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Islamabad: Federal Minister for Finance Muhammad Aurangzeb highlighted important economic issues during a press conference held in Islamabad. He said that sugar is not being smuggled from the border, but now sugar is being exported to Afghanistan. His statement is an attempt to allay fears about illegal sugar smuggling.
The finance minister also shared details regarding the monitoring of sugar mills. He informed that the Federal Board of Revenue (FBR) has established a strong system to monitor sugar mills, since which 6 sugar mills have been closed and fines of Rs 12.5 crore have been imposed. He said that sugar production this year has been 5.7 million tonnes, while sales tax of Rs 24 billion has been collected from sugar mills.
Aurangzeb also highlighted Pakistan’s remittances of $3.1 billion in February, which is a positive sign for the country’s economy. He said that last year there have been 7 IPOs (Initial Public Offers) in the stock market, which shows the increasing trend of investment.
The finance minister acknowledged the volatility of the stock exchange and said that some of the problems are structural, but the economic situation is expected to improve further by 2025. He stressed that the government is committed to achieving the Sustainable Development Goals and has been able to significantly reduce the trade deficit.
On the occasion, Information Minister Ataullah Tarar also expressed satisfaction over the improvement in economic indicators. He said that the stock exchange has set new records, while the Turkish and Uzbek presidents have also praised the Pakistani economy.
The information minister appreciated the steps taken in the sugar sector and said that these steps have been taken for the first time in history. He informed that the prime minister has also held a meeting regarding price control, in which ministers have been directed to go to the field to monitor prices.