Canada Assures Pakistan of Support in Socio-Economic Development

Canada Assures Pakistan

Canadian High Commissioner to Pakistan, Leslie Scanlon, met with Federal Minister for Finance & Revenue, Senator Muhammad Aurangzeb, at the Finance Division today.

The minister shared updates on the successful completion of the nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). He also mentioned that the government is currently in discussions with the IMF mission for further engagement.

He outlined the government’s key priority reform areas, which include increasing the tax-to-GDP ratio by bringing untaxed segments into the tax net, implementing end-to-end digitalization, and undertaking administrative reforms. Consultants have been engaged to assist with these initiatives.

Discussing privatization efforts, the minister reaffirmed the prime minister’s commitment to privatizing State-Owned Enterprises (SOEs). He noted that there has been a positive response from both local and foreign investors regarding the privatization of Pakistan International Airlines (PIA). The minister also addressed the complex energy situation, informing that DISCO boards have been reconstituted with experts from the private sector to enhance efficiency.

Additionally, the minister highlighted the role of the Special Investment Facilitation Council (SIFC) as a practical single-window platform designed to streamline investment processes and attract foreign investments.

The High Commissioner acknowledged the government’s efforts to improve the country’s economy. She expressed hope for Pakistan’s economic growth and stability and assured that the Canadian government will continue to support Pakistan’s socio-economic development.