Italian Ambassador and Finance Minister Strategize Economic Cooperation
Islamabad - 20 May 2024 (Adnan Hameed): The Ambassador of Italy to Pakistan Marilina Armellin called on Minister for Finance & Revenue Senator Muhammad Aurangzeb at Finance Division, to discuss the cooperation and longstanding relations between Pakistan and Italy. The Finance Minister welcomed the Italian Ambassador and highlighted the significant improvements in Pakistan's economic landscape. He discussed the government's achievements, in decreasing current account deficit, globalization of currency, the stock market reaching an all-time high and the successful completion of the nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). He further mentioned that the ministry is currently in engagement with the IMF mission for a new program on longer term basis. Minister Muhammad Aurangzeb also outlined the government's strategic initiatives aimed at broadening the tax base by targeting previously untaxed and under-taxed segments. Additionally, he reiterated the government's commitment to privatize various State-Owned Enterprises (SOEs), starting with Pakistan International Airlines (PIA) also followed by major airports. He noted that the Government’s policy reflects a shift from aid to investment in Pakistan's economic strategy. The Minister also shed light on Pakistan’s potential in IT and agriculture sectors, inviting Italian investors to explore these investment areas. Ambassador Armellin acknowledged the promising economic indicators and appreciated the upward trend in Pakistan's economy. She emphasized the potential for enhanced cooperation between Italy and Pakistan, particularly in the textile, machinery, agriculture, and dairy sectors. At the end, The Finance Minister thanked the Italian government for their continued support and reiterated Pakistan's commitment to longstanding cooperation with Italy.
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