ISLAMABAD: Finance Minister Muhammad Aurangzeb has reiterated the government’s commitment to implementing locally developed structural reforms across all sectors.
Speaking at a press conference in Islamabad on Sunday, he emphasized that fundamental changes in the nation’s economy will enhance exports and promote sustainable growth.
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Muhammad Aurangzeb stated that structural reforms are not only a requirement of the International Monetary Fund but are also essential for Pakistan’s progress.
The Finance Minister noted that macroeconomic stability lays the groundwork for inclusive and sustainable growth in the country.
He mentioned that macroeconomic stability was maintained during the first quarter of the current fiscal year, but it must be sustained to achieve long-term growth.
For the locally driven economic reform agenda, he assured that the government will continuously engage with think tanks and consider foreign expertise.
The Minister highlighted that the measures implemented by the government are yielding positive results, as evidenced by various economic indicators, which can be observed in practice.
He reported a 29 percent year-on-year increase in exports, while inflation has decreased from 38 percent to single digits and continues to decline.
On the external front, he noted improvements in credit ratings and affirmed the government’s intention to continue this progress until achieving at least a B or B- investment grade rating.
He remarked that the Pakistan Stock Exchange is also setting new records and progressing positively.
The Minister reaffirmed the government’s dedication to reducing the size of the federal government, mentioning that a decision to abolish or merge six ministries has already been made and is in the implementation phase.
Regarding taxation, the Minister stated that the number of tax returns filed has doubled from last year’s 1.6 million to 3.2 million to date, with new filers increasing from 300,000 last year to 723,000 currently.
