Spanish envoy calls on Finance minister

Celina Ali

Islamabad: Ambassador of Spain to Pakistan Jose A. de Ory Friday called on Minister for Finance and Revenue Senator Muhammad Aurangzeb at Finance Division.

The minister welcomed the Ambassador and discussed the cooperation and longstanding relations between the two countries, said a press release here.

The minister gave an update on some of the indicators including building up of foreign exchange reserves to USD 9.4 billion, robust performance of the stock exchange, declining trend of inflation rates with CPI inflation clocking in at 12.6% in June 2024, and increase in foreign remittances by 7.7% as compared to last year.

He also highlighted the successful conclusion of the 9-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) and apprised about the government’s intention to continue with the economic reform agenda under a fund supported medium term program.

Aurangzeb emphasized the government commitment to achieve economic stability by increasing tax to Gross Domestic Product (GDP) ratio through increasing tax base, as tax collection during FY 2024 increased by 30% as compared to FY 2023, and improving the tax administration through digitization, fiscal consolidation, Energy Sector reforms, SOE reforms, privatization and efforts to increase FDI.

It was further emphasized that export-led growth is the agenda of the government for which, along with traditional sector, agriculture and IT sectors are also being encouraged through different policies of the government.

The Spanish Ambassador appreciated Pakistan’s macroeconomic stability and the government’s efforts towards the economic reform process for sustainable economic growth.

He urged the government to enhance value addition in exports, emphasizing the potential for deeper collaboration between Spain and Pakistan in value added sectors.