Federal Minister for Finance and Revenue, Muhammad Aurangzeb, WB team review economic reform priorities

Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with a delegation from the World Bank (WB)

ISLAMABAD, (APP - UrduPoint / Pakistan Point News - 18th May, 2026) Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with a delegation from the World Bank (WB),

led by Bolormaa Amgaabazar at the Finance Division to review Pakistan’s economic reform agenda and discuss key development and fiscal priorities.

According to a press release, the Finance Minister appreciated the World Bank’s continued engagement with Pakistan

on economic reforms and institutional development. He acknowledged the World Bank’s support across key reform areas and emphasized the importance of close coordination and technical collaboration to support implementation of the government’s economic priorities and reform agenda.

The meeting reviewed progress on a range of ongoing reform initiatives and technical assistance programs being supported by the World Bank, including public financial management reforms, institutional capacity building, debt management, and private sector development.

Discussions also covered implementation time-lines, coordination mechanisms, and operational arrangements

relating to various reform-linked initiatives and technical support programs.

The minister emphasized the importance of ensuring that technical assistance programs remain focused, specialized,

and aligned with clearly defined reform objectives. He underlined the government’s preference for high-quality international expertise, practical implementation support, and knowledge transfer aimed at strengthening institutional capacity within

the public sector.

He further noted the importance of developing sustainable in-house expertise and enhancing the government’s ability to independently manage and implement complex reform initiatives over time.

Discussions also focused on the government’s ongoing efforts to transform the Federal Board of Revenue (FBR) through reforms centered around people, processes, and technology. The Finance Minister highlighted progress being made in automation, digitization, simplification of procedures, and technology-driven monitoring systems and he reiterated that the government remained fully committed to the broader tax administration transformation agenda and institutional modernization efforts.

The World Bank team shared updates regarding its ongoing technical support relating to the Medium-Term Revenue Strategy (MTRS), Tax Policy Office (TPO), and FBR transformation initiatives.

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Both sides exchanged views on strengthening coordination, accelerating implementation, and ensuring that reform measures remain aligned with broader fiscal and governance objectives. The Finance Minister emphasized the

importance of operationalizing reforms in a manner that supports transparency, efficiency, and improved taxpayer facilitation.

The meeting also covered broader structural reform priorities aimed at promoting sustainable and export-oriented economic growth. Discussions included regulatory reforms, trade facilitation, export competitiveness, access to

credit markets, and capital market development.

Participants highlighted the importance of improving the business environment, reducing regulatory barriers, and strengthening financial sector depth to support private sector-led growth and investment.

The Finance Minister particularly emphasized the government’s focus on deepening domestic debt and capital markets, reducing over-reliance on bank financing, and expanding market-based financing avenues.

Discussions also covered ongoing work relating to debt market development, investor outreach, and measures aimed

at enhancing Pakistan’s investment profile and access to international financial markets.

Participants further exchanged views on labor market reforms, vocational skills development, overseas employment opportunities, workforce competitiveness, and ongoing analytical work relating to right-sizing, public sector efficiency,

and long-term growth and jobs strategy.

The minister emphasized the importance of aligning skills development frameworks with evolving market needs, improving labor market information systems, and leveraging existing reform work and institutional analysis to ensure that future policy interventions remain focused, practical, and implementation-oriented.

He appreciated the World Bank’s continued engagement and constructive support across multiple reform areas. Both sides reaffirmed their commitment to continued collaboration and close coordination in advancing Pakistan’s economic reform agenda, strengthening institutional capacity, and supporting sustainable and inclusive economic growth.