ISLAMABAD: Finance Minister Muhammad Aurangzeb said on Saturday that Pakistan’s economic progress has gained international recognition, with global rating agencies acknowledging the country’s improving financial stability.
Addressing a press conference, Aurangzeb said the government’s comprehensive reform agenda is focused on achieving sustainable economic growth. “We have achieved success in ensuring macroeconomic stability. Our direction is correct, and the staff-level agreement with the IMF further confirms our stability. Reductions in the policy rate have already had a positive impact,” he stated.
He emphasised that structural reforms remain central to the government’s long-term vision for a resilient and transparent financial system.
Read More: PML-N seeks PPP support for 27th constitutional amendment
Tax reforms show results
Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial reported a marked improvement in tax compliance, noting that the tax-to-GDP ratio rose by 1.49 percent in the past year. “Our goal is to raise the tax ratio to 18 percent by combining provincial revenues and public debt levies,” he said.
Langrial revealed that the number of tax filers increased from 4.9 million to 5.9 million, adding that weekly meetings chaired by the Prime Minister ensure coordination and oversight. “The FBR has sufficient institutional support, and there is no immediate need for new taxes,” he added.
Energy sector reforms ease burden
Minister for Energy Awais Leghari said that the government’s modernisation drive in the power sector has led to a 10.5 percent reduction in electricity prices. “Wherever possible, we have provided relief to consumers. The task force on IPPs has made notable progress,” he said.
Leghari announced that the government will end the direct purchase of electricity under a new plan designed to eliminate circular debt, which has already been reduced by Rs700 billion in the past year. He said prepaid metering and technical upgrades are helping improve efficiency and reduce losses.
Aurangzeb said the combined impact of fiscal and energy sector reforms demonstrates the government’s determination to stabilise the economy and deliver tangible benefits to citizens.