ISLAMABAD – Federal Minister for Finance Mohammad Aurangzeb said that Pakistan cannot afford unnecessary privileges and that a complete plan for right-sizing is ready.
“Pakistan’s economy is heading in the right direction,” said Finance Minister while speaking at a retailers’ conference.
Mohammad Aurangzeb said that the reduction in the policy rate is benefitting the business community and the investors while the government is implementing the fundamental reforms across all sectors of the economy which has led to an increase in the tax revenues.
The minister said that the PM and his team are committed to economic stability and have prepared a complete plan for right-sizing.
The process, he said, would involve reviewing all institutional matters before implementing right-sizing, and the privatization process is being made more transparent.
Aurangzeb further stated that the government is fully aware of its economic goals and is taking steps to reduce government expenditures. He assured that all necessary measures will be taken to ensure sustainable economic stability, as the country cannot afford unnecessary privileges.
Later, while speaking to the media, the Finance Minister stated that the retail sector contributes 19% to the economy but only 1% to taxes. He added that the government will increase tax revenues by using artificial intelligence.
He also mentioned that the documentation of 9.4 trillion cash is underway and that the privatization of the national airline is being re-launched. The right-sizing process for all institutions will be completed by June 30, and he acknowledged that the tax burden on manufacturing, services, and salaried sectors is not sustainable.
