Italian Ambassador Meets Finance Minister, Discusses Bilateral Cooperation

Ambassador of Italy to Pakistan Marilina Armellin Monday called on Minister for Finance and Revenue Senator, Muhammad Aurangzeb, to discuss the cooperation and longstanding relations between the two countries

ISLAMABAD, (UrduPoint / Pakistan Point News - 20th May, 2024) Ambassador of Italy to Pakistan Marilina Armellin Monday called on Minister for Finance and Revenue Senator, Muhammad Aurangzeb, to discuss the cooperation and longstanding relations between the two countries.

The minister welcomed the ambassador and highlighted the significant improvements in Pakistan's economic landscape, said a news release here.

Muhammad Aurangzeb discussed the government's achievements, in decreasing current account deficit, globalization of Currency, the stock market reaching an all-time high and the successful completion of the nine-month Stand-By Arrangement (SBA) with the International Monetary Fund (IMF).

He further mentioned that the ministry was currently in engagement with the IMF mission for a new program on longer term basis.

The minister also outlined the government's strategic initiatives aimed at broadening the tax base by targeting previously untaxed and under-taxed segments.

Additionally, he reiterated the government's commitment to privatize various State-Owned Enterprises (SOEs), starting with Pakistan International Airlines (PIA) also followed by major airports.

The minister noted that the government’s policy reflected a shift from aid to investment in Pakistan's economic strategy.

He also shed light on Pakistan’s potential in IT and agriculture sectors, inviting Italian investors to explore the investment areas.

The ambassador acknowledged the promising economic indicators and appreciated the upward trend in Pakistan's economy.

She emphasized the potential for enhanced cooperation between Italy and Pakistan, particularly in the textile, machinery, agriculture, and dairy sectors.

The minister thanked the Italian government for their continued support and reiterated Pakistan's commitment to longstanding cooperation with Italy.