Finance Minister emphasizes need for effective enforcement & compliance measures to curb illicit production & sale of cigarettes
Appreciates VISA’s role in digitalization of Pakistan’s economy & the launch of its various financial products
WASHINGTON ( WEB NEWS )
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with Christos Harpanditis, Vice President of Philip Morris International, on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C.
The Finance Minister appreciated the company’s longstanding commitment to Pakistan and acknowledged its contributions to the economy. He highlighted the improving business climate in the country and outlined the Government’s taxation reforms focused on people, process, and technology.
The Minister emphasized the need for effective enforcement and compliance measures to curb illicit production and sale of cigarettes. He shared that the Tax Policy Office had recently been moved to the Finance Division to ensure that taxation and tariff decisions are guided by economic value considerations.
The Finance Minister invited Philip Morris International to share its taxation proposals with the Ministry of Finance for further consideration.
Meanwhile Finance Minister Senator Muhammad Aurangzeb met with Andrew Torre, Regional Vice President of VISA, in Washington D.C. on Thursday.
The Minister appreciated VISA’s role in the digitalization of Pakistan’s economy and the launch of its various financial products. He noted that VISA’s decision to triple the size of its office in Pakistan and its collaboration with 1-Link and PayPak would contribute significantly to promoting financial inclusion, e-commerce, transaction security, and payment gateways in Pakistan, as well as facilitate remittances.
The Minister assured VISA of the Government’s full support in resolving any issues the company may face in Pakistan.
Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held back-to-back productive meetings with Lan Fo’an, Finance Minister of China, and Saudi Minister of Finance, Mohammed Aljadaan, on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C.
Both the high-level engagements focused on strengthening bilateral economic cooperation and reaffirming partner support for Pakistan’s reform agenda under the IMF’s Extended Fund Facility (EFF) program. In his meeting with Lan Fo’an, Finance Minister of China, Senator Muhammad Aurangzeb recalled their last meeting held in Beijing in July 2024 and thanked the Government of China for its unwavering support for Pakistan’s socio-economic development and for its strong backing of Pakistan’s economic reform program supported by the Extended Fund Facility (EFF) of the IMF. He briefed the Chinese side on the key reforms being undertaken in the areas of taxation, energy, privatization, public finance, and state-owned enterprises (SOEs). The Minister also provided an update on the status of the Panda Bond and requested the support of the People’s Bank of China (PBOC) to fast-track the issuance process. He concluded the meeting by extending a cordial invitation to the Chinese Finance Minister to visit Pakistan.
Meanwhile, Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, also held an important meeting with the Saudi Minister of Finance, Mohammed Aljadaan, in Washington, D.C. The Minister thanked Mohammad Aljadaan for Saudi Arabia’s longstanding and strong support to Pakistan in its pursuit of economic development, including through support for the IMF programme. He welcomed Saudi investments in Pakistan and reaffirmed the government’s resolve to stay the course on reforms. The Finance Minister also extended an invitation to Mohammad Aljadaan to visit Pakistan.