ISLAMABAD: Federal Minister for Finance Senator Muhammad Aurangzeb has said that Pakistan’s economy is on the path of stability, and the global financial institutions are appreciating this progress. He said this during a virtual meeting with representatives of UAE banks, which was attended by representatives of Sharjah Islamic Bank, Abu Dhabi Islamic Bank, and Ajman Bank.
According to the Ministry of Finance, detailed discussions were held on Pakistan’s financial development, privatization of institutions, and digitalization of the tax system. The Finance Minister said that Pakistan has successfully completed all the targets of the IMF loan program, following which the $1.3 billion Resilience Sustainable Fund has been approved. Moreover, the improvement in Pakistan’s credit rating is proof that the global market is trusting Pakistan.
He added that the new tax-to-GDP target has been set at 11 percent, while full digitization of the FBR will increase transparency and tax receipts in the system. Privatization and restructuring of institutions are among the top priorities of the government. So that the public sector can be more effective and meet public expectations.
Mohammad Aurangzeb said that the implementation of tax on agricultural income is a historic decision that will pave the way for further expansion of the economy. He hoped that Pakistan’s economic reforms would further strengthen the confidence of investors around the world.
