The Minister of Finance, Muhammad Aurangzeb, said that there was a significant reduction in interest rates and, in his opinion, there is room for an additional reduction.
At a press conference held in Islamabad, he said that economic stability had been carried out in the country, which is crucial for economic development.
He has also noted significant improvements on the outside front, funding of funds should exceed $ 36 billion this year.
The Minister of Finance said that exports are also increasing and, at the end of June, the country’s exchange reserves will reach $ 13 billion.
He added that there was no difficulty opening letters of credit (LCS) or transferring profits by companies abroad. In the inner front, inflation has decreased considerably.
MUHAMMAD AURANGZEB has also declared that the reduction in inflation should be transmitted to the public and that the Economic Coordination Committee (ECC) takes measures to combat inflation.
The ECC has closely monitored inflation and has implemented new measures to control it.
He also commented on the significant reduction in interest rates, declaring that there was still room for an additional reduction.
PWC and the Overseas Chamber of Commerce reports show increased confidence in investors, local investors also investing and the stock market by finding an increase in investments.
The Minister of Finance said that 870 billion purchasing rupees had been made during Eidull FITR, compared to 720 billion rupees last year.
He highlighted a 14% increase in cement production and a 40% increase in car sales, as well as a 30% increase in motorcycle sales during the first half.
With regard to the International Monetary Fund (IMF), Muhammad Aurangzeb confirmed that an agreement at the staff level had been concluded and that Pakistan had obtained the structural benchmarks of the IMF.
He noted that it was the first time that Pakistan has encountered these benchmarks, which included measures for national tax agreements and the collection of agricultural income tax.
The Minister of Finance also mentioned that for the first time, the provinces had taken measures to achieve the objectives, and he expressed the hope that the IMF board of directors would soon approve the second tranche of a billion dollars.
Regarding climate change, he declared that an agreement had been concluded with the IMF, and the funds will be disbursed in phases while Pakistan achieves its objectives of climate change.
He pointed out that for the FMI final program, the complete implementation of structural reforms is essential. Economic stability has already been carried out, but now the emphasis is on maintaining and progression.
Muhammad Aurangzeb shared that the tax / GDP ratio had been increased to 10.8% and that the tax collection was enriched.
He highlighted the advantages of the digitization of the Federal Board of Return (FBR) and mentioned that the system of track and trace had been fully implemented for sugar, fertilizers and tobacco. However, its implementation in cement is still pending.
The Minister of Finance concluded by announcing that a system will be introduced during the next financial year allowing employees to pay their income taxes directly, which facilitates the process.
Meanwhile, the IMF sent a second mission to diagnose corruption and governance to Pakistan a few months apart to keep in -depth commitments with more than 30 departments and institutions, including the registraires of the Supreme Court of Pakistan (SCP) and the Court of Responsibility.
The mission, which started its interactions on Thursday, will remain in the country until April 14, according to the Pakistani authorities.
The IMF’s response on the launch of the second mission of diagnostic of corruption and governance since February was expected until the filing of this story.
