ISLAMABAD: Finance Minister Muhammad Aurangzeb vowed to push ahead with structural reforms in Pakistan’s energy, taxation, governance, and other sectors to ensure sustainable economic growth at a Harvard University conference, state-run media reported on Monday.
Pakistan secured a $7 billion financial bailout program from the International Monetary Fund (IMF) in September last year, as it moved to consolidate its economy after averting a default in 2023. Islamabad has since undertaken several reforms to reduce public debt, maintain low inflation, improve the energy sector’s viability, and accelerate growth.
Aurangzeb attended the Pakistan Conference at Harvard University, which, according to its website, is the “largest student-led gathering on Pakistan in the United States,” on Sunday. The conference is hosted by university students with the support of research centers. It convenes policymakers, academics, business leaders, and civil society experts to engage in critical discussions on Pakistan’s economic trajectory, governance, and global positioning.
“Emphasizing that ‘stability is not an end but a means to an end,’ the finance minister outlined the government’s strategy, including maintaining fiscal discipline, controlling inflation, and pushing ahead with deep structural reforms in energy, taxation, governance, and the management of state-owned enterprises,” state-run Associated Press of Pakistan (APP) reported.
The finance minister highlighted the government’s key economic achievements, which included a reduction in inflation to 0.7 percent year-on-year in March, the lowest in 60 years, an increase in Pakistan’s foreign exchange reserves, a three percent currency appreciation, and a current account surplus exceeding $1 billion in March 2025, APP said.
Aurangzeb also flagged major growth opportunities in Pakistan’s rich mineral resources, expanding information technology sector, green energy initiatives, and the country’s youthful entrepreneurial population, it added.
“Pakistan’s future will be shaped by bold, necessary choices,” the finance minister was quoted as saying by APP. “By investing in our people, modernizing our economy, and staying committed to reform, Pakistan will emerge stronger, greener, and more competitive.”
The finance minister arrived in Washington earlier this month to attend the IMF-World Bank Spring Meetings 2025. During his visit to the American capital, he met his counterparts from other countries, including senior officials of the IMF and the World Bank. Aurangzeb took part in panel discussions to highlight Pakistan’s economic achievements and spoke to international media outlets as well.
Pakistan finmin vows to push ahead with structural reforms at Harvard University conference
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Pakistan finmin vows to push ahead with structural reforms at Harvard University conference
- Muhammad Aurangzeb attends Pakistan Conference 2025 at Harvard University, says state media
- Flags growth opportunities in Pakistan’s mineral resources, IT sector and green energy initiatives
Pakistan seeks Saudi oil route via Red Sea port as Hormuz closure threatens supplies
- Islamabad requests alternative crude shipments through Saudi Arabia’s Yanbu port on the Red Sea
- Most of Pakistan’s energy imports transit the Strait of Hormuz, now disrupted by regional conflict
ISLAMABAD: Pakistan has asked Saudi Arabia to help secure crude oil supplies through the Red Sea port of Yanbu as the closure of the Strait of Hormuz threatens the country’s energy supply routes, the petroleum ministry said on Wednesday.
The request comes as the strategic waterway between Iran and Oman was shut after escalating hostilities between Iran and the United States and Israel in the Gulf, disrupting tanker traffic through one of the world’s most important oil chokepoints.
About one-fifth of global oil shipments normally pass through the Strait of Hormuz, including exports from Saudi Arabia, Iraq, Kuwait, the United Arab Emirates and Qatar. Pakistan relies heavily on Middle Eastern crude, with the majority of its energy imports typically transiting the strait, making any disruption a major risk to domestic fuel supplies.
During a meeting in Islamabad with Saudi Ambassador Nawaf bin Said Al-Malki, Petroleum Minister Ali Pervaiz Malik discussed contingency plans to maintain Pakistan’s energy supply chain. According to a statement from Malik’s office, Saudi Arabia indicated it could facilitate shipments through the Red Sea port of Yanbu, offering an alternative route if Gulf shipping lanes remain disrupted.
“Saudi Arabian sources had assured security of supplies through the Port of Yanbu on the Red Sea, which can help meet energy requirements,” the statement said.
“Pakistan is closely monitoring the evolving situation on a daily basis, as the majority of Pakistan’s energy supplies transit through the Strait of Hormuz.”
The Saudi ambassador reaffirmed Riyadh’s support, saying the Kingdom was aware of the evolving situation and would stand with Pakistan to meet any emergency requirements, the statement added.
Saudi Arabia and Pakistan share long-standing economic and strategic ties, with Riyadh serving as one of Islamabad’s key energy suppliers.
