The Minister of Finance, Muhammad Aurangzeb, said that the country saw signs of economic stability, while emphasizing the need to keep the course and avoid a rehearsal of the errors of the past, said Express new on Wednesday.
Speaking at the Geoeconomic Center of the Atlantic Council on the sidelines of the Spring Meetings of the IMF Bank in Washington, Aurangzeb discussed the economic prospects of Pakistan, the ongoing reforms and the importance of continuous collaboration with international financial institutions.
Pulling an analogy of the cricket, he said that Pakistan had “put a few races on the dashboard”, but noted that coherent performance and cautious decision -making remain crucial.
He underlined an increase in foreign reserves, an improvement in inflation trends, a better credit prospect and a reduction in budget deficit as indications of recent progress.
However, it noted that these were early gains and that long -term structural reforms were to continue.
Stressing a 29% increase in tax revenue, the Minister of Finance said that the government expects the tax ratio / GDP to reach 10.6% by the end of the fiscal year.
He also cited the improvement of debt and economy management measures that have created a budgetary space.
He mentioned the inclusion of agricultural income as part of the tax framework for the first time and described it as remarkable development.
The Minister of Finance stressed the importance of working in close collaboration with the provinces of the National Finance Commission for the shared financial objectives.
The Minister of Finance underlined the efforts to extend the formal economy, declaring that a large volume of cash remains in circulation.
He said modern tools such as digital audits, athletics systems and faceless customs are introduced to strengthen the application.
He also discussed the main social and environmental challenges, including population growth, education and climate change, and said that these areas require integrated efforts and long -term planning.
On the environmental level, Aurangzeb said that Pakistan was preparing a green taxonomy framework to support the financing of sustainability projects through tools such as green obligations and sukuks.
He welcomed recent developments in Pakistan’s commitment with multilateral lenders, including the Asian Development Bank, the World Bank and the IMF, noting their support through new financing agreements.
The Minister concluded by calling for reforms in global financial structures to better serve developing countries and has proposed the creation of a platform to more effectively manage concessional financing flows.
