Finance Minister Mohammad Aurangzeb said a long-term program with the IMF is essential, reforms in the power sector are essential and tax rates must be increased.
Speaking on the theme of “Cooperation for Development” at the Islamabad Business Summit 2024, Mohammad Aurangzeb said that the share of taxes in the country’s economy is 9 percent, which is the lowest in the region, and therefore, great efforts should be made to reduce energy consumption. losses
The IMF has approved Pakistan’s request for a new loan program of $6-8 billion
He said he will release the last installment of the IMF at the end of this week, the stock market is also at an all-time high, the country’s foreign exchange reserves will reach $10 billion by June.
Mohammad Aurangzeb said that there is no plan B if there is an IMF loan program. We want to stabilize the economy.
The federal minister said that the role of the government is not to do business, therefore he asked all ministries to direct government institutions to privatization, we want to speed up privatization.
Now there will be no amnesty scheme, people will have to pay taxes, finance minister
He said with the current account deficit reduced by 74% to $1.0 billion in the current financial year, the provinces will need to be consulted to bring people into the tax net.
