Finance Minister Muhammad Aurangzeb outlines Pakistan’s reform agenda, investment opportunities and shift towards exports and private-sector-led growth.
ISLAMABAD, September 18, 2026: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has presented Pakistan’s economic reform agenda to global investors at the J.P. Morgan Emerging and Frontier Markets Opportunities Conference in London.
Speaking during a session titled “Fireside Chat: Pakistan: External Shocks Remain Manageable”, Aurangzeb highlighted progress towards macroeconomic stability and outlined the Government’s plans to shift the economy towards investment, exports, productivity and private-sector-led growth.
The conference attracted significant interest from international investors, with 55 global investment funds holding one-on-one meetings with the Pakistani delegation and participating in a dedicated investor session. Amin Khowaja, Chief Executive Officer and Country Head of J.P. Morgan Pakistan, also attended the meetings.
Aurangzeb outlines six priorities for Pakistan
Aurangzeb identified six key priorities for Pakistan’s economy: making macroeconomic stability durable, shifting from stabilisation to sustainable growth, maintaining structural reforms, moving from aid towards trade and investment, expanding access to finance and positioning Pakistan for the emerging digital economy.
He said Pakistan’s overriding challenge over the past three years had been restoring macroeconomic stability and rebuilding economic credibility.
The minister highlighted progress in fiscal consolidation, external-sector stability, inflation management, debt management and access to international markets.
Pakistan’s GDP growth recovered to 3.7 per cent in FY2026, while the fiscal deficit declined to 2.6 per cent of GDP, described as a multi-year low. The country also recorded a primary surplus for the third consecutive year.
SBP governor highlights stronger external position
State Bank of Pakistan Governor Jameel Ahmad highlighted improvements in the country’s external position, including stronger foreign exchange reserves, improved reserve accumulation and rising remittance flows.
He also pointed to the growing contribution of Roshan Digital Account flows, external-sector reforms and stronger financial-sector fundamentals.
According to the governor, progress in containing inflation had contributed to greater macroeconomic stability and strengthened the foundations for sustainable growth and investment.
Aurangzeb said the Government’s next objective was to make stability durable while establishing a growth model increasingly driven by investment, productivity, exports and private-sector activity rather than short-term consumption.
Government focuses on capital markets and private investment
The Finance Minister said active liability management, longer domestic debt maturities and reduced refinancing risks had strengthened Pakistan’s sovereign debt position.
He also highlighted Pakistan’s return to international capital markets through diversified instruments and investor pools, including the inaugural Panda Bond issuance and a subsequent US$3 billion dual-tranche Eurobond transaction.
Aurangzeb said the Government wanted to deepen capital formation by strengthening equity and corporate debt markets, increasing initial public offerings, broadening investor participation and improving market infrastructure.
He also highlighted opportunities in Islamic finance and Sukuk markets.
On privatisation, the minister said the Government was working to reduce the State’s role in commercial activities, with progress involving PIA, DISCOs, financial institutions, other state-owned enterprises and airport operations.
The Government is also developing a National Private Equity Framework aimed at mobilising institutional capital into businesses and projects and strengthening the private equity and venture capital ecosystem.
Pakistan targets trade, technology and investment
Aurangzeb said expanding access to finance for SMEs, agriculture and housing was essential to translating macroeconomic stability into greater investment and productive activity.
He highlighted Pakistan’s large domestic market, young workforce and strategic geographical position, while pointing to reforms in tax administration, tariff rationalisation, energy, SOEs and financial markets.
The Finance Minister said Pakistan was moving from traditional dependence on aid towards stronger trade and investment relationships, with opportunities spanning manufacturing, minerals, agriculture, technology and value-added services.
He also emphasised the potential of blockchain, Web 3.0 and the wider digital economy, saying Pakistan’s young workforce and expanding digital ecosystem could help the country participate more effectively in emerging areas of global economic activity.
Aurangzeb said Pakistan’s investment proposition was increasingly centred on the combination of ongoing reforms and the scale of opportunities available in the domestic economy, while reaffirming the Government’s commitment to fiscal discipline, external sustainability and continued structural reforms.