Finance minister, World Bank review Pakistan’s reform agenda, FBR transformation

ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb on Monday held a meeting with a World Bank delegation led by Bolormaa Amgaabazar to review Pakistan’s ongoing economic reforms and institutional transformation agenda.

During the meeting held at the Finance Division, the finance minister appreciated the World Bank’s continued support for Pakistan’s economic reform efforts and institutional development initiatives.

The two sides reviewed progress on several reform programs and technical assistance initiatives, including public financial management reforms, institutional capacity building, debt management and private sector development.

Discussions also focused on implementation timelines, coordination mechanisms and operational arrangements linked to reform initiatives being supported by the World Bank.

Aurangzeb stressed the need for technical assistance programs to remain focused and aligned with clearly defined reform goals. He said the government preferred high-quality international expertise and practical implementation support aimed at strengthening institutional capacity within the public sector.

The minister also highlighted the government’s ongoing efforts to transform the Federal Board of Revenue (FBR) through reforms based on people, processes and technology. He said progress was being made in automation, digitization, simplification of procedures and technology-driven monitoring systems.

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

Both sides also discussed broader structural reforms aimed at promoting sustainable and export-oriented economic growth, including regulatory reforms, trade facilitation, export competitiveness, access to credit markets and capital market development.

Aurangzeb emphasised the government’s focus on deepening domestic debt and capital markets, reducing dependence on bank financing and expanding market-based financing avenues.

The meeting further discussed labor market reforms, vocational skills development, overseas employment opportunities and workforce competitiveness.

The finance minister appreciated the World Bank’s continued engagement and reaffirmed the government’s commitment to advancing Pakistan’s economic reform agenda and strengthening institutional capacity for sustainable economic growth.