“We have lost our credibility as a country,” said Finance Minister Muhammad Aurangzeb said the warning more than urgent economic reforms are necessary to restore confidence.
Speaking at a meeting of the senatorial climate change committee, chaired by Senator Sherry Rehman, Aurangzeb informed the legislators of the country’s climate financing challenges and its negotiations with international lenders.
He revealed that the Asian Development Bank (AfDB) had hired $ 500 million, while Pakistan plans to obtain $ 1 billion from the International Monetary Fund (IMF) next week.
The government is also working on the issue of “Green Panda Bonds” to attract new investments.
Aurangzeb has also announced a major change in tax policy, declaring that the Ministry of Finance will now supervise the tax policy, while the Federal Board of Return (FBR) will focus solely on tax collection.
The Minister also underlined the need for structural reforms to achieve sustainable and inclusive economic growth.
Speaking during an event organized by Pakistan Retail Business Council in Islamabad, he said that tax, energy, public enterprises (public enterprises) and public finances were already underway.
He expressed his confidence that the country was moving in the right economic direction, with macroeconomic stability reached.
On taxation, Aurangzeb highlighted efforts to modernize the system using technology, ensure transparency and connection of income leak.
He recognized that the salaried class supports a disproportionate tax burden, stressing that retail, wholesale, real estate and agriculture must contribute fairly.
Discussing energy reforms, he said that difficult but necessary measures were being implemented to create a competitive energy market.
Regarding the restructuring of SOEs, the Minister confirmed that rights efforts would be completed by June and that the privatization process was going to go ahead.
In addition, during the meeting, Sherry Rehman Senator stressed that Pakistan had to strengthen its financial strategy to obtain international support, noting that no assistance will occur without a well -defined plan.
