Aurangzeb emphasized the need for timely decision-making and implementation, citing examples of the judiciary and tribunals.
Islamabad: Federal Finance Minister Muhammad Aurangzeb has stated that the country’s foreign exchange reserves are expected to reach $9 to $10 billion by June.
Addressing a ceremony in Islamabad, he mentioned that by the end of this week, the final installment from international financial institutions will be disbursed. He also highlighted that the stock market has reached its highest level in history, attributing this surge not to data stocks but to market operations.
He clarified that in IMF loan programs, there is no plan B. Furthermore, he expressed satisfaction with the 5% growth in the agriculture sector and the increased production of crops.
The finance minister emphasized the government’s commitment to stabilizing the economy, noting that tax revenue currently accounts for 9% of the GDP, the lowest in the region. He stressed the need for reforms in the energy sector to reduce losses and enhance efficiency.
Regarding ongoing issues, he remarked that the government’s job is not just to do business. Therefore, all ministries have been instructed to move towards austerity. He outlined the two aspects of taxation: policy and implementation, highlighting the importance of addressing both.
He emphasized the need for timely decision-making and implementation, citing examples of the judiciary and tribunals. He mentioned consultations with provinces on bringing people into the tax net and expressed hope for agreements to be reached by the end of June or July.
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Concluding his remarks, he mentioned positive discussions in Washington and anticipated further discussions on Pakistan’s mission during upcoming programs. He expressed hope for agreements to be reached by the end of June or July.
