ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has called upon the private sector to take an active role in Pakistan’s economic turnaround, while the government is committed to providing a supportive framework.
He expressed optimism about the country’s economic direction, citing increased investments and solid performance of existing investments.
He said that the country’s economy has stabilized during last 12 months, policy rate has come down, local and foreign investments have increased and most importantly the inflation rate has come down to 2.41 percent and that the government will make sure that its benefit should go to the masses.
Aurangzeb emphasized the government’s role in providing a stable policy framework and continuity, which he believes is crucial for attracting further investment.
Speaking at the pre-budget discussion session with the Islamabad Chamber of Commerce and Industry (ICCI) leadership, Aurangzeb said that to achieve economic stability, the government has initiated the budget-making process for the fiscal year 2025-26, seeking to align the national budget with its economic vision, “Uraan, Pakistan.” The Federal Board of Revenue (FBR) has also solicited tax-related proposals from stakeholders to broaden the tax base, introduce progressive taxation, and simplify tax laws.
He expressed the hope that the policy rate would also come down to a single digit and that the government will extend every possibility support to Capacity building and financing of the SMEs.
He described the ICCI leadership proposals concerning the next budget as comprehensive and that in the similar way proposals from other Chambers will be taken and they will try their best to incorporate them in the budget for the ease of doing business and thereby economic growth of the country.
In his address Minister of State for Finance Ali Pervez Malik said that the sitting government under the visionary leadership of Prime Minister Shehbaz Sharif has taken bold decisions for the economic well-being of the country. “He emphasized the need for export-led growth, stating, “Every entity in the country must contribute to exports.”
Malik praised Prime Minister Shehbaz Sharif and his team for successfully averting a looming financial default, stabilizing the economy. He highlighted the government’s achievements in reducing food inflation, the current account deficit, and pressure on the Pakistani rupee, thanks to prudent economic policies.
He said that the government’s initiatives are aimed at replacing the borrowing model with a sustainably growing economy, ensuring a brighter future for Pakistan. He added that over the power tariff reduction very soon the Prime Minister himself will give good news to the nation. Moreover, the Prime Minister himself will also sit with the business community to listen to their problems for their resolution.
Nasir Mansoor Qureshi, President Islamabad Chamber of Commerce and Industry ( ICCI ) in his welcome address appreciated the federal government especially the Finance Minister and the Minister of State for Finance for the initiative of taking on board the Chambers with regard to compiling proposals for the next budget. He said that both the government and the business community together can pull the country out of the economic mess and put it on the road to sustainable growth. He not only appreciated the government for take bold steps for the economic stability of the country but also pledged full support of the Chamber for the purpose.
He made the mention of the Chambers proposals for the forthcoming budget including tax reforms, reduction in energy tariff, incentives for special economic zone in Islamabad, support for SMEs and start ups, zero tax policy for IT exports, prioritization of investment in renewable energy, subsidies for water conservation to increase agricultural productivity, establishment of a FBR facilitation desk at ICCI, constitution of tax tribunal for swift disposal of disputes, strengthening of regional trade and expediting investors visa process as well as the formation of a joint dispute resolution committee comprising ICCI and FBR members.
Atif Ikram Sheikh, President Federation of Pakistan Chamber of Commerce and Industry ( FPCCI ) commended the government for the measures which led to economic stability by underlining the need for taking more drastic measures for the ease of doing business.
