Govt to achieve goal of sustainable economic growth, through economic reforms: Ali Pervaiz,
Islamabad(Mudassar Chuhdary/Webesk);Officials from Pakistan’s Ministry of Finance have indicated significant progress in negotiations, highlighting the government’s commitment to implementing reforms outlined in the new budget.
Minister of State for Finance, Ali Pervez Malik, expressed optimism about reaching an agreement with the IMF by July.
The proposed three-year bailout package is expected to provide Pakistan with between $6 to $8 billion, aimed at bolstering the country’s economic stability.
However, the acquisition of this new debt is contingent upon approval from the IMF Executive Board, which will review the agreement after a possible staff-level agreement is reached.
The Ministry of Finance underscored Pakistan’s resolve to continue economic reforms aligned with IMF recommendations, emphasizing the importance of securing financial support to navigate current economic challenges effectively.
Earlier,
Minister of State for Finance, Revenue, and Power, Ali Pervaiz Malik on Tuesday said that the government will achieve the goal of sustainable economic growth, through long-term economic reforms in the country.
Economic reforms in the country are the main agenda of the government, before the economic reforms were never given attention by the governments, the Minister said.
Ali Pervaiz said that the government is moving towards economic reforms and privatization, austerity measure and right sizing of government are part of it.
He said that Pakistan Airlines (PIA) and State Owned Enterprises (SOEs) are currently being privatized which will bring economic stability to the country.
The minister said that through tax reforms, the government plans to increase tax to Gross Domestic Production (GDP) to 15 percent in the next five years and also plan to increase export ratio to GDP to 15 percent.
He said that in order to increase foreign direct investment in the country, the target is to increase the Investment-to-GDP ratio to 15 percent.
Ali Pervaiz Malik said that the government has taken difficult economic decisions and this will usher in a new era of economic stability and sustainable development in the country.
He said that tax exemption has been retained on medical surgery equipment including other health and education inputs.
He said cardiology stents, school books and printing stuff, cardiology surgery tax exemptions were retained.
Ali said that the tax exemption for education and health was given in very difficult economic conditions.
He said that tax exemption has also been made in the agriculture and fertilizer Sector for providing relief.
The minister said that if the country wants to move towards Self-Reliance and go to the last program of the International Monetary Fund (IMF) then revenue collection need to be enhanced.
NA Approves Tax-Heavy Budget amidst IMF Loan Talks
He said that the government is committed to go for reconstruction and digitization of Federal Board of Revenue (FBR) for increasing tax to GDP to 15 percent.
He said that there will be no category of non-filer in the tax system and everyone will have to pay tax.
He said that tax evasion will be stopped, and the tax net will be increased for retailers and the real estate sector in the country.
The minister said that the country has achieved macroeconomic stability and by continuing economic stability this FY, 2024-25, “We will lead the country towards sustainable economic growth.”
He said that tax evasion will be stopped and the tax net will be increased for retailers and the real estate sector in the country.
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