The Minister of Finance, Muhammad Aurengzeb, said that the country is seeing signs of economic stability, while emphasizing the need to maintain the course and avoid a repetition of errors of the past, said Express News on Wednesday.
Speaking at the Geoeconomy Center of the Atlantic Council outside the spring meetings of the IMF World Bank in Washington, Aurengzeb discussed the economic perspectives of Pakistan, continuous reforms and the importance of continuous collaboration with international financial institutions.
Drawing an analogy of the Crick, he said that Pakistan has “put some races on the scoreboard”, but pointed out that constant performance and prudent decision making remain crucial.
He pointed out an increase in foreign reserves, improved inflation trends, a better credit perspective and a reduction in fiscal deficit as indications of recent progress.
However, he pointed out that these are early gains and long -term structural reforms must continue.
Highlighting a 29% increase in tax revenues, the Minister of Finance said that the Government expects the relationship imposed on GDP to reach 10.6% at the end of the fiscal year.
He also cited better debt management and cost savings measures that have created fiscal space.
He mentioned the inclusion of agricultural income under the fiscal framework for the first time and called it remarkable development.
The Minister of Finance emphasized the importance of working closely with the provinces under the National Finance Commission for shared financial objectives.
The Minister of Finance stressed the efforts to expand the formal economy, stating that a large volume of cash remains in circulation.
He said that modern tools such as digital audits, track and trace systems and faceless customs are introduced to strengthen the application.
It also touched key social and environmental challenges, including population growth, education and climate change, and said that these areas require integrated efforts and long -term planning.
On the environmental front, Aurengzeb said that Pakistan is preparing a green taxonomy framework to support the financing of projects linked to sustainability through tools such as green bonds and sukuks.
Recent developments in Pakistan’s commitment to multilateral lenders, including the Asian Development Bank, the World Bank and the IMF, indicating their support through new financing agreements.
The minister concluded asking for reforms in global financial structures to better serve developing countries and proposed the creation of a platform to manage concessional finance flows more efficiently.
