Federal Finance Minister Muhammad Aurangzeb has expressed optimism regarding an imminent reduction in inflation and interest rates, coupled with a firm resolve to curtail government expenditures. Aurangzeb emphasized the necessity of putting the nation’s financial affairs in order, highlighting that the conventional approach of relying solely on loans from friendly countries to manage debt obligations is no longer tenable. He noted that friendly nations are willing to provide assistance, albeit in the form of investments rather than traditional aid.

Regarding tax reforms, Aurangzeb lauded the Federal Board of Revenue (FBR) for its positive trajectory and underscored the importance of digitizing the FBR to curb revenue leakage. He clarified that instead of transferring distribution companies to provinces, their management will undergo reforms, eventually leading to privatization.

Looking ahead, Aurangzeb outlined plans to issue Panda bonds in the Chinese market in the upcoming fiscal year and emphasized collaboration with the private sector in annual development programs. He highlighted the significance of revenue-based economic development, emphasizing the government’s commitment to fostering sustainable growth without exacerbating trade deficits.

Furthermore, Aurangzeb highlighted the pivotal role of the IT sector in Pakistan’s economic advancement, citing the country’s status as home to the world’s second-largest population of freelancers. He acknowledged the challenges facing the textile sector, stressing the need to reduce energy costs to enhance competitiveness in the global market.