Referring to Pakistan’s acute exposure to climate shocks, Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb stated that recent flooding alone is expected to shave half a percentage point from GDP growth.
During a meeting with a delegation led by Jean Bouquot, President of IFAC, on Monday, he reaffirmed Pakistan’s commitment to advancing sustainable finance, green taxonomy implementation, and climate-aligned disclosure frameworks.
The Finance Minister noted the need to support SMEs in formalising their financial reporting practices and highlighted Pakistan’s proactive regulatory direction in digital assets and emerging technologies. He emphasised that coordinated institutional support will be essential to ensure SMEs’ smooth transition to modern reporting and documentation practices.
He outlined Pakistan’s progress in regulating emerging technologies. With an increasing number of Pakistanis participating in global virtual asset markets, the government has proactively established the Pakistan Virtual Asset Regulatory Authority and introduced a crypto council to build a licensing-based, KYC- and AML-compliant regulatory regime that integrates innovation into the formal economy.
Earlier, Jean Bouquot briefed the Finance Minister on IFAC’s mission to act as the global voice of the accounting profession, with 188 member bodies across 143 jurisdictions. He highlighted IFAC’s priorities in sustainability standards, audit quality, ethics, the impact of AI on the profession, capacity building for small and medium practitioners, and support for public sector accounting reforms. He emphasised the growing global need for specialised training in non-financial assurance to maintain trust in integrated reporting.
Auditor General Maqbool Ahmad Gondal informed the delegation about Pakistan’s transition from cash to accrual-based IPSAS standards through new ERP systems and digital reforms that aim to achieve end-to-end electronic payments and receipts within the current fiscal year. He noted that these steps will significantly enhance public financial transparency and international confidence in Pakistan’s fiscal reporting.
SECP Chairman Akif Saeed briefed the participants on Pakistan’s regulatory alignment with international bodies, including IOSCO, and highlighted reforms in insurance, pensions, and capital markets. He reaffirmed the country’s commitment to full IFRS adoption and explained the phased implementation of sustainability disclosures for listed and unlisted companies. He commended the collaboration with ICAP and ICMAP in strengthening ESG practices and corporate reporting.
Ashfaq Yousaf Tola and Hamayun Kabeer highlighted SAFA’s ongoing regional cooperation efforts, the challenges posed by geopolitical constraints, and the support extended by the government during the current SAFA presidency. They reiterated the importance of maintaining regional professional collaboration to strengthen economic integration and public trust.
ICMAP President Ghulam Mustafa Qazi reaffirmed the institution’s support for the government in training, capacity building, and integrating modern technologies such as AI into financial education. He expressed confidence in Pakistan’s improving economic trajectory and assured continued institutional cooperation.
