Finance Minister Muhammad Aurangzeb spoke about Pakistan’s ongoing economic challenges, emphasizing that there is no quick solution or “magic wand” to resolve the issues overnight. However, he reassured the nation that steady progress is being made through structural reforms aimed at building a stronger foundation for the economy.
He shared positive developments, such as a significant drop in inflation to 5%, which has helped reduce pressure on ordinary citizens. He also mentioned that interest rates are expected to fall to single digits soon, a move that would bring relief to businesses and encourage economic activity.
Aurangzeb highlighted some of the deep-rooted problems in the country’s financial system, including an inefficient budget process and an overreliance on imports. He stressed the importance of shifting towards an export-driven economy to achieve long-term stability and growth.
The minister also called for urgent tax reforms, aiming to increase the tax-to-GDP ratio and ensure a fair distribution of the tax burden. He made it clear that the government wants to avoid placing additional pressure on salaried individuals, who often bear the brunt of tax policies.
To achieve sustainable growth and prosperity, Aurangzeb advocated for a “charter of economy,” urging all stakeholders to come together and work towards shared economic goals. He emphasized that unity and collaboration are essential to overcoming the challenges and setting Pakistan on the path to long-term development.
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