Karachi (Pakistan News): Federal Finance Minister Muhammad Aurangzeb has said that 28 more state-owned entities have been allocated to the Privatization Commission and the government is actively moving forward with the privatization process.
Addressing the opening ceremony of the Pakistan Banking Summit 2026 organized by the Pakistan Banks Association, the finance minister said that the previous fiscal year ended with strong economic stability. Due to growth in large-scale industries, the gross domestic product growth rate remained at 3.7 percent, while remittances helped maintain stability in the current account situation during fiscal year 2026.
He said that the volume of remittances in fiscal year 2026 is estimated to remain between $41 billion and $42 billion, while value-added exports also played an important role in economic stability. Pakistan’s foreign exchange reserves increased to $18.4 billion, and access to global investment markets was restored.
The finance minister said that Pakistan regained access to international financial markets, including Eurobonds, while Panda Bonds proved to be an important development. However, access to other major markets of this nature was delayed.
Muhammad Aurangzeb said that 11 initial public offerings were conducted at the Pakistan Stock Exchange during the previous fiscal year, while the new generation, particularly Generation Z, is showing increasing interest in the stock market.
He said that during the 2025 floods, Pakistan did not appeal for international assistance like it did in 2022 and instead dealt with the situation using its own resources.
The federal minister said that in the recent budget, super tax on businesses worth less than Rs500 million has been abolished, which was a necessary step for promoting small businesses. He said that the construction sector was also provided relief in the budget, while all duties on agricultural machinery were removed.
He said that the retail sector has been included to expand the tax net, while the use of technology is reducing human intervention in the tax system. He stated that practical steps are necessary to restore public confidence in tax administration.
Muhammad Aurangzeb said that instead of maintaining a complicated tax system, the government is focusing on making the tax system easier and simpler. In a country with a large population like Pakistan, every individual will have to pay appropriate taxes.
The finance minister further said that the Ministry of Maritime Affairs will have to examine how the re-export sector can be expanded. He said that during the last three months, monthly inflows into Roshan Digital Accounts have increased from $180 million to $300 million.