Islamabad: Pakistan has reaffirmed its commitment to responsible economic management and modernizing key public sectors in line with global standards. This commitment was jointly expressed by Minister for Power Sardar Awais Ahmad Khan Leghari and Minister of State for Finance Bilal Azhar Kayani, while addressing ambassadors, high commissioners, and senior diplomats from various countries including the United States, the United Kingdom, European Union, Italy, Germany, Canada, Australia, Switzerland, Japan, the Netherlands, and Saudi Arabia in Islamabad today.
According to Radio Pakistan, Sardar Awais Ahmad Khan Leghari emphasized that ensuring affordable and reliable energy is essential for sustaining economic growth. He said the government has undertaken a broad-based reform program centered on tariff rationalization, fiscal responsibility, and operational improvements. As a result, progress has been made in stabilizing the circular debt during FY 2025.
The Minister for Power also drew the attention of the diplomatic audience to the significant investment potential within Pakistan's power sector, estimating opportunities worth around three billion dollars across various segments of the energy value chain. He invited global power utility companies, investors, and industry leaders to explore these prospects, particularly in areas such as grid modernization, renewable energy integration, distribution efficiency, and energy services.
He also shared the progress on the privatization of the Electricity Distribution Companies, with the first batch of three being restructured to be privatized by early next year, where he called for potential global investors across the utility chains to come forward and participate.
Bilal Azhar Kayani offered a data-backed assessment of Pakistan's macroeconomic landscape, highlighting a shift from stabilization to sustained reform. He noted that GDP growth for last fiscal year reached 2.7 percent, with per capita income increasing by 10 percent to 1,824 dollars. Fiscal discipline was reflected in a primary surplus of 3.1 percent of GDP, the highest in two decades, while annual inflation fell to a nine-year low of 4.5 percent. The policy rate was halved from 22 percent to 11 percent, and the debt-to-GDP ratio declined to 69 percent, underscoring improved fiscal and monetary management.
The diplomatic participants welcomed the comprehensive and candid briefing and acknowledged the government's resolve to deliver meaningful and sustainable reform.