Pakistan’s Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment to steer the economy towards stability and sustainable growth.
Speaking at a recent media briefing, Aurangzeb referred to the country’s ongoing economic challenges and the efforts being made to address them.
He stressed that despite the difficulties, significant progress has been made, particularly in terms of remittances and credit assessments.
Aurangzeb noted that remittances remained stable, reflecting the confidence of overseas Pakistanis in the country’s economic management.
He further said that two prominent international rating agencies have maintained Pakistan’s credit ratings, which he interpreted as a positive sign that the country’s economy is moving in the right direction.
The finance minister emphasized that achieving macroeconomic stability is essential for long-term growth.
“Macroeconomic stability is the basic hygiene we need to get right,” Aurangzeb said.
He explained that this stability serves as the foundation upon which sustainable economic growth can be built. Without it, he warned, any attempts to move from stabilization to growth could be premature and potentially destabilizing.
Aurangzeb also expressed the concerns raised in the media about the Federal Board of Revenue (FBR) and the collection of tax revenue.
He pointed out that last year tax revenues showed a significant increase of 29%, but warned that this level of growth is not sustainable without further reforms.
He called for a concerted effort to increase the tax-to-GDP ratio beyond the current 13%, stressing the importance of the collective responsibility of all sectors of the economy.
The Finance Minister urged all stakeholders, including economists, businesses and the general public, to recognize the progress being made and continue to support the government’s efforts to achieve economic stability.
He acknowledged that while the journey to a sustainable economy is long, steps taken now are vital to ensure a prosperous future for Pakistan.
Aurangzeb also mentioned the recent steps taken to improve the economic environment, including reforms aimed at enhancing the efficiency of the FBR and broadening the tax base.
He reiterated that these reforms are vital to ensure that the economy remains on a solid footing and can support the government’s broader development goals.
Reflecting on the larger economic context, Aurangzeb emphasized the importance of maintaining discipline and focus.
“We must recognize the positive developments and continue to work for a sustainable economy,” he said, stressing that the government’s economic strategy is designed to create a strong foundation for future growth.
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