ISLAMABAD: Federal Minister for Finance Muhammad Aurangzeb has stated that as soon as the IMF Board grants approval, $1 billion will be received.
During a press conference in Islamabad, he mentioned that a staff-level agreement was reached with the IMF a few days ago, and that all benchmarks set by the IMF have been met. He emphasized that this is Pakistan’s program and it is essential for the country.
Aurangzeb stated that it is their responsibility to ensure that the benefits of reduced inflation reach the public. He mentioned that an institutional framework is being established to monitor the prices of essential commodities, and that economic stability has been achieved in the country, with the economy moving in the right direction.
He noted that the aim is to transform short-term economic stability into sustainable economic stability, and that the country’s foreign exchange reserves are increasing.
The Finance Minister highlighted the goal of increasing remittances to $36 billion and emphasized the necessity of promoting investment in the country. He acknowledged the crucial role of the banking sector in the economy and pointed out that a reduction in the policy rate has had positive effects on the economy.
He indicated that by the end of June, the tax-to-GDP ratio is expected to reach 10.6%. Revenue increased by 29% last year, and there has been a 32.5% increase in tax revenue this year.
The government has collected 105 billion rupees from new tax filers and 413 billion rupees from traders this year.
The Finance Minister mentioned that better methods and technology have been implemented in the Federal Board of Revenue (FBR), and that economic growth is expected to remain at around 3% for the current fiscal year.
Muhammad Aurangzeb stated that the U.S. is Pakistan’s trading partner, and that the Prime Minister has set up two committees regarding tariff issues. A delegation from Pakistan will also visit the U.S. to address this matter, seeking a solution that benefits both Pakistan and the U.S.
