ISLAMABAD - The World Bank has reiterated its commitment to assisting Pakistan in addressing economic challenges and achieving its developmental objectives.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb held a meeting with Najy Benhassine, Country Director of the World Bank, and his team at the Finance Division. The meeting was also attended by the finance secretary and senior officers of the Finance Division.
During the meeting, the federal minister highlighted the importance of collaboration with the World Bank to support Pakistan’s economic reforms and development agenda. He appreciated the World Bank’s financial and technical assistance across various sectors and reiterated the government’s commitment to fiscal discipline, sustainable growth, and efficient resource utilization. Discussions focused on the establishment of a robust and transparent tax policy framework to enhance revenue mobilization and improve compliance while ensuring equitable taxation. The World Bank team also offered technical assistance to streamline the budget-making process, adopting modern practices to improve transparency and accountability in public financial management, an effective debt management mechanism to ensure fiscal sustainability and reduce risks. Issues related to Agricultural Income Tax Regime and GST harmonisation in coordination with provinces and enhanced focus on active role of National Tax Council also came under discussion.
Najy Benhassine appreciated the government’s reform initiatives and assured continued support from the World Bank in key areas identified during the discussions. He reiterated the World Bank’s commitment to assisting Pakistan in addressing economic challenges and achieving its developmental objectives. The finance minister expressed gratitude for the World Bank’s support and reaffirmed the government’s resolve to implement reforms aimed at sustainable economic progress. Later, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb held a meeting with a delegation of the International Accounting Standards Board (IASB) led by Dr Andreas, Chairman IASB.
The delegation included ianqiao Lu, Member IASB, Farukh Rehman, President of the Institute of Chartered Accountants of Pakistan (ICAP), and Rana Usman Khan, Chairman of the Asia-Oceania Accounting Standards Group. Ashfaq Tola, Chairman of the Reforms and Resource Mobilization Commission of Pakistan (RRMC) and senior officers from the Finance Division also attended the meeting. The finance minister highlighted the government’s comprehensive policy framework aimed at enhancing tax revenues through improved documentation and financial transparency. He emphasized the importance of standardizing financial regimes to align with global practices, which are crucial for fostering investor confidence, both domestic and international. He reiterated government’s commitment to ensuring policy continuity to create a conducive environment for sustainable economic growth.
Dr. Andreas acknowledged Pakistan’s leadership in adopting international accounting standards and commended the country for being an early follower of global practices. He expressed appreciation for the support provided by ICAP in advancing these efforts, emphasizing the role of professional organizations in promoting financial transparency and capacity building. The minister stressed that transparency and standardization are essential to attract investment and build confidence in Pakistan’s economic framework. The participants discussed the challenges and opportunities associated with implementation of International Financial Reporting Standards (IFRS) in Pakistan. Farukh Rehman and Rana Usman Khan shared insights into how ICAP and the Asia-Oceania Accounting Standards Group are contributing to strengthening financial reporting systems. The meeting concluded with a mutual commitment to further strengthen Pakistan’s financial documentation and reporting practices in line with int’l standards.