Minister for Finance, Muhammad Aurangzeb has said the reports by the international rating agency Fitch and State Bank of Pakistan in cutting the policy rate is a direct manifestation of macroeconomic stability of the country.

He was addressing the groundbreaking ceremony of the Head Office Building of the Securities and Exchange Commission of Pakistan in Islamabad today.

The Finance Minister said Prime Minister Shehbaz Sharif and his economic team will continue to move forward towards this economic stability agenda. He said we have to bring permanence to this agenda as permanence in stability leads to growth.

He stressed on the need of structural reforms to ensure Extended Fund Facility with International Monetary Fund. He said the Staff Level Agreement has been signed with IMF and now it would be tabled in the meeting of the IMF Board for final approval.

The Minister also highlighted the significant of reforms saying that we have to move forward on taxation, energy, or SOE reforms and the privatization because we do not have any other option if we have to make it last programme of the IMF.

He said it has been decided in the Cabinet Committee on State-Owned Enterprises (SOEs) that all insurance companies under the public sector will be handed over the private sector.

Muhammad Aurangzeb said the private sector has to lead this country. He said the entire insurance sector should be managed and held by the private sector.

He said there is also need to make efforts for opening market through export-led growth and attract Foreign Direct Investment. He said the Foreign Direct Investment should also come in for export-led industries, as we cannot create currency mismatches by borrowing from abroad. The Minister said that efficiency, and transparency could be brought though capital markets.

He urged the Securities and Exchange Commission of Pakistan to be guardian of public interest ensuring the markets remain fair, transparent and accountable.