ISLAMABAD: Federal Minister for Finance and Revenue, Muhammad Aurangzeb hoped that by 2047, the size of the country’s economy will be $3 trillion, which is currently standing at $300 billion.
Under the leadership of Prime Minister, Muhammad Shahbaz Sharif, the government has demonstrated economic discipline and introduced economic reforms, and now the country’s economy has stabilized, Federal Minister for Finance and Revenue, Muhammad Aurangzeb said this in a televised message.
The minister said that there is a need for a Charter of Economy as well as a Charter of Environment in the country and improving the environment and population control are major challenges for the country at this time.
The Minister said the government is committed to building on the hard-earned macro-stability to further strengthen economy of the country.
The government’s prudent economic policies have resulted in a reduction of inflation from 38 percent to just seven percent and the policy rate from 22 percent to 15 percent, while foreign exchange reserves have surged from two weeks of import cover to 2.5 months of import cover.
The Minister said the international community, financial institutions, and rating agencies have commended the government’s efforts in leading the country’s economy from deficits to surpluses.
Talking about the recent visit of the IMF delegation to Pakistan, he said it is an ongoing dialogue process, and discussions were held on energy and SOE reforms, the privatization agenda, and public finance.
He said such interactions and discussions are vital for mutual credibility and trust.
Muhammad Aurangzeb said we have shared with the IMF our commitment towards the rightsizing of the Federal Government.
Regarding revenue and taxation, he said the government is firm on compliance and enforcement and every sector will have to play its due role in this regard.
The finance minister also requested all the political parties, media, and other stakeholders to join hands for charters on the environment and economy to ensure a safe and healthy future for the coming generations.
