ISLAMABAD, OCT 7 /DNA/ – A high-level delegation from Acumen, led by its Founder and Chief Executive Officer Ms. Jacqueline Novogratz, accompanied by Mr. Poul Carsten Stendevad, President and Chief Investment Officer, and Dr. Ayesha Khan, Chief Executive Officer, Acumen Pakistan, called on Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division today.
The delegation included members of Acumen’s Global Board and international investors. The members of the Acumen Board present at the meeting included: Jacqueline Novogratz, Karen Zahn Paterson, Nathan Laurell, Matthew Philip Courey, Mercy Miyang Tembon, Poul Carsten Stendevad, Cristina Jane Ljungberg, Juan Carlos Mora Uribe, Shaiza Rizavi, Kirsten Nevill-Manning, Andrea Colombel, Dr. Ayesha Khan, Kashif Thanvi, and M. Yasir Khan.
Welcoming the delegation, Finance Minister Muhammad Aurangzeb appreciated Acumen’s continued engagement and its focus on agriculture and climate resilience in Pakistan. He briefed the visitors on Pakistan’s macroeconomic stability and ongoing structural reforms, particularly in taxation and energy sectors. The Minister informed the delegation that Pakistan’s tax-to-GDP ratio is targeted to reach 11 percent by the end of the current fiscal year, supported by AI-led technology, data analytics, and digital integration to widen the tax base.
The Minister highlighted the government’s efforts to address high energy and financing costs, improve the investment climate, and strengthen public–private partnerships. He briefed the delegation on the Prime Minister’s recent visits to Beijing, Riyadh, and Washington D.C., and the strong support expressed by strategic partners for investment and trade flows.
He mentioned that 24 new joint ventures were signed during the visit to China, underscoring the tangible progress being achieved on the investment front. He also discussed ongoing State-Owned Enterprise (SOE) reforms, including the privatization of PIA in its final stage, the outsourcing of Islamabad International Airport, and the planned privatization of several power distribution companies in the first phase.
The Minister reaffirmed that the private sector must lead Pakistan’s economic growth, while the government’s role is to provide a supportive ecosystem. He highlighted Pakistan’s move towards an export-led growth model, supported by tariff reforms and responsible fiscal management, aimed at ending the boom-and-bust cycle.
Senator Aurangzeb also discussed Pakistan’s plans to issue its inaugural Panda Bond before the year’s end and its intent to access USD, Euro, and Islamic Sukuk markets in due course. He further highlighted the government’s digital transformation journey, noting that all government payments will be digitized by the end of the current fiscal year.
The Minister emphasized that Pakistan faces two existential challenges in climate change and population growth. He said Pakistan is already experiencing the effects of climate change through increasingly frequent and intense floods, and underscored the importance of decarbonization, child nutrition, girls’ education, and learning poverty reduction. He mentioned that Pakistan’s Country Partnership Framework with the World Bank provides a structured approach to address these priorities.
He also highlighted the clearance of backlog repatriation of foreign profits and dividends, noting that the macroeconomic stability has made such transactions routine and non-disruptive, as evidenced by the recent $500 million Eurobond repayment completed as a standard transaction.
The Minister thanked Acumen for its continued confidence in Pakistan and lauded its efforts in supporting climate-smart agriculture, food system resilience, and poverty alleviation.
Speaking on the occasion, Ms. Jacqueline Novogratz, Founder and CEO of Acumen, said she and her team have been visiting Pakistan since 2002 and described her experiences in the country as “truly extraordinary.” She reaffirmed Acumen’s long-term commitment to Pakistan, especially in agriculture, climate resilience, energy, and poverty reduction.
Ms. Novogratz acknowledged Pakistan’s dynamic young talent and strong entrepreneurial potential, emphasizing that enhancing access to finance for these entrepreneurs can transform their innovative ideas into scalable businesses. She reiterated Acumen’s resolve to continue investing in Pakistan’s people and ideas that create social and economic impact.
The visit followed the meeting of Acumen Pakistan’s team with the Finance Minister in September 2025 and was part of Acumen’s broader engagement in Islamabad, Lahore, and Karachi to explore investment opportunities amid Pakistan’s improving macroeconomic conditions. The delegation also discussed progress on Acumen’s $90 million Agriculture Resilience Fund for Pakistan, a blended finance facility focusing on climate adaptation and sustainable agriculture.
