More Relief Coming as Pakistan’s Economy Improves: Aurangzeb

Federal Minister for Finance, Senator Muhammad Aurangzeb, has said that Pakistan’s economy has achieved stability over the past one and a half years, and more relief is expected in the form of interest rate cuts and lower electricity prices.

Speaking at a ceremony in Islamabad, the Finance Minister said that international financial institutions have started recognizing Pakistan’s economic progress, and a third global credit rating agency is also expected to acknowledge the country’s achievements soon.

Senator Aurangzeb highlighted that the policy interest rate has already been reduced significantly, with more cuts expected in the near future. He also noted a 41% increase in lending to the SME sector and expressed confidence that loan repayments will further improve the financial system.

The minister confirmed that the privatization of state-owned enterprises will continue at a fast pace, and efforts are being made to cut unnecessary government expenses.

He also pointed out a major tax reform: for the first time, agricultural income has been brought into the tax system. Emphasizing the need to broaden the tax base, he stated that no additional burden would be placed on the salaried class, who have already been given some relief.

Senator Aurangzeb said that economic indicators are showing positive signs and the country is moving towards sustainable growth. Agreements with the IMF are aimed at long-term economic development. He added that Pakistan plans to issue Panda Bonds later this year and is working on new economic deals with China.

Referring to a recent Gallup survey, the minister said that business confidence is rising, and further improvement is expected. He reaffirmed the government’s commitment to supporting the private sector and creating a better business environment, stating that under the Prime Minister’s leadership, the government is in regular contact with business chambers across the country.