“We have lost our credibility as a country,” said Finance Minister Muhammad Aurangzeb further warning that urgent financial reforms are needed to restore confidence.
Aurangzeb, who spoke at a Senate meeting of the Climate Change Committee, led by Senator Sherry Rehman, informed legislators of the country’s climate financing challenges and its negotiations with international lenders.
He revealed that the Asian Development Bank (ADB) had committed $ 500 million, while Pakistan expects to secure $ 1 billion from the International Monetary Fund (IMF) next week.
The government is also working to issue “green Panda bonds” to attract additional investments.
Aurangzeb also announced a major shift in tax policy stating that the Ministry of Finance will now oversee tax policy, while the Federal Board of Revenue (FBR) will focus solely on tax collection.
The Minister also emphasized the need for structural reforms to achieve sustainable and inclusive economic growth.
He spoke at an event organized by Pakistan Retail Business Council in Islamabad, and said reforms in taxation, energy, state -owned companies (SOEs) and public economy were already underway.
He expressed confidence that the country was moving in the right financial direction with achieved macroeconomic stability.
In taxation, Aurangzeb highlighted the efforts to modernize the system using technology, ensure transparency and connect income leaks.
He acknowledged that the grade carries a disproportionate tax burden and emphasized that retail, wholesale, real estate and agriculture must contribute fairly.
He discussed energy reforms and said difficult but necessary measures were implemented to create a competitive energy market.
With regard to the SOE -Bunscaping, the Minister confirmed that rights internal action efforts would be completed in June and that the privatization process would move forward.
During the meeting, Senator Sherry Rehman also emphasized that Pakistan must strengthen his financial strategy to get international support and note that there is no help without a well -defined plan.
