Federal Minister for Finance and Revenue Muhammad Aurangzeb on Thursday underscored Pakistan’s commitment to tackling climate challenges and advancing economic reforms, as he addressed the Sustainable Development Policy Institute (SDPI) conference in Islamabad.
The finance minister said the government was actively working on a National Climate Finance Strategy, adding that benchmarks for environmental policy had already been established. He noted that Pakistan’s Nationally Determined Contributions (NDCs) were a vital component of the country’s environmental plan aimed at meeting global climate commitments.
Aurangzeb pointed out that climate financing has emerged as a major global challenge, with climate change increasingly affecting economies worldwide. He stressed the need for collaborative action and greater private sector participation to address these challenges effectively.
“The increasing role of the private sector in Pakistan is a welcome development,” he said, emphasizing its critical role in driving sustainable economic growth. However, he cautioned that the deteriorating political and security situation in the region continues to pose significant challenges for Pakistan and its neighbors.
Discussing global trends, the finance minister observed that global GDP growth is on the rise, but political tensions and uncertainty are also increasing. He reaffirmed that structural reforms are underway in Pakistan, aimed at stabilising the economy and fostering investor confidence.
Highlighting recent developments in Pakistan’s financial and digital landscape, Aurangzeb announced the establishment of the Pakistan Crypto Council and the Virtual Asset Regulatory Authority through a newly issued ordinance. “We want to take this initiative forward from a business perspective,” he said, adding that formal legislation in this regard will be done soon.
Aurangzeb reiterated that the government remains committed to enhancing transparency, encouraging private investment and promoting financial innovation, all while keeping environmental sustainability at the core of its economic policy.