Pakistan seeks US tariff access, taps Mideast funds as it re-engages global markets
Pakistan has 'successfully arranged $1 billion in commercial financing from the Middle Eastern region' and plans to launch an inaugural Panda bond while exploring a Eurobond and other international debt markets as its credit ratings improve, Aurangzeb said during a briefing with the Moody's rating agency on Tuesday.
'These changes, together with improving macroeconomic indicators and the reform momentum, would be positively acknowledged by rating agencies, further strengthening Pakistan's case to tap international markets and deepen its external sector stability,' the finance minister said.
The virtual session, attended by the State Bank governor and senior officials, also highlighted 'ongoing discussions with the United States on preferential tariff access,' which the minister described as 'making encouraging headway.'
The finance team cited key progress under Pakistan's IMF-backed economic plan. Recent reforms include 'prudent fiscal measures' in the new budget, trade and tariff liberalization for export-led growth, and steps to rationalize spending.
Aurangzeb also pointed to signs of recovery, including a sharp drop in inflation, a lower policy rate, a stable exchange rate, a current account surplus and foreign reserves rising above $14 billion by the end of June.
He underlined plans to raise the tax-to-GDP ratio to 13–13.5 percent in the coming years through technology-driven tax administration, digitization and tougher enforcement.
Under the prime minister's direct oversight, he said, a 'Rs. 2 trillion revenue delta' was achieved this year through 'autonomous efforts.'
Despite repeated external and fiscal pressures, Pakistan says it hopes improved ratings and renewed investor confidence will lower borrowing costs and keep the economy on a sustainable path.
'Pakistan is ready to carry forward this journey of resilience, reform, and recovery to unlock long-term, inclusive, and export-oriented economic growth,' Aurangzeb said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
an hour ago
- Arab News
At least five arrested as Pakistan widens crackdown on illegal currency exchange, transfers
ISLAMABAD: Pakistan's Federal Investigation Agency (FIA) has arrested five suspects involved in illegal currency exchange and transfer of money, the agency said on Sunday, amid a widening crackdown on black market currency traders. The development comes days after the Inter-Services Intelligence (ISI), Pakistan's powerful military-run spy agency, held a meeting in Islamabad with senior officials from currency exchange companies, amid growing concern over the rupee's depreciation, which fell to a 22-month low of Rs284.97 against the US dollar earlier this week. Maj. Gen. Faisal Naseer, a deputy chief of the ISI, chaired the session, according to Malik Bostan, who attended the discussion and is the chairman of the Exchange Companies Association of Pakistan (ECAP), told Arab News. The FIA had begun raiding informal, unregulated money transfer, or 'hundi' and 'hawala,' operators and currency smuggling networks. In a statement on Sunday, the agency said it was tightening the noose around networks involved currency smuggling and had conducted major operations in the southwestern Balochistan province that border Iran and Afghanistan. 'Five suspects involved in hawala, hundi and illegal currency exchange have been arrested,' the FIA said in a statement. 'The suspects were arrested in raids in different areas of Quetta and Chaman.' Pakistan operates a multi-tiered currency market, with rates diverging between the official interbank channel, the open market, and an unregulated 'grey market' where many traders and informal hawala dealers operate. Burdened by over $58 billion in imports in the last fiscal year, Pakistan faces severe inflationary pressure whenever the dollar strengthens. The rupee has lost 2 percent of its value since January, despite Pakistan's current account recording a surplus of $2.1 billion, according to central bank data. During the raids in Balochistan, the FIA said, officials seized 684,000 Pakistani rupees, 230.5 million Iranian rials, more than 135,000 Afghanis, 700 US dollars, 200 Saudi riyals and 150 Australian dollars. 'Cheque books, hawala-hundi receipts and bank deposit slips were also recovered from the suspects,' it said. 'The accused were involved in currency exchange without a license. They could not give a satisfactory answer to the authorities regarding the recovered currency.' The agency said it was further investigating the arrested suspects.
Argaam
2 hours ago
- Argaam
Signworld issues prospectus to float 1.5M shares on Nomu
National Signage Industrial Co. (Signworld) issued today, July 27, the prospectus to float 1.5 million shares, or 20% of capital, on the Nomu -Parallel Market. The company will offer 1.5 million shares, equal to 25% of pre-offering and 20% of post-offering capital, to qualified investors. For More IPOs The share sale will run from Aug. 17-24. The Capital Market Authority (CMA) approved, in March, the company's application for direct listing on Nomu. Signworld's core business involves the design, manufacturing, and assembly of electronic panels and displays for various applications, in addition to installation and maintenance services. It operates through three branches. Company Profile Company National Signage Industrial Co. (Signworld) Core Activities Manufacturing and sale of feed products Market Nomu-Parallel Market Pre-IPO Capital SAR 60mln Number of Shares 6 mln Post-IPO Capital SAR 75 mln New Number of Shares 7.5 mln Nominal Value SAR 10 a share IPO Summary Issue Percentage 20% of post-IPO capital, 25% of pre-IPO capital Offered Shares SAR 1.5 mln IPO Minimum Limit 10 shares IPO Maximum Limit 374,990 shares Offer Period Aug. 17-24, 2025 Final Allocation Aug. 27, 2025 Surplus Refund (If any) Aug. 31, 2025 Company Shareholders Shareholders Before IPO After IPO Number of Shares (mln) Ownership (%) Number of Shares (mln) Ownership (%) Al Mohandes Holding Group 6.00 100.00 % 6.00 80% Qualified investors -- -- 1.50 20% Total 6.00 100 % 7.50 100%
Argaam
3 hours ago
- Argaam
SPIMACO launches oncology, high-potent drug plant
Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) inaugurated its oncology and high potent drugs plant at a total value of SAR 272 million. In a statement to Tadawul today, July 27, SPIMACO said the plant boasts an annual production capacity exceeding 275 million therapeutic units. Incorporating the latest technologies, the new facility adopts the highest international standards in pharmaceutical manufacturing, ensuring operational efficiency, personnel safety, and environmental sustainability. As all technical, regulatory, and operational requirements were completed, the plant will produce the first commercial batches this month, SPIMACO stated.
