Finance Minister appreciates the valuable contributions of business community towards economic development of Pakistan
Finance Minister held a meeting with the Board of Directors of Albaraka Bank Pakistan Ltd and all foreign shareholders to discuss the future economic and financial outlook of Pakistan.
Emphasizes the govt’s commitment to address concerns & promote interests of traders & businessmen across the country
We have no other option except difficult decisions, people will have to pay taxes, Federal Finance Minister Muhammad Aurangzeb
Exiting the IMF program through structural reforms, expressed in the National Assembly
ISLAMABAD ( Web News )
Federal Finance Minister Muhammad Aurangzeb has said that through structural reforms, we have to exit the IMF program for which we have no other option but to make difficult decisions, people will have to pay taxes. , the Road Back to Market plan, improving the taxation and energy system, increasing exports and closing all kinds of leakages will improve the country’s economy, the inflation rate will come down to 5 to 7 percent by September 2025. The policy rate will be reduced and the industrial growth will increase. Speaking on the resolutions presented by Agha Syed Rafiullah in the National Assembly on Tuesday regarding the minimum wage and Syed Mustafa Shah Kamal regarding the economic situation of the country. Finance Minister Muhammad Aurangzeb said that the minimum wage was 25,000, which was increased by the Parliament to 32,000. The Ministry of Finance had notified it at the same time. In this regard, wherever there is a shortcoming to the extent of the federal capital, it should be brought to our knowledge, we will remedy it. After the eighteenth amendment, the provinces are independent in their affairs, we will have to talk to the provinces in this regard. We will play a role wherever possible. He said that along with the government sector, the minimum wage is applicable to the private sector as well. Mustafa Kamal said that our economy cannot be stable without the abolition of interest, this type of economy is against the Holy Qur’an and the Sunnah and is a war against Allah. Ali Muhammad Khan said that Quaid-e-Azam Muhammad Ali Jinnah had instructed the State Bank that banking principles should be adapted to Islamic teachings, our banks are against this order. It has created problems, it is not a justice-based system. He said that usury is a war against Allah, a special committee should be formed in this House to eliminate usury. Finance Minister Muhammad Aurangzeb concluded the discussion and said that the Shariah court had decided in this regard, there was no room for further discussion because there is a five-year period for this, in which according to the decision of the Shariah court, the State Bank has closed all banking operations. is to be converted into the Islamic system, many bank branches have been converted into Islamic banking, the government and the State Bank are working in this regard. The finance minister said that the economic situation this year is much better than last year. The current account has improved a lot, currently the foreign exchange reserves are 8 billion dollars. He said that we are connected with the global economy, 1.1 billion dollars will come by this week, by June we will have 9 to 10 billion dollars for the import bill of 2 months. He said that I have spent a week in Washington during which I met with officials from World Bank, ADB, IMF, AIB, AIFC, Saudi Arabia, UAE, Qatar and China. The meetings have been held, the most gratifying thing is that they all want Pakistan’s economy to improve, even from within the country, everyone wants economic stability in Pakistan. He said that our agricultural GDP rate. Growth is 5%, agriculture and IT are two sectors that have nothing to do with IMF or loans, we can do it ourselves. He gave an example that due to the recent bumper crop of rice, rice was exported, which earned valuable foreign exchange, similarly, the export of the IT sector was 2 billion dollars last year, in which steps are being taken to improve. He said that we have to get out of the IMF program through structural reforms, for which we have no choice but to make tough decisions, people will have to pay taxes. Sectors have to be improved, there are 70 to 80 public sector enterprises which are making losses, we have to reduce all kinds of leakages and increase exports, through road back to market project and other reforms in the future. I have to exit the IMF program. He said that according to the data of the State Bank, the inflation rate reached 38% in June-July last year, which is currently 20.07%. Inflation will come down to 5-7% by September 2025, which will reduce policy rates and increase industrial growth.
Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb held a productive meeting with Naeem Mir, Chairman Supreme Council All Pakistan Anjuman-e-Tajran on Tuesday. The meeting was also attended by Chairman FBR.
The meeting served as a platform to discuss pertinent issues concerning the business community and economic policies. During the meeting, Finance Minister appreciated the valuable contributions of the business community towards the economic development of Pakistan. He emphasized the government’s commitment to address the concerns and promote the interests of traders and businessmen across the country.
Muhammad Aurangzeb also highlighted the importance of encouraging the business community to register under the recently launched Tajir Dost App, designed specifically to support and facilitate the needs of the business community.
Naeem Mir conveyed the concerns and suggestions of the business community to Finance Minister, highlighting the challenges faced by traders and businessmen in Pakistan. He also appreciated the efforts of the government for creating a conducive business environment, streamlining taxation policies, and promoting investment opportunities to foster economic growth and prosperity. He further assured of the solidarity of the business community regarding their participation in the Tajir Dost App. Finance Minister reaffirmed the government’s resolve to work closely with the business community to address their grievances and facilitate their efforts in contributing to the country’s economic development. He underscored the significance of collaboration between the government and the private sector to formulate policies that promote entrepreneurship and business growth.
Both sides engaged in a constructive dialogue on various issues, including taxation reforms, trade facilitation measures, and initiatives to promote small and medium-sized enterprises (SMEs). Muhammad Aurangzeb reiterated the government’s commitment to implement policies that promote inclusive economic growth and empower the business community. The meeting concluded with a mutual understanding to continue the dialogue and collaboration between the government and the business community for the betterment of Pakistan’s economy.
Meanwhile Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb held a meeting with the Board of Directors of Albaraka Bank Pakistan Ltd and all foreign shareholders to discuss the future economic and financial outlook of Pakistan. The meeting provided a platform for constructive dialogue and collaboration to chart a course for Pakistan’s economic growth and stability.
During the meeting, Finance Minister emphasized the government’s commitment to implement prudent economic policies to ensure sustainable development and prosperity for all stakeholders. He highlighted the progress made in various sectors and outlined the government’s vision for fostering a conducive business environment and attracting foreign investment.
The Board of Directors and foreign shareholders expressed their confidence in Pakistan’s economic potential and reaffirmed their commitment to support initiatives aimed at promoting growth and financial stability. They commended the government’s efforts in implementing structural reforms and fostering a business-friendly environment conducive to investment. Discussions during the meeting focused on Pakistan’s future economic prospects, including opportunities and challenges in key sectors such as banking, finance, and infrastructure development. The participants exchanged views on strategies to enhance Pakistan’s competitiveness, attract foreign investment, and promote sustainable economic growth.
Muhammad Aurangzeb underscored the importance of continued cooperation and collaboration between the government and the private sector to identify opportunities for investment and growth and for achieving shared objective of Pakistan’s economic prosperity.