Pakistan, France Affirm Commitment to Deepen Economic Ties

Ambassador of France to Pakistan Nicolas Galey called on Minister of State for Finance Ali Pervaiz Malik at Finance Division today. Malik provided an overview of Pakistan’s economic progress, highlighting positive trends such as increased foreign exchange reserves, decreased inflation, and a robust stock market, all corroborated by recent ratings from international agencies. He outlined key reforms underway, including privatization initiatives, energy sector advancements, and restructuring of state-owned enterprises (SOEs). The discussion also covered the Federal Board of Revenue’s (FBR) digitization initiative, which is being implemented with support from McKinsey to enhance tax administration and compliance. The minister highlighted the budget for 2024-25, focusing on strategies to expand the tax base by integrating untaxed segments and encouraging non-filers to comply. Significant projects in customs and Inland Revenue aimed at improving digitization and operational efficiency were also discussed. Ambassador Galey expressed appreciation for the excellent reforms undertaken by Pakistan and offered technical support from France in areas of mutual interest. He recognized the progress made by the Government of Pakistan in stabilizing the economy and expressed confidence in the potential for further collaboration. Looking ahead, both parties affirmed their commitment to deepen economic relations, exploring investment opportunities, and expanding bilateral trade.