Karachi (Lord Media): Federal Finance Minister Muhammad Aurangzeb announced that the government has allocated an additional 28 state entities for privatization, emphasizing the active pursuit of this initiative. He made this announcement during the opening ceremony of the Pakistan Banking Summit 2026, organized by the Pakistan Banks Association.
The Finance Minister stated that the last fiscal year ended with strong economic stability, marked by a GDP growth of 3.7% due to large-scale industrial growth and a stable current account supported by remittances. He estimated that remittances would range between 41 to 42 bn USD in the fiscal year 2026.
Muhammad Aurangzeb highlighted that Pakistan’s foreign exchange reserves reached 18.4 bn USD in the fiscal year 2026, with access to global capital markets. He stressed the need to enhance capital access opportunities for SMEs.
The Finance Minister mentioned that the federal budget has abolished the super tax on small businesses and provided relief to the construction sector. He added that the retail sector is being included to expand the tax net.
Zafar Masood, Chairman of the PBA, noted that the banking sector experienced significant growth last year, with banks issuing loans worth 2400 bn rupees. He stated that measures will be taken to train the workforce in the banking sector.
