Aurangzeb commits to successful completion of IMF programme

ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb Thursday reiterated Pakistan’s commitment to ensuring a smooth and successful completion of the 37-month-long IMF programme. “The Government of Pakistan under Prime Minister Shehbaz Sharif is very clear that the trust and credibility we have regained over the last 14 months must be maintained to lay path for an inclusive and sustainable growth,” he said while talking to the IMF’s new Resident Representative for Pakistan Mahir Binici, who called on the minister at the Finance Division.

The minister formally welcomed Mahir on his assignment in Pakistan and assured him of full support in carrying out his official responsibilities and a smooth day-to-day consultation with the Government of Pakistan. Mahir reciprocated the sentiment and committed himself to working closely with the Government of Pakistan for ensuring a successful completion of the IMF programme.

In a separate meeting, Aurangzeb, attended virtually the 1st Workshop on “Implementation Management” organized by the Kingdom of Saudi Arabia (KSA). This workshop marks the first in a series of three, with subsequent sessions focusing on digital transformation and social transformation respectively. The event was facilitated by the Special Investment Facilitation Council (SIFC) as part of ongoing efforts to strengthen Pak-Saudi economic collaboration.

The workshop, titled “Saudi-Pak Economic Collaboration Taskforce -- Pakistan Transformation,” was attended by senior government officials. Addressing the participants, the finance minister highlighted the importance of learning from the KSA’s Vision 2030 model – an exemplary model of robust implementation strategies.

Highlighting the focus on “People, Process, and Technology”, he emphasized the need to adopt practices that ensure successful transformation outcomes while considering Pakistan’s unique socio-economic context. The minister underscored the necessity of ‘policy continuity’ as a cornerstone for sustainable progress, drawing attention to the concept of “irreversibility” in reforms — a key element in Saudi Arabia’s success story.

“Pakistan has often faltered in ensuring policy continuity. The lesson we must take from Saudi Arabia is the importance of irreversibility in transformation initiatives,” he remarked.

The minister also acknowledged the potential for challenges, noting that not every aspect of Saudi Arabia’s transformation model could be replicated in Pakistan. However, he affirmed that setbacks were inevitable in the pursuit of meaningful progress, emphasizing that learning through failures was an integral part of success. “To ensure success, reforms must not only be implemented but also institutionalized, making them difficult to reverse,” he added.

The workshop featured a comprehensive presentation by Yahya Bin Laden, who elaborated on Saudi Arabia’s Vision 2030’s approach to developing strategic objectives and converting them into measurable outcomes through meticulous implementation processes.

The workshop concluded by reaffirming Pakistan’s commitment to leveraging international best practices, fostering collaboration with the Kingdom of Saudi Arabia, and driving forward the economic and social transformation agenda.