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Government Committed to Sustainable Economic Growth, Minister Assures Stakeholders

Strategic Insights

— 2 min read

Federal Minister for Finance and Revenue Muhammad Aurangzeb reiterated the government's commitment to transforming macroeconomic stability into sustainable economic growth during a press conference held after a meeting with the Overseas Investors Chamber of Commerce and Industry (OICCI). The finance minister informed the media about his meetings with banking sector executives and overseas investors to discuss the overall macroeconomic stability achieved in the previous fiscal year and the role of the banking, trade, and industrial sectors in realizing objectives of sustainable economic growth.

Key Takeaways:

  • The government has achieved significant improvements in the economic situation, reducing its dependence on borrowing from the banking sector and improving private sector financing.
  • The privatization process of PIA and 24 state-owned entities (SOEs) was discussed in detail, with big private sector companies ready to participate and the government framing an industrial policy to revive sick units.
  • The finance minister highlighted the transformation of the Federal Board of Revenue for simplification and automation of processes, aiming to enhance confidence in the taxation system and policies.
  • Extended powers to tax authorities were reviewed in standing committees of both houses of parliament, with various safeguards developed in the law for dealing with Sales Tax frauds.
  • The finance minister met with salaried class representatives and provided maximum possible relief through the budget 2025-26, while simplifying tax return forms.
  • Engagements with the trade and industrial community are a continuous process to acquire suggestions for transforming macroeconomic stability into sustainable growth.
  • The government is monitoring commodity prices through the Economic Coordination Committee (ECC) and other forums to take necessary actions.
  • The finance minister highlighted budget measures for the real estate and construction sector, focusing on providing easy loans for first-time property holders and small housing units.

Statistics:

  • The government's dependence on borrowing from the banking sector has decreased, and private sector financing has improved as a result.
  • 24 state-owned entities (SOEs) are undergoing the privatization process, with big private sector companies ready to participate.
  • The Federal Board of Revenue has undergone transformation for simplification and automation of processes.
  • Sales Tax frauds exceeding Rs 50 million require approval of a three-member FBR board to arrest the alleged fraudulent person.
  • A meeting with representatives of the business community is scheduled to address their reservations.
  • The budget 2025-26 provided maximum possible relief to the salaried class, with simplified tax return forms extended.
  • Commodity prices are being monitored through the Economic Coordination Committee (ECC) and other forums.

Sources:

  • Muhammad Aurangzeb, Federal Minister for Finance and Revenue
  • Yousaf Hussain, President Overseas Investors Chamber of Commerce and Industry (OICCI)
  • Abdul Aleem, Secretary General Overseas Investors Chamber of Commerce and Industry (OICCI)
  • Khurram Schehzad, Advisor to Finance Minister
  • "Pakistan's economy to grow 4% in FY2023, says finance minister." (Source: OICCI)

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