ISLAMABAD, Wednesday, May 07, 2025 (WNP): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb on Wednesday held a high-level meeting in London with Lord Livermore, the UK’s Financial Secretary to the Treasury and Minister for Growth at HM Revenue & Customs, to discuss Pakistan’s ongoing economic reforms and avenues for enhanced bilateral trade and investment.
Also in attendance were Pakistan’s High Commissioner to the United Kingdom, Dr. Mohammad Faisal; Advisor to the Finance Minister, Khurram Schehzad; and senior officials from the Pakistan High Commission in London.
During the meeting, Senator Aurangzeb presented Pakistan’s ambitious economic reform agenda, centered on diversification and export-led growth. He highlighted that recent government policies have begun to bear fruit, citing key indicators of macroeconomic stability. Pakistan’s real GDP is projected to grow by 3.0% in 2025 and 4.0% in 2026, while inflation has declined sharply to a historic low of 0.3%, he noted.
The finance minister also underscored efforts to modernize Pakistan’s tax system through digitization, aimed at widening the tax base and boosting state revenue. He reported a 25.9% increase in tax collection during the first nine months of the fiscal year 2025. In the same period, Foreign Direct Investment rose by 14%, reaching USD 1.6 billion, while the central bank’s policy rate was brought down to 11%.
Lord Livermore lauded Pakistan’s reform agenda and acknowledged its progress toward broad-based economic transformation. He noted that the UK was similarly advancing reforms in areas such as pensions, skills development, and trade to spur sustainable growth.
Senator Aurangzeb expressed appreciation for the UK Treasury’s continued support, particularly through the Foreign, Commonwealth & Development Office (FCDO), which has been instrumental in providing financial and technical assistance.
Reaffirming Pakistan’s commitment to strengthening economic ties, the finance minister emphasized the potential for deeper investment and trade collaboration between the two countries.
Pakistan, Deutsche Bank explore enhanced financial cooperation
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a high-level meeting with senior executives of Deutsche Bank at the Pakistan High Commission in London to discuss Pakistan’s macroeconomic reform agenda and explore avenues for deeper financial collaboration.
The Deutsche Bank delegation included Shrikant Padmanabhan, Managing Director and Global Head of Emerging Markets Structuring (FIC Trading); Myriam Ouazzani, Managing Director for Sub-Saharan Africa Coverage (Institutional Client Group); Kamran Zaidi, Director and Chief Country Officer for Deutsche Bank Pakistan; and Usman Javed, Director and Head of Loan Syndication for CEEMEA (FIC Trading).
During the meeting, Senator Aurangzeb outlined the government’s ongoing economic reforms, highlighting key priorities such as fiscal consolidation, inflation control, restructuring of state-owned enterprises, and fostering a regulatory environment conducive to investment.
The minister also shared details of Pakistan’s privatization drive, which aims to enhance efficiency, attract foreign investment, and reduce the financial burden on the national exchequer.
Discussions focused on Deutsche Bank’s potential involvement in several areas, including syndicated lending, debt capital markets, trade finance, and sustainable finance—particularly clean energy projects. Senator Aurangzeb emphasized Pakistan’s growing interest in innovative financing instruments, such as blended finance, private placements, and targeted trade finance mechanisms for small and medium-sized enterprises (SMEs).
Both parties agreed on the need to strengthen Pakistan’s trade finance infrastructure and acknowledged the pivotal role Deutsche Bank’s global network could play in expanding cross-border trade and improving capital access for Pakistani businesses.
The meeting concluded with a mutual commitment to sustained engagement between Deutsche Bank and the Government of Pakistan, aimed at supporting Pakistan’s economic development while fostering new opportunities for strategic collaboration.
Pakistan briefs UK on Indian aggression
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, met with UK Minister of State for South Asia, Hamish Falconer, in London to brief him on India’s recent unprovoked and indiscriminate missile strikes on civilian areas in Pakistan and Azad Jammu and Kashmir.
According to a statement issued by the Ministry of Finance, Senator Aurangzeb informed Minister Falconer that the overnight attacks resulted in the deaths of at least 26 civilians and injuries to 46 others, including women and children. He condemned the strikes as a blatant violation of international law and a dangerous escalation by India.
Reiterating Pakistan’s firm resolve to defend its sovereignty, the finance minister said that the country would respond to India’s aggression in a “befitting manner,” while continuing to seek peace and stability in the region.
Senator Aurangzeb also recalled Pakistan’s repeated offers to India for an impartial and independent investigation into the Pahalgam incident — offers that included the use of the UK’s good offices. He noted that India had rejected those proposals and instead opted for military aggression.
The finance minister urged the international community to take notice of India’s reckless actions and called for strong condemnation from global stakeholders. He emphasized that a just and lasting resolution of the Jammu and Kashmir dispute remains essential for regional peace and stability.
Minister Falconer expressed condolences over the loss of civilian lives and voiced hope that rising tensions in South Asia could be resolved through dialogue and diplomatic engagement.
