ISLAMABAD, Nov 19 (APP): Minister for Finance and Revenue Senator Muhammad Aurangzeb on Wednesday reiterated the government’s firm resolve to extend the outreach of economic dividends to the common man to ensure shared social prosperity and development in the country.
Addressing the launch and award ceremony of the Corporate Philanthropy Report 2024, organized by the Pakistan Center for Philanthropy (PCP), the minister said that despite fluctuations on the economic front, corporate philanthropy in Pakistan had always remained on an upward trajectory.
Quoting findings from the report, he said that out of nearly 400 listed companies, around 300 were actively participating in corporate social responsibility initiatives, contributing to various sectors linked with social development.
He urged organizations not currently disclosing their philanthropic activities to do so, saying that greater transparency would set a positive precedent and encourage more institutions to contribute towards social welfare and development.
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, he remarked.
The Minister observed that the Karachi city has long led the country in philanthropic activity and corporate giving, adding that the 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.
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.
Congratulating the award recipients, Senator Aurangzeb termed them role models and emphasized the need to further strengthen efforts to promote corporate giving, describing it as a national identity and a cornerstone of social progress.
The minister also acknowledged PCP’s dedicated efforts in advancing and institutionalizing a culture of corporate giving through evidence-based research and data that promote efficiency and transparency.
He said that under the special directives of the Prime Minister, the government had designed a social impact financing framework ensuring that outcomes would be result-based, impact-linked, and reflective of cohesive collaboration among the public sector, private sector, and capital philanthropy.
Senator Aurangzeb appreciated PCP’s input in shaping the framework and reaffirmed the government’s commitment to extending all possible support to the center in guiding, connecting, and recognizing individuals and organizations contributing to society’s betterment.