Addresses Pakistan Banks Association’s Executive Committee,
Karachi(Staff Reporter):FM Muhammad Aurangzeb Confident of Upgrading Pakistan’s Credit Rating to B-, Finance Minister Muhammad Aurangzeb addressed the Pakistan Banks Association (PBA) Executive Committee, highlighting key initiatives and discussing the country’s macroeconomic situation. He praised the private sector’s proactive steps in advancing financial and technological infrastructure, particularly the collaboration with SIFC and focus on corporate farming.
The Minister expressed comfort with the current external financing situation and progress on the IMF draft resolution. He emphasized the importance of public-private partnerships, especially with HBL and NBP, to create capacity and move forward. The goal is to regain access to International Capital Markets by achieving a B- credit rating.
Aurangzeb acknowledged current challenges but believed the situation was manageable with IMF support. He urged continued focus on agriculture and initiatives like SIFC, emphasizing the need for private sector ownership and leadership.
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The Minister highlighted the importance of fund allocation for the agriculture sector, IT industry, and freelancers. He encouraged private banks to step up financing and fund allocation, addressing challenges in the energy sector, large-scale manufacturing, and competitive energy tariffs.
The meeting concluded with a call for banks to focus on agriculture financing and data collection, and an announcement that the International Finance Corporation (IFC) would expect updates and initiatives from banks the following week.
