Pakistan’s lawmakers will conduct an important meeting of the National Finance Commission (NFC) later this month to address key constitutional and fiscal issues, Finance Minister Muhammad Aurangzeb announced on Monday.
In a press conference alongside other government functionaries, Aurangzeb said the meeting would focus on constitutional matters linked to the NFC Award, population planning, and education. Initially scheduled to take place earlier this year, the session was delayed due to the floods that struck the country during the monsoon season.
Finance Secretary Imdadullah Bosal said a new direct contribution pension scheme for armed forces personnel would come into effect next year. “The armed forces have a different service structure, so we are holding detailed discussions with them regarding pension reforms,” he said, adding the government is proceeding cautiously after studying similar reforms in neighboring countries. He said the government has already inducted 8,914 federal employees under the new pension framework.
Aurangzeb also briefed journalists on the government’s structural reform agenda. He said Pakistan’s economic trajectory is improving, citing upgraded outlooks from three major international rating agencies and a recent staff-level agreement with the International Monetary Fund (IMF) as signs of progress. “Our direction is correct,” Aurangzeb said. “The government’s focus is on sustainable economic stability rather than short-term growth. Pakistan has witnessed boom-and-bust cycles in the past; the challenge now is how to avoid them,” he added.
The finance minister hinted at upcoming investment announcements and said tax collection from the retail sector had surged to Rs. 166 billion from Rs. 82 billion. He credited Prime Minister Shehbaz Sharif for steering the reform process and acknowledged economic support from Saudi Arabia, China, and Gulf nations.
To a question about privatization, Aurangzeb said several large business groups have expressed interest in Pakistan International Airlines (PIA). “If the IMF were not satisfied with our performance, the review could not have been completed,” he emphasized.