Pakistan, Germany ties get a reform era boost

Pakistan and Germany have renewed their pledge to expand bilateral economic ties, according to Mettis Global. German Ambassador Ina Lepel, meeting Finance and Revenue Minister Muhammad Aurangzeb, welcomed Moody's recent upgrade of Pakistan's sovereign credit rating. Both sides noted the higher rating signals more trust in the country's economy and its continuing reforms.

Aurangzeb told the envoy that the country's foreign exchange cushions had strengthened and that fiscal discipline remained a priority. He stressed macroeconomic stability, structural changes and a better climate for investment, along with policy continuity and smoother business facilitation. The two sides also reviewed matters concerning German multinationals working in Pakistan. He also outlined the digital overhaul of the Federal Board of Revenue (FBR), saying it would simplify processes and improve compliance and transparency.

Ambassador Lepel praised the government's steps to stabilise the economy and push through structural changes. She invited the finance minister to the 19th Asia-Pacific Conference of German Business (APK), scheduled for Seoul later this year. The two governments agreed to stay closely engaged and look for more ways to expand economic cooperation.