“We have lost our credibility as a country.”
Speaking at a meeting of the Senate Climate Change Committee, chaired by Senator Sherry Rehman, Aurengzeb informed legislators about the country’s climate financing challenges and their negotiations with international lenders.
He revealed that the Asian Development Bank (ADB) had committed $ 500 million, while Pakistan hopes to obtain $ 1 billion from the International Monetary Fund (IMF) next week.
The government is also working on the issuance of “Green Panda Bonds” to attract more investments.
Aurengzeb also announced an important change in fiscal policy, stating that the Ministry of Finance will now supervise the fiscal policy, while the Federal Income Board (FBR) will focus solely on tax collection.
The minister also emphasized the need for structural reforms to achieve sustainable and inclusive economic growth.
Speaking in an event organized by the Retail Business Council of Pakistan in Islamabad, he said that tax reforms, energy, state companies (SOE) and public finances were already underway.
He expressed the confidence that the country was moving in the correct economic direction, with the macroeconomic stability achieved.
In taxes, Aurengzeb highlighted the efforts to modernize the system using technology, ensuring transparency and connection of income leaks.
He acknowledged that the salaried class has a disproportionate tax burden, emphasizing that retail, wholesale, real estate and agriculture must contribute fairly.
By discussing energy reforms, he said that difficult but necessary measures were being implemented to create a competitive energy market.
Regarding the restructuring of SAE, the minister confirmed that the rights efforts would be completed in June and that the privatization process would advance.
In addition, during the meeting, Senator Sherry Rehman emphasized that Pakistan should strengthen his financial strategy to obtain international support, noting that no help will come without a well -defined plan.
