FinMin Aurangzeb stresses reforms, private sector role in economic stability

WEB DESK: Finance Minister Muhammad Aurangzeb has said that meaningful reforms are essential for Pakistan’s economic revival, stressing that sustainable growth can only be achieved through collective national effort and active participation of the private sector.

Speaking at a job fair, Aurangzeb welcomed the initiative as a positive step toward creating employment opportunities for young people. He noted that such events not only connect graduates with industries but also play a crucial role in addressing unemployment. “There are no shortcuts in practical life. Hard work must be our guiding principle,” he emphasised.

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The minister said that while the government is taking concrete steps to stabilise the economy, the private sector must shoulder its responsibility. “It is the private sector that truly drives a country forward,” he remarked, adding that Pakistan needs a stronger corporate sector to fully harness its potential. Aurangzeb highlighted that economic reforms remain the cornerstone of progress, and without them, development cannot be sustained.

He also pointed out that achieving long-term development goals requires broad-based cooperation. “For sustainable growth, we all must work together,” he said. Aurangzeb said that that stability will only be possible when businesses, government, and civil society align their efforts.

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Reflecting on the recent Independence Day celebrations, the finance minister praised the unity displayed across communities. “On August 14, people of all religions came together under one flag with passion and enthusiasm. This spirit of solidarity is what Pakistan needs to move forward,” he said.

Aurangzeb concluded by reiterating his commitment to reforms, employment creation, and strengthening the private sector, framing them as essential pillars of Pakistan’s economic recovery and long-term prosperity.

Role of Pakistan’s Youth

Speaking to the media after inaugurating the job fair the Finance Minister highlighted the role of Pakistan’s youth in shaping the country’s future. “The young people here represent the future of Pakistan,” he said, noting the strong presence of institutions at the fair but also pointing out the absence of the corporate sector. While praising successful public-private partnerships, he stressed that the corporate sector’s active involvement was essential for progress, particularly as the world moves rapidly towards artificial intelligence.

Aurangzeb reiterated the need for hard work and a culture of excellence, reminding young people that private sector jobs demand long hours and commitment. “There are bills to be paid, and employment is about responsibility,” he remarked.

Turning to the economy, the minister noted encouraging signs of stability. He pointed out that three major global rating agencies had issued positive outlooks on Pakistan, while the State Bank was actively working to stabilise exchange and interest rates. He stressed the government’s role in ensuring macroeconomic stability, while urging tax relief for manufacturing and the salaried class to ease burdens. “With better coordination between institutions and the Prime Minister’s personal interest, the next two years will see further improvement,” Aurangzeb assured.