Islamabad: Federal Finance Minister Muhammad Aurangzeb has announced that the program with the International Monetary Fund (IMF) has been finalized, stating that the current program will be the last. He emphasized the need for the economy to be documented to qualify for Group 20 membership.
In a press conference held in Islamabad, the finance minister remarked that increasing tax revenues is essential, and that microeconomic stability is not an end goal but a pathway. He also rejected the offering of Treasury bills and bonds for local borrowing.
Aurangzeb asserted that the Pakistani economy is progressing in the right direction and is on the path to improvement. He mentioned that experts from abroad will be engaged to assist in enhancing the country’s economic condition.
He noted that foreign exchange reserves in Pakistan have increased and are currently at their highest level. Furthermore, there has been a significant rise in national exports and IT exports, while investor confidence is seen as a major achievement for economic stability.
The minister reported that the policy rate has been reduced by 4.5%, expressing optimism that the exchange rate and policy rate will remain as expected.
Aurangzeb revealed that there were approximately 300,000 new tax filers last year, and so far this year, 732,000 new filers have registered. The total number of tax filers in the country has increased from 1.6 million to 3.2 million, stating that non-filers will no longer be able to purchase properties or vehicles.
He also mentioned that work is ongoing to right-size ministries, with plans to dissolve six ministries and merge two others. A total of 150,000 posts will be eliminated across various ministries.
Aurangzeb pointed out that inflation has decreased and this is not just a mere claim; government policies have successfully brought inflation down to single digits.
The finance minister urged provincial chief ministers to take steps to further reduce inflation, noting that the prices of petroleum products have declined, and therefore, transport fares should also be reduced.
