FinMin Aurangzeb pledges export-led growth for sustainable development
Business
He said that Pakistan has achieved macroeconomic stability and “we cannot squander this opportunity"
ISLAMABAD (Dunya News) - Finance Minister Muhammad Aurangzeb said on Saturday that Pakistan’s economy is stable and “the country will be taken towards export and productivity led growth to ensure sustainable development.”
Addressing a news conference here, he said “inflation is at its lowest level in six decades, remittances have increased by 32%, and the government is closely monitoring the prices of essential goods.”
The minister mentioned that Pakistan has achieved macroeconomic stability. “We cannot squander this opportunity and have to change the DNA of the economy.”
He stressed that there should be exports in each sector, expressing satisfaction that the auto sector has started exports in the last two months.
Aurangzeb said the government was undertaking structural reforms in order to make the current IMF programme the last one.
Also Read: Pakistan's inflation drops to historic low of 0.7pc in March
On the taxation side, the finance minister said the tax to GDP ratio is to touch 10.6 percent by the end of this fiscal year, which is an increase of one point eight percent in one year. He said the tax to GDP ratio will be taken to 13.5 percent.
He mentioned that the FBR revenue collection will increase by 32.5 percent this year, emphasizing that they are deepening the tax base. He highlighted that 413 billion rupees were collected from the traders, which is up from 189 billion rupees last year. He said one hundred and five billion rupees were also collected from new tax filers.
Aurangzeb said that process of privatization would be accelerated.
On the external front, he said there is a rise in foreign exchange reserves on the back of very strong remittances. He was confident that the remittances will touch record $36 billion this fiscal year.
He said exports were also holding firm with seven percent growth. He expressed the confidence that the foreign exchange reserves would rise above $13 billion by June this year.
Finance Minister Aurangzeb said the inflation is at 0.7 percent and it is our effort to ensure that the benefit of low inflation rate reaches the common man.
