Islamabad: Finance Minister Senator Muhammad Aurangzeb has said that climate change poses an immediate economic challenge for Pakistan, noting the country’s exposure to climate-driven shocks and the financial impact of recent flooding.
Climate change linked to economic strain and policy adjustments
Aurangzeb said flooding alone is expected to reduce GDP growth by half a percentage point. He highlighted ongoing work on sustainable finance, national green taxonomy implementation, and climate-related disclosure frameworks through the State Bank of Pakistan.
Delegation discusses sustainability, reporting and regulatory reforms
Senator Aurangzeb made the remarks during a meeting with a delegation led by Jean Bouquot, President of the International Federation of Accountants (IFAC). The delegation included SAFA President Ashfaq Yousaf Tola, SAFA Vice President Humayun Kabeer, ICAP President Saifullah, and ICMAP President Ghulam Mustafa Qazi.
Auditor General of Pakistan Maqbool Ahmad Gondal, SECP Chairman Akif Saeed, and senior Ministry of Finance officials also attended.
Support for SMEs to improve financial reporting
Aurangzeb said small and medium enterprises need assistance in formalizing financial systems and meeting documentation and disclosure requirements, particularly in manufacturing and export-oriented clusters. He noted that institutional coordination will be needed to support this transition.
Pakistan outlines regulatory steps on digital assets
The finance minister Aurangzeb outlined Pakistan’s regulatory measures on virtual assets, including the establishment of the Pakistan Virtual Asset Regulatory Authority and a crypto council. The regime is based on licensing and KYC/AML compliance to channel digital innovation into the formal economy.
IFAC presents global priorities and sector challenges
Jean Bouquot briefed the meeting on IFAC’s global work across sustainability standards, ethics, audit quality, and AI’s impact on the accounting profession. He also highlighted the growing demand for non-financial assurance expertise and public sector accounting reforms.
Updates shared on Pakistan’s public financial reforms
Auditor General Maqbool Gondal discussed Pakistan’s shift toward accrual-based IPSAS standards and digital reforms aimed at achieving electronic payments and receipts within the fiscal year.
SECP Chairman Akif Saeed highlighted regulatory alignment with international bodies and ongoing reforms in insurance, pensions, and capital markets. He said Pakistan is proceeding with phased sustainability disclosures for listed and unlisted companies.
Regional and institutional bodies outline cooperation priorities
SAFA representatives discussed regional collaboration challenges and Pakistan’s role during SAFA’s current presidency.
ICMAP President Ghulam Mustafa Qazi spoke about training initiatives and integrating emerging technologies, including AI, into financial education.
The meeting concluded with an agreement to continue coordination on sustainability, financial reporting reforms, and regulatory alignment with global accounting standards.
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