Pakistan's junior finance minister consults traders ahead of upcoming budget

Pakistan's Minister of State for Finance Bilal Azhar Kayani met with members of the business community, exporters, and media at the Karachi Chamber of Commerce and Industry on Friday, seeking input ahead of the federal budget for fiscal year 2026-27.

Kayani said the consultations, being held on the direct instructions of Prime Minister Shehbaz Sharif, are aimed at incorporating feedback from exporters, traders, and industry representatives into budget formulation.

He described Karachi as the "heart of Pakistan's business and economic activity" and said such engagements are central to shaping national fiscal priorities.

The minister confirmed that similar sessions are planned with the Federation of Pakistan Chambers of Commerce and Industry, the Overseas Investors Chamber of Commerce and Industry, and representatives of small traders and business associations.

Kayani highlighted macroeconomic improvements since February 2024, citing gains in inflation control, tax collection, and external account stability, as well as the successful completion of two levels of IMF program review.

He also flagged Pakistan's recurring boom-and-bust cycles — driven by import-led growth without sufficient export expansion — as a structural challenge the government is working to break, with exports, productivity, and industrial competitiveness at the center of its strategy.

He said the Prime Minister has constituted nine working groups comprising sector experts and stakeholders to develop targeted policy recommendations and improve coordination between government and industry.

On energy pricing, Kayani said petroleum prices are reviewed in line with global oil market trends, and that the government has, at various stages, absorbed part of the burden through fiscal adjustments and targeted subsidies for vulnerable segments.

Exporters at the session presented proposals for inclusion in the Finance Bill 2026-27. The minister assured participants their recommendations would be given full consideration, while adding that it would not be appropriate to pre-announce budgetary measures ahead of the formal budget presentation.