Federal ministers have announced that an IMF delegation is set to visit Pakistan within the next seven to ten days for negotiations to determine the size and duration of a new program. Information Minister Attaullah Tarar, Finance Minister Muhammad Aurangzeb, and Prime Minister Nazir Tarar conveyed this during a press conference.
Finance Minister Aurangzeb highlighted the positive outcomes of Saudi Arabia’s recent visit to Pakistan, emphasizing improving economic stability and foreign exchange reserves. He stressed the importance of infrastructure development, tax reforms, and curtailing non-developmental expenses, while also advocating for private sector involvement in bolstering the economy and addressing pension costs.
Aurangzeb also discussed the necessity of tax compliance, expressing optimism about inflation and interest rates decreasing in the coming months. He reiterated that the IMF delegation’s visit would play a pivotal role in shaping Pakistan’s economic direction, including discussions on climate change and engagements with the World Bank and other financial institutions.
Prime Minister Nazir Tarar mentioned the passage of legislation in the National Assembly for tax collection, underscoring the ongoing need for pension reforms. He assured that any reforms would be inclusive, affecting all levels of employment.
Regarding the appointment of judges, Azam Nazir Tarar acknowledged stakeholder objections and affirmed a commitment to dialogue to prevent discord. The finance minister emphasized government unity and the need to broaden the tax base, targeting a tax-to-GDP ratio increase over the next few years.
Information Minister Atta Tarar reiterated the government’s commitment to economic reforms, citing positive economic indicators and the imperative of addressing pension burdens. He emphasized the importance of enforcing tax compliance and acknowledged the necessity of engaging with the IMF and World Bank for financial assistance and climate change initiatives.
Tarar also highlighted the need for digitizing the Federal Board of Revenue (FBR) and addressing employment age limits. He underscored the urgency of enhancing revenue generation to sustain economic stability and ensure access to international markets.
