzeb has said that Pakistan has no intention to seek new financing from friendly countries after Saudi Arabia’s assistance, but the government will continue its efforts for getting commercial financing.
Addressing the EU-Pakistan High Level Business Forum in Islamabad on Tuesday, Aurangzeb said consultations for next federal budget were under way. He said the $1.2 billion IMF tranches will be received next month and an IMF delegation will visit Pakistan in mid-May.
The minister said the government will issued $250 million Panda Bond in May for which ADB and Asia Infrastructure Bank have provided guarantee.
Aurangzeb said there was no food security or fertilizer issue in Pakistan due to the Middle East conflict. “The flow of remittances is unaffected from the Middle East and as well as from Europe,” he added.
Aurangzeb said the government wants to privatize New Islamabad International Airport (NIIA) and Lahore’s Allama Iqbal International Airport (AIIA) on an emergency basis.
He highlighted the solid work done to improve macroeconomic fundamentals, undertake structural reforms and through this enhance potential for future investments. He emphasized Pakistan’s stability and readiness for business under the theme “Pakistan Means Business”.
Aurangzeb said that the government privatized Pakistan International Airlines (PIA) in a very transparent manner.
The finance minister said that renowned business groups of Pakistan wanted to participate in the privatization process in a consortium shape.
He said the government is considering issuing licences to crypto exchanges. He said that the government is introducing tokenization in cryptocurrency.
Aurangzeb said that Pakistan is witnessing a record $3.8 billion increase in monthly remittances.
Aurangzeb said Pakistan’s economic growth will be about four percent this fiscal year. He noted that this represents a significant improvement over the previous fiscal year.
The minister said the country has been consolidating gains in terms of macroeconomic indicators. He mentioned that our current account surplus was a little over one billion dollars in March this year, expressing satisfaction over IT exports, the positive trajectory of value-added segments as well as increase in remittances.
Aurangzeb said the country’s foreign exchange reserves are expected to reach around 18 billion dollars by the end of June, providing an import cover of three months.
Addressing the Forum, Special Assistant to the PM on Industries and Production Haroon Akhtar Khan underscored that the European Union remains Pakistan’s largest export destination, with the GSP Plus framework playing a pivotal role in expanding market access and improving standards.
However, he stressed that the future of this partnership lies beyond trade, focusing on investment, technological collaboration, and integration into global value chains.
He pointed to vast opportunities across sectors including mining, tourism, renewable energy, agriculture modernization, pharmaceuticals, logistics, and infrastructure. He particularly emphasized the untapped potential of regions such as Gilgit-Baltistan, Khyber Pakhtunkhwa and Balochistan, rich in natural resources and investment prospects.
Inviting European partners to explore Pakistan’s tourism sector, he noted the country’s unique blend of natural beauty and cultural heritage, offering high-value investment opportunities.
The Forum brings together around 1,000 senior policymakers, European and Pakistani business leaders, investors and financial institutions.
European Union Ambassador to Pakistan Raimundas Karobolis opened the Forum, stating: “The European Union enjoys strong economic relations with Pakistan. It is a source of pride for him to say, that the European Union is the top export destination for Pakistan.
“The purpose of the forum is not just to celebrate our trade relations, but to deepen, diversify, green, and transform them into long-lasting investments. Through this, our mutual prosperity will thrive.”
The opening session also marked the launch of the EU-Pakistan Business Network, which brings together more than 300 EU companies active in Pakistan. The Network aims to serve as a collective voice of EU businesses in the country, facilitating dialogue with policymakers and supporting new European companies exploring opportunities in Pakistan.
The opportunities emanating from the EU’s Global Gateway initiative the EU’s largest investment program outside of the EU which aims to mobilise and de-risk 400 billion EUR of investments in the period 2021-2027 were presented in a dedicated plenary session with Mr Peteris Ustubs, Director for Asia and the Pacific at the Directorate-General for International Partnerships, European Commission; Ms Thouraya Triki, Director at the European Investment Bank; and Mr Hans Bogaard, Director of Agribusiness, Food and Forestry at FMO (the Entrepreneurial Development Bank from the Netherlands).
Discussions throughout the day focused on opportunities and challenges in priority sectors such as agribusiness, digital innovation and fintech, green logistics, sustainable textiles, and responsible mining.
Throughout the two-day Forum more than 600 B2B meetings are scheduled reflecting strong interest from both European and Pakistani companies in forming joint ventures and partnerships. New financial programmes and partnerships are also expected to be signed during the Forum.
The event provides a structured platform for high-level dialogue and deal-making between a combined economy of over 700 million people.
