KARACHI: Finance Minister Muhammad Aurangzeb on Friday met a delegation of Association of Chartered Certified Accountants (ACCA) and assured that his country was fostering a robust financial management framework aligned with global best practices amid its efforts for economic recovery.
The ACCA delegation, led by its global president Ayla Majid, briefed the minister about its collaborations with policymakers and government agencies, including the Finance Division, the Auditor General’s Office, and the Securities and Exchange Commission of Pakistan (SECP).
The delegation elaborated on ACCA’s specialized training, certifications and capacity-building programs, particularly in areas such as innovation, technology, public financial management, and financial governance, according to the Press Information Department (PID) of the Pakistani government.
During the meeting, Aurangzeb emphasized the need for outcome-based training and certification programs to ensure accountability and ownership in capacity-building initiatives in the South Asian country.
“He encouraged the organization to engage with other ministries and departments for broader training and development programs,” the PID said in a statement.
“The finance minister also underscored the importance of focusing on climate finance, particularly in terms of its utilization and measurable outcomes, to ensure sustainable economic growth.”
The development comes as Pakistan treads a tricky path to economic recovery under a $7 billion International Monetary Fund (IMF) loan program it secured in September last year.
Since averting an imminent default on its external debt in 2023, Pakistan is now keeping its current account in check primarily through containing imports. The country’s exports rose 10 percent to $19.6 billion in the last seven months till January, while it is keeping tabs on imports that increased by 7 percent to $33 billion, according to Pakistan Bureau of Statistics.
“Both sides reaffirmed their commitment to strengthening cooperation in financial governance and professional development, with a shared vision of enhancing Pakistan’s economic resilience and institutional capacity,” the PID added.
Pakistan commits to best financial management practices amid efforts to revive economy
https://arab.news/wgx9c
Pakistan commits to best financial management practices amid efforts to revive economy
- Pakistan is navigating an economic recovery path under a $7 billion IMF loan program it secured in September last year
- The country is keeping its current account in check primarily through containing imports since averting a default in 2023
Pakistan raises fuel prices by Rs55 per liter as Middle East conflict drives oil surge
- Government says adequate fuel stocks in place despite global energy shock
- Oil prices jump from about $78 to over $106 per barrel amid regional conflict
ISLAMABAD: Pakistan on Friday increased petrol and diesel prices by Rs55 ($0.20) per liter each as escalating conflict in the Middle East sent global oil prices sharply higher and disrupted energy supply routes, officials said.
Global oil markets have been rattled since coordinated strikes by the United States and Israel against Iran began last week, triggering retaliatory attacks across the region, raising fears of disruption to key energy shipping routes and pushing petroleum prices sharply upward.
The price adjustment in Pakistan was announced after a joint press conference by Finance Minister Muhammad Aurangzeb, Deputy Prime Minister and Foreign Minister Ishaq Dar and Petroleum Minister Ali Pervaiz Malik, who said the government was monitoring international energy markets and domestic supply conditions amid the crisis.
“So, the decision we have made by changing the levy a little bit is that we are going ahead with increasing the price of both fuels, petrol and diesel, by Rs55 ($0.20),” Malik told reporters.
“And as soon as this matter settles, we will revise the prices downward with the same speed and take steps on how to increase people’s income and purchasing power.”
He said Pakistan entered the crisis with “comfortable energy reserves” due to earlier planning but rising global prices had forced the government to adjust domestic fuel rates to maintain supply continuity.
He said international petrol prices had climbed from roughly $78 per barrel on March 1 to around $106.8 per barrel, while diesel prices had risen to about $150 per barrel.
Malik added that the government had taken steps to minimize the burden on consumers, noting diesel plays a critical role in agriculture, transportation and public mobility.
Malik also warned that authorities would take strict action against anyone attempting to hoard fuel or manipulate supply for profiteering.
The minister said Pakistan was working with international partners to secure additional energy supplies, including arrangements with Saudi Aramco and the use of Pakistan National Shipping Corporation vessels to transport crude oil imports.
Finance Minister Aurangzeb said a high-level government committee formed by Prime Minister Shehbaz Sharif had been meeting daily to review developments in global petroleum markets and their potential impact on Pakistan’s economy.
“Pakistan currently maintains adequate energy stocks and macroeconomic stability,” Aurangzeb said, adding that the government’s response was based on preparedness rather than panic.
He said the committee, which includes senior ministers, the governor of the State Bank of Pakistan and other officials, was assessing short-, medium- and long-term implications of the crisis for inflation, foreign exchange reserves and broader economic indicators.
Deputy PM Dar said the regional conflict had significantly disrupted global energy markets, with international petroleum prices rising by as much as 50–70 percent in recent days.
The deputy prime minister added that Pakistan was also engaged in diplomatic efforts aimed at de-escalating tensions and restoring stability in the region.
Petroleum prices will now be reviewed more frequently, potentially on a weekly basis, and any reduction in global oil prices would be passed on to consumers.
Pakistan, which relies heavily on imported fuel to meet its energy needs, is particularly vulnerable to global oil price shocks that can quickly feed into inflation and pressure the country’s external accounts.
