ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb convened a meeting on Monday with a World Bank delegation led by Bolormaa Amgaabazar to evaluate Pakistan’s ongoing economic reform programs and institutional transformation efforts.
Held at the Finance Division, the session saw Aurangzeb commend the World Bank’s sustained support for Pakistan’s economic reforms and capacity-building initiatives. Both parties assessed progress on multiple reform projects and technical assistance activities, including public financial management improvements, institutional strengthening, debt management strategies, and private sector development.
Discussions also covered implementation schedules, coordination frameworks, and operational arrangements related to the reform initiatives backed by the World Bank. Aurangzeb emphasized the importance of keeping technical assistance programs sharply focused and aligned with well-defined reform objectives. He highlighted the government’s preference for high-caliber international expertise combined with practical support to enhance institutional capabilities within the public sector.
In a significant development, the minister outlined the government’s ongoing efforts to revamp the Federal Board of Revenue (FBR) through reforms centered on people, processes, and technology. He noted advancements in automation, digitization, procedural simplification, and technology-driven monitoring systems.
The World Bank team provided updates on their technical assistance concerning the Medium-Term Revenue Strategy (MTRS), the Tax Policy Office (TPO), and FBR reforms. Both sides further explored broader structural reforms designed to foster sustainable and export-oriented economic growth. These included regulatory reforms, trade facilitation, enhancing export competitiveness, improving access to credit markets, and developing capital markets.
Aurangzeb underscored the government’s commitment to deepening domestic debt and capital markets, reducing reliance on bank financing, and expanding market-based financing options. The meeting also addressed labor market reforms, vocational skills development, overseas employment opportunities, and measures to boost workforce competitiveness.
The finance minister expressed appreciation for the World Bank’s ongoing engagement and reaffirmed the government’s dedication to advancing Pakistan’s economic reform agenda and strengthening institutional capacity to support sustainable economic growth.
