KARACHI, October 1, 2026: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has reaffirmed the government’s commitment to sustainable economic growth, macroeconomic stability and private sector-led development, saying Pakistan must move from stabilization towards investment, productivity, exports and job creation.
The Finance Minister made the remarks while addressing a Gong Ceremony organized by Arif Habib Corporation at the Pakistan Stock Exchange (PSX) in Karachi to mark the listing of Naya Nazimabad Apartments REIT.
Senator Aurangzeb highlighted the recent performance of the Pakistan Stock Exchange, saying the KSE-100 Index had risen from around 67,000 points in March 2024 to approximately 170,000 points.
He also pointed to a significant increase in investor participation. According to the Finance Minister, 25,281 new investors joined the PSX in September 2026, the highest number recorded in a single month, taking the total investor base to 656,218 compared with 321,144 in March 2024.
He said 11 companies entered the market during FY26, the highest number in more than two decades, while five IPOs had already been completed during the first quarter of FY27.
The Finance Minister stressed, however, that the stock market should not be viewed solely through the performance of its index. He said the broader objective was capital formation and ensuring that market confidence translated into financing for businesses, infrastructure, housing, innovation and employment.
Housing and REITs
Discussing the Prime Minister’s Apna Ghar Programme, Senator Aurangzeb said around Rs60 billion had been financed, while banks had approved an additional financing pipeline of approximately Rs340 billion awaiting disbursement.
He said the banking sector had taken the lead in financing while the supply side now needed to accelerate housing development. He highlighted the role of the private sector, including the Association of Builders and Developers (ABAD), and said REITs could provide an important mechanism for mobilizing investment into housing and real estate.
The Finance Minister also cited the participation of major Pakistani business groups in the consortium involved in the PIA transaction. He said the collective investment involving Arif Habib and Tabba groups was close to US$1.2 billion, describing it as an example of local businesses working together to achieve greater scale and pursue larger investment opportunities.
Growing Foreign Investor Interest
Senator Aurangzeb said international investor interest in Pakistan was also increasing, citing Turkish interest in the privatization of electricity distribution companies and interest from US investors and companies in minerals and mining, agriculture, IT, oil and gas and refinery upgrades.
He noted that foreign investment takes time to materialize and requires an enabling ecosystem supported by appropriate policies and effective facilitation.
According to the Finance Minister, Pakistan’s economy has moved from contraction and stabilization towards growth, with growth currently around 3.7 percent and expected to approach 4 percent this year.
He stressed the importance of avoiding the country’s traditional boom-and-bust cycle and pursuing sustainable growth based on productivity, investment, exports and employment rather than temporary liquidity and consumption-led expansion.
Structural Reforms Underway
The Finance Minister said the government’s structural reform agenda had moved from the design stage into implementation, covering taxation, energy, state-owned enterprises, privatization and public finance.
He said the number of tax filers had increased to more than 5.7 million, compared with around 3.9 million last year and approximately 1.8–1.9 million in 2022. He attributed the increase to greater use of data, simplified processes and stronger enforcement.
Senator Aurangzeb reiterated that the government’s role was to create an enabling ecosystem for the private sector, including through engagement with the US EXIM Bank, other export credit agencies and international partners, as well as tariff discussions and negotiations.
He said the private sector should lead investment, business expansion and economic growth, while access to finance should be expanded for SMEs, agriculture, housing and other underserved segments.
The minister also reiterated the government’s objective of shifting Pakistan’s bilateral economic relationships from aid towards trade and investment.
Positioning Pakistan for the New Economy
Senator Aurangzeb highlighted the need to position Pakistan for emerging economic opportunities, including digitalization, blockchain, Web3 and other developing technologies.
Referring to the Naya Nazimabad Apartments REIT, he said the offering attracted around eight times subscription during book-building and 4.3 times subscription in the general public offering, which he said reflected strong investor interest in structured and transparent investment opportunities.
The Finance Minister reaffirmed the government’s stated objective of deepening Pakistan’s capital markets, strengthening investor confidence and creating an environment conducive to private sector-led development.
He said the country needed to move from stability to investment, from investment to growth, and from growth to jobs and wider economic opportunity.