Muhammad Aurangzeb, the Finance Minister, met with a World Bank delegation led by Country Director Bolormaa Amgaabazar on Friday to discuss measures aimed at reducing regulatory and business constraints in Pakistan. The World Bank put forward several steps to improve financing for small and medium-sized enterprises (SMEs) and to develop export-finance products for the EXIM Bank of Pakistan.
Furthermore, the two parties reviewed strengthening the Prime Minister’s Access to Finance initiative by considering a unified insolvency framework, factoring legislation, and regulations designed to boost SME financing. Sector-specific reforms were reviewed across pharmaceuticals, medical products, and agriculture.
Discussions also addressed tariff reforms under the National Tariff Policy, including work pertaining to the automotive sector. On the tax front, the World Bank offered technical assistance for the Medium-Term Revenue Strategy and revenue-policy modelling concerning tax reforms.
The meeting covered GST harmonisation, improved tax data sharing, and federal-provincial coordination. Additionally, agricultural income tax reforms and changes to provincial property tax were examined.
The Finance Minister stressed the necessity of moving beyond reform design toward implementing practical measures that can yield measurable improvements in economic activity, investment, jobs, and the business environment. Both sides concluded by agreeing to maintain cooperation on economic reforms, focusing on private-sector-led growth, stronger investment, institutional improvements, and more efficient public resource use.
