Federal Minister for Finance Senator Muhammad Aurangzeb, while indicating a further cut in interest rates and reduction in electricity prices, has said that the country’s economy has achieved stability over the past one and a half years.
Speaking at a ceremony in Islamabad, Senator Muhammad Aurangzeb said that international financial institutions are also acknowledging Pakistan’s achievements in the economic field, and a third global rating will also announce Pakistan’s economic successes.
Senator Muhammad Aurangzeb said that over the past one and a half years, the economy has stabilized, the policy rate has been significantly reduced, and there is still room for further reduction. An announcement for another cut in interest rates will also be made soon.
He said that he acknowledges that there has been a 41% increase in loans issued to the SME sector. A 41% increase in loans is a large increase, but as loan repayments are made, the situation will improve. The process of privatizing state-owned enterprises will continue at a fast pace, while measures are also being taken to reduce government expenditures.
He said that for the first time, agricultural income has also been made part of the tax system. We have to fix the tax system; we have no choice but to expand the tax net. Whatever fiscal space was available, relief has been given to salaried individuals accordingly. We cannot impose more taxes on the salaried class.
The Finance Minister said that economic growth indicators are showing clear signs of improvement. The goal of agreements with the IMF is economic growth. At the end of this year, we are issuing Panda Bonds, and we are also making agreements with China. Two days ago, a Gallup survey showed that the confidence of the business community is increasing. There is hope for further improvement in the coming days.
Senator Muhammad Aurangzeb said that our effort is to encourage businesspeople as much as possible. The private sector has to lead the country’s economy. Our job is to provide a better environment to the business community. Under the leadership of the Prime Minister, we are in contact with all chambers of the country.
