• Finance minister says Pakistan’s financial system remains stable, secure
• SECP reaffirms commitment to ensure continuity in capital market operations

ISLAMABAD: Pakistan on Wed­nesday reinforced its financial contingency protocols to ensure operational resilience and secure communication channels across its fin­ancial institutions, following over­­night Indian air strikes and a subsequent dip in the stock market.

The military brought down five Indian jets in retaliation for late-night strikes launched by the neighbouring country at six sites in Punjab and Azad Jammu and Kashmir.

The plans were fine-tuned at an emergency meeting presided over by Finance Minister Muhammad Aurangzeb through a video link from London, where he is currently on a two-day visit along with the prime minister’s adviser on privatisation, Muhammad Ali, to promote investment opportunities in the country, particularly in the privatisation of state-owned enterprises.

The emergency meeting was convened to assess the current financial landscape in light of escalating regional tensions following the recent belligerent Indian aggression.

“Pakistan’s financial system remains stable and secure, and all relevant authorities are working in close coordination to uphold national economic integrity in the face of emerging challenges,” the finance minister said.

The participants of the meeting were informed that contingency plans have been reinforced to ensure operational resilience and secure communication lines across financial institutions.

The meeting was attended by the State Bank governor, chairman of the Securities and Exchange Commission of Pakistan (SECP), the finance secretary, and senior officials from the Finance Division.

In a comprehensive and strategic discussion revolving around the situation and functioning of equity, debt, foreign exchange and interbank markets, the participants conducted a rapid risk assessment and evaluated the current threat perception with an emphasis on ensuring national financial stability and security.

“Recognising the critical importance of market stability, the participants of the meeting reaffirmed the government’s firm commitment to maintaining business continuity across all financial and allied sectors,” the finance ministry said.

Key assurances were extended to stakeholders, underscoring that robust measures are being implemented to safeguard Pakistan’s economic infrastructure and provide calm, clarity and confidence to the financial markets.

“The participants also emphasised the importance of heightened vigilance against a wide ra­­nge of threats, with a special focus on cybersecurity and communication infrastructure,” it said.

Published in Dawn, May 8th, 2025