ISLAMABAD, NOV 19 /DNA/ – Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, while addressing as Chief Guest at the Launch and Award Ceremony of the Corporate Philanthropy Report 2024 organized by the Pakistan Centre for Philanthropy (PCP) in Islamabad today, highlighted the centrality of compassion, shared prosperity, and national responsibility to Pakistan’s “moral economy,” stressing that philanthropy, both individual and corporate, continues to be a defining feature of the nation’s identity.
The Minister began by noting that he is frequently asked about economic recovery, macroeconomic stabilization, and the roadmap for structural reforms aimed at achieving inclusive and sustainable growth. He emphasized that while these issues remain critical, it was equally important to participate in a ceremony that celebrates Pakistan’s philanthropic spirit and the collective commitment to social welfare.
He remarked that Pakistan is regarded globally as a remarkably giving nation, with the World Giving Index placing it 17th among 101 countries which is an acknowledgment of the country’s deeply ingrained culture of generosity, especially in the health and education sectors.
Reflecting on his years living and working in Karachi, the Minister observed that the city has long led the country in philanthropic activity and corporate giving. He stated that Karachi would rank among the top globally if international city-wise comparisons of philanthropy were conducted. He appreciated that while other regions of the country are increasingly contributing, Karachi’s leadership remains noteworthy and exemplary.
Senator Aurangzeb also commended the resilience of corporate philanthropy in Pakistan, noting that despite economic fluctuations and business cycles, corporate giving has consistently trended upward. He referred to recent data indicating that out of more than 400 publicly listed companies, over 300 engage in corporate social responsibility (CSR) initiatives, and about one-third formally disclose their contributions. He urged companies that have not yet disclosed their philanthropic work to do so, reminding them that transparency benefits both society and the spirit of giving itself. He emphasized that declarations of corporate giving support role-modeling and encourage wider participation, without the need for legislation or directives, which he believes should remain a last resort.
Drawing from his own private-sector experience, the Minister recalled leading an organization where 1% of annual profitability was consistently directed toward a corporate foundation, later increased to 1.5% by the board. He praised today’s award-winning companies as champions setting the standard for others. Their commitment to social investment, he said, strengthens Pakistan’s social development foundations and reflects the country’s collective values.
In his remarks, the Minister paid tribute to Mr. Zafar Khan for his integrity and longstanding service, describing him as both “an officer and a gentleman,” whose leadership at the Pakistan Centre for Philanthropy had significantly advanced the institutionalization of philanthropy in the country. He acknowledged the PCP’s vital role in creating transparency, credibility, and structured certification processes that enhance the overall effectiveness of the philanthropic ecosystem. He encouraged the Centre to continue improving efficiencies across all stages of certification and evaluation, ensuring that processes remain timely and robust.
Senator Aurangzeb also linked the work of PCP to broader governmental efforts aimed at strengthening the social sector through innovative financing. Highlighting his role in leading the Prime Minister’s initiative on the Social Impact Financing Framework, he explained that the government is shifting from generalized spending toward results-based, impact-linked financing. The framework brings together public, private, and philanthropic capital to achieve measurable outcomes. He expressed gratitude to Ms. Mehnaz Akbar and Ms. Shazia Amjad for their technical guidance and field expertise, which significantly contributed to designing the framework.
The Minister announced that Pakistan’s first Skills Impact Bond—developed in partnership with the British Asian Trust and implemented through NAVTTC—would soon be launched, aimed at advancing skills development and moving towards sustainable social-sector financing through capital-market instruments rather than traditional funding channels.
Concluding his address, Senator Aurangzeb congratulated all award recipients for their leadership in corporate philanthropy and reaffirmed the government’s commitment to supporting PCP in fostering a strong culture of giving in Pakistan. He assured the audience that the government remains fully committed to exploring incentives and facilitating frameworks that encourage responsible and purposeful giving. He expressed appreciation for the invitation and extended best wishes to the Pakistan Centre for Philanthropy for its continued efforts in the coming year.
