2024-07-08 11:27:28
(24 News) Federal Finance Minister Muhammad Aurangzeb has said that if we do not increase our tax revenue, this will not be our last program with the IMF.
In an interview with the British journal Financial Times, Finance Minister Mohammad Aurangzeb said he was hopeful of reaching a staff-level agreement with the IMF this month, adding that the country’s dependence on imports would make it more difficult to pay off debts. A loan has to be taken.
Federal Finance Minister Muhammad Aurangzeb said that we need to create debt repayment capacity, as long as the economy remains import-based, we will continue to run out of dollars, people will not deal with FBR due to fear of bribery, corruption and harassment. Don’t want to.
Referring to the KSE 100 index, the Federal Finance Minister said that the direction of our journey is positive, and investors are showing confidence in the stock market. There are many challenges to put on the path to sustainability.
The finance minister said Pakistan’s debt had increased since the mid-2000s as authorities failed to invest in productive and export-oriented sectors with a large portion of debt owed to international bondholders, China and other countries including the Gulf. However, instead, the country is dependent on imports, forcing Islamabad to borrow more to pay off existing and accumulated debts.
In response to a question, he said that we need to build debt repayment capacity, as long as this economy remains import-driven, we will run out of dollars and the bills will eventually go back to the lenders. will have.
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Aurangzeb pointed to Gulf investors’ demands for equity and board seats, saying it was up to us to provide them with investable projects.
The Finance Minister also spoke about the perception of corruption in Pakistan’s tax collection agency, the Federal Board of Revenue. People don’t want to deal with the tax authority due to corruption, harassment and officials asking for money for speed money and facilitation but this is not sustainable. I can feel the pain people are going through, I was one of the highest tax payers, at least in the banking sector.
It should be remembered that along with the rest of Shahbaz Sharif Sharif’s cabinet, Muhammad Aurangzeb also renounced his official salary as well as the Dutch citizenship obtained while working in Amsterdam. Muhammad Aurangzeb said that we have five for our program. There is no time of year, we have to start showing work, start delivering in the next two to three months.
2024-07-08 11:27:28