Pakistan has reaffirmed its commitment to sustainability, SME reform, and responsible innovation in digital finance, with Finance Minister Senator Muhammad Aurangzeb stressing that climate change is now an urgent economic reality for the country.
Speaking during a meeting with a high-level delegation led by Jean Bouquot, President of the International Federation of Accountants (IFAC), the Minister said Pakistan is accelerating efforts on green taxonomy, sustainability disclosures, and climate-aligned financial frameworks to safeguard economic growth.
He warned that recent flooding alone is expected to shave almost half a percentage point from GDP, underscoring why green finance and climate resilience remain central to policy planning.
The Minister also highlighted Pakistan’s progress in regulating digital assets, noting that the Pakistan Virtual Asset Regulatory Authority and a new crypto council have been established to introduce a licensing-based, KYC- and AML-compliant system for virtual assets.
He said the goal is to bring innovation into the formal and transparent economy while protecting consumers.
During the meeting, he emphasized the need to support small and medium enterprises in modernizing their financial reporting systems, pointing out that SMEs in industrial and export clusters face significant capability gaps.
He called for coordinated institutional support to help them transition to documented and standardized practices.
Jean Bouquot briefed the Minister on IFAC’s global priorities, including sustainability reporting, audit ethics, AI’s impact on the profession, and public sector financial reforms.
He said a growing global demand for non-financial assurance highlights the need for modern training and strong oversight systems.
Auditor General of Pakistan Maqbool Ahmad Gondal updated the delegation on Pakistan’s shift from cash to accrual-based IPSAS through new ERP systems, adding that end-to-end electronic payments and receipts are planned within the current fiscal year.
SECP Chairman Akif Saeed highlighted Pakistan’s regulatory alignment with IOSCO, ongoing reforms in insurance and pensions, and the phased rollout of sustainability disclosures for both listed and unlisted companies. He reaffirmed Pakistan’s full adoption of IFRS.
Representatives from SAFA and ICMAP also discussed regional cooperation, AI integration in financial training, and Pakistan’s improved economic trajectory.
The Finance Minister thanked the delegation and said Pakistan remains committed to strengthening global partnerships across accounting, sustainability, and digital governance.
