Finance Minister Muhammad Aurangzeb said on Tuesday that VEON, the global digital operator, has raised its planned investment in Pakistan over the next three years to $1.5 billion from $1 billion. He said the higher figure signalled continued interest from foreign investors as the country seeks to expand private-sector activity.

Aurangzeb called the increase a significant jump. He was speaking in a virtual address at the SDGs Investment Fair 2026, organised by UNDP Pakistan in Karachi.

VEON had announced a $1 billion investment plan earlier this year, Aurangzeb said. That plan was to expand connectivity, modernise infrastructure and accelerate digital services in Pakistan.

Aurangzeb also pointed to growing foreign interest in the government's privatisation programme. He said three Turkish companies have expressed interest in the first power distribution company being offered for privatisation.

He said Pakistan had the basic hygiene, which was being recognised at the local and international level. He was referring to improvements in Pakistan's macroeconomic stability.

The finance minister also highlighted increased activity on the Pakistan Stock Exchange. He said 11 initial public offerings were completed in the previous fiscal year, the highest number in two decades.

Five initial public offerings were completed in the latest quarter, Aurangzeb said. Khaadi is also preparing for an initial public offering, Aurangzeb said.

He said about 22 real estate investment trusts are expected to list over the next couple of years. When someone is raising equity on the stock exchange, they are obviously looking to either invest, expand their local commercial operations or set up new units, he said.

He said Pakistan's twin deficits had fallen significantly, from 12.5 per cent of GDP a few years ago to about 2.6 per cent at the end of June. He also said the country had recorded a 22-year low fiscal deficit.

Aurangzeb said Pakistan had recorded primary surpluses for three consecutive years. On the external side, foreign exchange reserves had reached $21.4 billion a few weeks ago, the highest level in the country's history, Aurangzeb said.

He said that level provided almost three months of import cover, compared with about two weeks when the government began its economic stabilisation programme. Aurangzeb said economic growth also needed to be sustainable.

The economy had contracted 3.7 per cent three years ago, while growth was projected at 4 per cent this year, he said. He said: "We want to move towards growth, but it has to be responsible growth because we want to avoid the boom-and-bust cycles as we go forward."