ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb on Friday said that with significant improvement in key economic indicators, the economy has started on a better note in 2024.
Addressing the business community at the Pakistan Stock Exchange (PSX) Gong ceremony, Karachi, the minister said the Finance Ministry in collaboration with the Law Ministry and the Federal Bureau of Revenue (FBR) is working to eliminate tax revenue evasion and bring more people into the tax net.
The minister also highlighted the completion of the review of the International Monetary Fund (IMF) and the potential for future relations with the fund, according to a statement issued here.
He mentioned that in addition to improving the tax system, the government is working on state-owned enterprises (SOE), privatization and energy reforms. However, he emphasized the role of the private sector in economic development.
Acknowledging the importance of the capital market in advancing economic growth, the finance minister added that the government would work with the Securities and Exchange Commission of Pakistan (SECP) to create an enabling regulatory environment for economic growth in the capital market.
He said the government will focus more on improving efficiency, transparency and investor protection in the capital market to improve its performance.
He said the Ministry of Finance will work with the capital market to facilitate access to capital for SMEs.
Aurangzeb expressed gratitude for Chinese participation and investment in Pakistan’s capital market and equities.
He emphasized that growing cooperation between PSX and Chinese stock exchanges is vital for Pakistan’s economic development and mutual benefits for both countries.
Meanwhile, during his visit to Karachi, the federal minister also visited the Utility Stores Corporation (USC) to review the coverage and benefits of the Ramadan relief package. The purpose of the visit was to ensure the implementation of the package.
It is pertinent to mention that the amount allocated for the Ramadan package has been increased from Rs. 7.5 billion to Rs. 12 billion.
The minister discussed with USC officials the challenges in implementing the Ramadan relief package and also met the public in Karachi to address their concerns related to the package.
The Minister reviewed the availability of essential items at the utility stores in Karachi and also reviewed the newly launched APP that provides details of mobile stores and outlets.
He verified the operating hours of mobile stores and sales points to facilitate public access through the newly launched APP.
Aurangzeb reviewed the statistics of distribution and sale of pod items and supervised the setting up and operation of nominated mobile units for the distribution of subsidized food among deserving individuals. The finance minister emphasized on fair distribution among deserving individuals and said that efforts are being made to ensure the quality of goods.
