Finance minister highlights macroeconomic recovery in Pakistan

Pakistan’s Minister for Finance and Revenue, Senator Muhammad Aurangzeb, highlighted signs of macroeconomic recovery in Pakistan's economy during the launch of the Electronic Mortgage Register by the Securities and Exchange Commission of Pakistan (SECP).

He emphasized the positive momentum, citing interest rates around KIBOR at 13% and the Pakistan Stock Exchange gaining over 1,000 points. However, he stressed the need for continued efforts to achieve sustainable economic stability, country’s official news agency reported.

The new digital mortgage servicing platform by SECP aims to automate mortgage registration, modification, and termination processes, reducing transaction time, lowering costs, and ensuring accurate mortgage information for lending institutions.

Aurangzeb noted that successful digitalization requires commitment, capacity building, and streamlined processes, which will lead to greater transparency and better facilitation for stakeholders.

He also mentioned ongoing efforts to digitalize the Federal Board of Revenue to reduce corruption and improve taxpayer services.

Sharing insights from recent international engagements, Aurangzeb stated that multilateral and bilateral partners are ready to support Pakistan's economic stabilization efforts, with significant investments anticipated.

Responding to media queries, he mentioned positive meetings on climate financing and potential improvements in Pakistan's credit ratings by S&P and Moody's, which could take three to four months.

SECP Chairman Akif Saeed highlighted the platform's efficiency and impact on transparency, making mortgage servicing easier for lenders and borrowers.

He also mentioned plans to expand digital capabilities across corporate registration and end-to-end solutions, with an AI model under development to enhance processing speed and accuracy.

The launch ceremony, marking SECP's move towards a fully digitalized financial ecosystem, was attended by key figures, including Chairman SECP Policy Board Mehmood Mandviwala and former SBP governor Shamshad Akhtar. Earlier, Aurangzeb inaugurated the Southern Regional Office of SECP in Karachi, directing it to become fully functional to provide maximum facilities to the business community.