Finance Minister Aurangzeb, World Bank agree to expand cooperation on tax and institutional reforms

Federal Minister for Finance Muhammad Aurangzeb Monday held an important meeting with a delegation led by the Country Director of the World Bank, during which both sides held detailed discussions on ongoing and future economic reforms in Pakistan, reported 24NewsHD TV channel.

The meeting focused on strengthening cooperation between the Government of Pakistan and the World Bank, particularly in the areas of tax system improvement, financial management, and institutional reforms aimed at enhancing governance and economic stability.

During the discussion, the finance minister emphasised that the government’s top priorities include digital transformation, automation, and modernisation of the Federal Board of Revenue (FBR).

He noted that World Bank technical assistance is continuing in key reform areas, including the Medium Term Revenue Strategy, the establishment and strengthening of the Tax Policy Office, and comprehensive reforms within the FBR.

Muhammad Aurangzeb stated that all reforms are being aligned with the principles of transparency, efficiency, and taxpayer convenience to build greater trust in the taxation system. He also highlighted the government’s efforts to promote private sector development, boost exports, facilitate trade, and attract investment as part of a broader strategy for economic growth.

The minister further shared that the government is focusing on the development of the local credit and capital markets to create alternative financing avenues and reduce dependence on banks. He said efforts are being intensified to strengthen financial markets and diversify sources of funding for businesses.

Progress in employment generation, skills development, labour market reforms, and expanding overseas employment opportunities was also discussed as part of the broader economic reform agenda.

Both Pakistan and the World Bank reaffirmed their commitment to continued cooperation for achieving sustainable, inclusive, and export-led economic growth in the country.