Islamabad – Finance Minister Muhammad Aurangzeb has stressed that Pakistan, as led by PM Shahbaz Sharif, is in the process of development. Speaking at the launch of the Udaan Pakistan program, he outlined two major points: the role of the private sector using the nation as the main agenda and the significance of the people coming together to build the country.
Aurangzeb contributed the fact that the present KIBOR is nearly 12%, which is an important rate for the private sector. He further pointed out that there is a growing trend in direct foreign investment, and there are major contributions through SIFC, or the Special Investment Facilitation Council. Pakistan has also, for the first time in 24 years, recorded an account surplus.
The Minister also lauded the business performance of the country, especially the Pakistan Stock Exchange, which has grown to become the second largest market in the world. He reiterated that the government is eager to guarantee equal possibilities for the congregation to venture into the market and business.
Aurangzeb also underlined that stability of exports is the foremost issue, and the second aspect under discussion is the market-based currency convertibility. A country is on the right track of achieving sustainable economic growth by having fallen its inflation rates from 38% to 5%. He also estimated that the GDP growth rates of Pakistan will be above 6 percent by the end of 2028.
The Finance Minister said that the key now lies not only in planning but in implementation. He also talked about continuity and change in the FBR and about the launch of reforms in the tax system. A new strategy that will be put in practice will lead to the dividing of the tax policies from the tax revenues. Thus, a body charge with the custody of tax policy will be established under the support of the government and the private sector. Aurangzeb emphasized reducing wastage of taxes, which is the component of reforming the system of tax collection.