Islamabad (Commerce Desk): Federal Finance Minister Muhammad Aurangzeb has said Pakistan has so far managed to withstand the initial impact of rising global energy prices caused by the war involving Iran. However, attacks on energy infrastructure in Gulf countries remain a concern for the country’s economy.
Speaking in an interview with the French news agency, the finance minister said Pakistan had not experienced any fuel shortages so far. There had been no long queues of vehicles at petrol stations, nor had the country faced the kind of law-and-order situation reported in some other countries.
According to Muhammad Aurangzeb, Pakistan has made arrangements to meet its energy requirements until November, while planning is underway for the subsequent winter months.
He said the government’s reform agenda was facing resistance from the industrial sector, certain groups, and vested interests. However, the process of economic reforms was continuing.
Military-Owned Businesses Receive No Public Funds, Says Finance Minister
Responding to a question about businesses operated by the military, the finance minister said these enterprises were profitable and the government was not providing them with any funding from the public treasury.
Meetings With the IMF and International Financial Institutions
Muhammad Aurangzeb also held meetings with various international financial institutions and prominent figures on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok.
Those he met included Jihad Azour, the IMF’s Director of the Middle East and Central Asia Department, and Alexander De Croo, administrator of the United Nations Development Programme (UNDP) and United Nations Under-Secretary-General, along with representatives of various financial institutions.
He also held discussions with delegations from JPMorgan, Sharjah Islamic Bank, Abu Dhabi Commercial Bank, and Ajman Bank.
During his meeting with the IMF director, Pakistan’s economic performance and reform measures were reviewed. Progress regarding revenue collection, inflation, economic growth, and the current account situation was also discussed.
According to the finance minister, alongside ensuring the country’s energy needs are met, the government remains focused on maintaining economic stability and advancing its reform programme.