ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb announced that the government is downsizing its structure by merging 39 ministries and has decided to sell 24 state-owned enterprises, with Pakistan International Airlines’ (PIA) privatization expected to be completed before the end of this year.
Addressing the ninth edition of The Future Summit, the finance minister emphasized the crucial role of the private sector in driving the country’s economic growth. He said Pakistan’s economy is moving in the right direction, and its macroeconomic stability has been recognized globally. International rating agencies have acknowledged Pakistan’s improving economic indicators, he added.
Aurangzeb noted that economies around the world are undergoing reforms, with greater focus on tariff regimes. He said the government’s primary role is to provide a conducive ecosystem, particularly for AI-driven development.
Highlighting Pakistan’s growing digital and export potential, the minister stated that the country ranks among the world’s top three freelancing nations and must now evolve into an export hub. He said structural reforms are essential for sustainable economic progress and that digitization will enhance transparency.
He added that Pakistan’s blue economy holds vast potential, with foreign companies viewing the country as an attractive destination for business and investment. “Corporate profits have increased by 9 percent,” Aurangzeb revealed, adding that Google is considering plans to turn Pakistan into an export hub, with a special focus on the IT and maritime sectors.
On privatization, the minister said the agenda is being pursued rapidly. “The privatization of the First Women Bank has been completed, and the buyers are expected to make multimillion-dollar investments,” he noted. Work is also in progress on privatizing three distribution companies (DISCOs) and PIA, which will be finalized before year-end.
Aurangzeb further stated that the government’s rightsizing efforts are progressing, with 70 percent of the merger and closure process for unnecessary departments already complete. Employees are being offered packages comparable to the private sector, and pension reforms are also part of the broader agenda.
He concluded by emphasizing that for long-term economic stability, Pakistan must urgently address challenges such as population growth and climate change.
