ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb has said that Pakistan is on the path of restoring global financial confidence and our financial policies are being appreciated by international institutions. He said this in a virtual meeting with representatives of UAE banks in which detailed discussions were held on Pakistan’s economic reforms, restructuring of the public sector, and digitalization of the tax system.
Representatives of banks from Sharjah, Abu Dhabi, and Ajman attended the meeting. He expressed his desire to further strengthen economic cooperation with Pakistan. Muhammad Aurangzeb said that Pakistan has successfully met the goals of the IMF, which resulted in the approval of the $1.3 billion Resilience Sustainable Fund. The development is being seen globally as an improvement in Pakistan’s credit rating, which is a positive signal for investors.
The finance minister clarified that the new tax-to-GDP target has been set at 11 percent. While the complete digitization of the FBR will increase transparency and tax receipts in the system. He said privatization and restructuring of institutions are among the top priorities of the government. So that the public sector can be more effective and meet public expectations.
Mohammad Aurangzeb said that the implementation of tax on agricultural income is a historic decision that will pave the way for further expansion of the economy. He hoped that Pakistan’s economic reforms would further strengthen the confidence of investors around the world.
