Finance Minister Muhammad Aurangzeb has said the country sees signs of financial stability while emphasizing the need to remain the course and avoid a repeat of errors from the past, Express News reported Wednesday.
Aurangzeb, who spoke at Atlantic Council’s GeoConomics Center on the Sideline of IMF-World Bank Spring meetings in Washington, discussed Pakistan’s financial views, ongoing reforms and the importance of continued cooperation with international financial institutions.
He pulled an analogy from Cricket and said Pakistan has “put some races on the scoreboard” but noted that consistent performance and cautious decision making remain decisive.
He pointed to an increase in foreign reserves, improved inflation trends, a better credit prospect and a reduction in the tax deficit as indications of recent progress.
However, he noted that these are early gains and long -term structural reforms must continue.
The Minister of Finance highlights a 29% increase in tax revenue and said the government expects the tax-to-BNP ratio to reach 10.6% at the end of the financial year.
He also cited improved debt management and cost -saving measures that have created tax space.
He mentioned the inclusion of agricultural income under a tax framework for the first time and called it a remarkable development.
The Minister of Finance emphasized the importance of working closely with provinces under the National Finance Commission for shared financial goals.
The Minister of Finance emphasized the efforts to expand the formal economy and stated that there is a large amount of cash in circulation.
He said modern tools such as digital revisions, track-and-tracking systems and faceless customs are introduced to strengthen enforcement.
He also touched on the most important social and environmental challenges, including population growth, education and climate change, and said these areas require integrated efforts and long -term planning.
On the environmental front, Aurangzeb said Pakistan is preparing a green taxonomy framework to support financing for sustainability-bound projects through tools such as green bonds and sugar.
He welcomed the recent development in Pakistan’s commitment with multilateral lenders, including the Asian Development Bank, the World Bank and the IMF, and noticed their support through new financing schemes.
The Minister concluded by calling for reforms in global economic structures to better serve developing countries and suggested the creation of a platform to manage concession financing flows more effectively.
