Finance Minister Muhammad Aurangzeb stated on Monday that the country’s economy is moving in the right direction, with a stable currency, inflation reduced to single digits, and record-high remittances and exports in July and August.
He emphasized that the nation cannot rely on charity and that tax contributions are essential from all citizens.
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In response to Senate notices from Senator Mohsin Aziz and Senator Zeeshan Khanzada concerning shrinking loans, increasing private sector debt, and the digitalization of the Federal Board of Revenue (FBR), the minister highlighted the importance of fiscal discipline for economic growth.
Aurangzeb called for structural reforms, particularly in state-owned enterprises and the energy sector, stating that success in these areas could potentially eliminate the need for future IMF programs. He added that maintaining fiscal discipline would lead to higher revenue, increased exports, and reduced borrowing.
He also mentioned that subsidies for the SME sector have been included in the FY25 budget and that the FBR’s digitization process is progressing. Additionally, the government is prioritizing the agriculture and information technology sectors for development.
