Aurangzeb calls for fiscal reforms, improved debt management to sustain economic stability

Federal Finance Minister Senator Muhammad Aurangzeb has called for improved debt management and continued fiscal reforms to strengthen Pakistan’s economic stability and support sustainable growth.

Speaking at a panel discussion titled “Mitigating Sovereign Risks in Market Access Countries,” Aurangzeb discussed Pakistan’s progress in achieving fiscal stability, reducing inflation and restoring foreign exchange reserves.

He identified revenue enhancement, tax administration reforms, prudent government expenditure and privatization as key measures to strengthen the country’s economic position.

The finance minister said the government was working to reduce debt servicing costs, extend debt repayment periods and manage risks associated with debt repayments and refinancing.

He said regaining access to international capital markets would help improve the structure of Pakistan’s external debt without increasing the overall debt volume.

Aurangzeb said national leadership and commitment were necessary to implement reforms in taxation, energy, state-owned enterprises and pensions under the International Monetary Fund (IMF) program.

He said consistent implementation of reforms was essential to convert economic stability into sustainable growth and improved public welfare.