Federal Minister of Finance Muhammad Aurangzeb has reaffirmed the government’s commitment to support the private sector, declaring that trade is not the responsibility of the government.
Speaking during the Conference on the Insurance Impact organized by the Securities and Exchange Commission of Pakistan (SECP), he underlined the need for structural and innovation reforms in the insurance sector.
Aurangzeb underlined the progress of the government in the realization of macroeconomic stability in the last 12 months, citing a “positive” meeting with the head of the International Monetary Fund (IMF), which welcomed the structural reforms of Pakistan.
“The details of economic stability are known to everyone, but we must now focus on reforms,” he said.
The Minister of Finance stressed that affordable and effective insurance solutions are essential to create an “insured Pakistan”, adding that the country needs modern approaches to life, health and general insurance.
“Discussions on climate change at this conference are a big step forward because they play a crucial role in training the insurance sector,” he noted.
He also suggested privatizing public sector insurance firms which continue to operate at a loss. “If state -owned insurance companies are in deficit, they should be given to the private sector,” said Aurangzeb.
The Minister reiterated that the role of government was to provide political executives and facilitate companies rather than engaging in trade itself.
“Our goal is to create a conducive environment for the prosperous private sector,” he added.
Prime Minister Muhammad Shehbaz Sharif met Kristalina Georgieva, director of the International Monetary Fund (IMF) on Tuesday to discuss the Pakistan IMF program and macroeconomic stability obtained thanks to the comprehensive government reform order.
The meeting took place on the sidelines of the World Government Summit (WGS) 2025 in Dubai.
According to a statement from the Prime Minister’s office, the discussion focused on Pakistan’s commitment to implement structural reforms and maintain budgetary discipline, which has played a decisive role in restoring economic stability.
These reforms are considered to be crucial to stimulate long -term sustainable growth.
Prime Minister Sharif underlined the progress made under the FMI (EFF) extended funds, which played a key role in the stabilization of the Pakistan economy and put it on the long -term recovery path .
He reaffirmed the government’s commitment to support the momentum of the reform, in particular in fields such as tax reform, the efficiency of the energy sector and the development of the private sector.
Georgieva congratulated Pakistan for its effective implementation of the program supported by the IMF, recognizing the improvement of economic performance with growth and a decrease in inflation.
It has recognized the recovery and economic growth of Pakistan, stressing that the country is on a positive trajectory.
The director general of the IMF also praised the leadership and personal commitment of Prime Minister Shehbaz Sharif to stimulate the reform program, which was crucial to achieving economic stability.
It reiterated the continuous support of the IMF to Pakistan reform efforts, stressing the importance of budgetary discipline, structural reforms and good governance to ensure long -term economic stability and growth.
