Measures are being taken to improve the country's economy, the economy is stabilizing, foreign exchange reserves have continued to increase and inflation and policy rates have significantly decreased. Reforms are ongoing in all sectors, with international financial institutions at the level of delegations. And in bilateral meetings with world leaders, the government reform agenda was discussed, the tax net is being increased and everyone will have to work together for the betterment of the country. It is being ensured, the nation has to be united on the Charter of Economy along with the Charter of Environment, the Prime Minister will soon announce the future road map, Mohammad Aurangzeb addressed the press conference.
Sunday, November 17, 2024
4 Islamabad (News International Newspaper Latest - NNI. November 17, 2024) Federal Finance Minister Muhammad Aurangzeb has said that steps are being taken to improve the country's economy, the economy is becoming stable, foreign exchange reserves are continuously increasing and inflation and policy The rate has come down significantly, the process of reforms is ongoing in all sectors, the government's reform agenda is being discussed at the level of delegations with international financial institutions and in bilateral meetings with world leaders. Hawa, IMF and other financial institutions have recognized the economic performance of Pakistan, the confidence in Pakistan is increasing, the tax net is being increased and everyone will have to work together for the improvement of the country, many challenges. are facing which measures are being ensured to deal with, the nation has to be united on the Charter of Economy along with the Charter of Environment, Prime Minister Shahbaz Sharif will soon announce the road map for the future.
Addressing a press conference on Sunday, Finance Minister Muhammad Aurangzeb said that the media should be briefed on the developments of the last four weeks and especially the annual meetings of the IMF and the World Bank in Washington on October 19 and 20. I think it is important to inform. The Pakistani delegation participated in these meetings, Governor State Bank, Secretary Finance, Secretary Economic Affairs Division along with me participated in the delegation that went to attend the meetings. Also met with various stakeholders and all discussions were constructive, detailed with the heads and representatives of IMF, World Bank, multilateral partners including Asian Development Bank, Asia Infrastructure Bank, IFC. There was a conversation.
He said that apart from this, as the finance minister, I also had important bilateral meetings with the Saudi finance minister, Turkey's finance minister, China's finance minister, UAE finance minister, British finance minister and officials of the US Treasury Department. Includes meetings and detailed discussions with He said that apart from this, I and the Finance Secretary had meetings with the rating agencies, Governor State Bank had meetings with the rating agencies SNP, Moody's and Finch and many rating updates were also received.
Apart from this, very good meetings were held with institutional heads and representatives. The Finance Minister said that we were provided a platform so that we could tell these Mamlaliks how you achieved this turnout in 14 months. signed and I would also like to give full credit to the caretaker government which implemented this stand-by arrangement with discipline and then under the leadership of Prime Minister Muhammad Shahbaz Sharif we implemented this stand-by arrangement. completed and carried forward the expansion programme.
He said that the fruits of these measures are also of great importance. He said that macroeconomic stability is important because it provided the basis for economic initiatives and reforms which were very necessary and its fruits have come and are coming, inflation rate has come down from 38% to 7%, policy rate from 22%. came to 15 percent, similarly the foreign exchange rate which was left at two weeks import cover has come down to two and a half months import cover and we are moving it to three months import cover.
The finance minister said that I want to share with you the messages we received from this platform and other stakeholders, firstly, he appreciated how a country brought these deficits to surplus in 14 months and How were these goals achieved? He said that international financial institutions have increased confidence in Pakistan, all the stakeholders who met with them appreciated Pakistan's economic performance, we informed them about all the economic agenda and they all said that this macro-economic stability should be promoted. It is very important.
He said that we want to clarify how we have to take the economic road map forward, Prime Minister Shahbaz Sharif will announce the economic road map very soon. The finance minister said that the promises made were made in the interest of the country and are in front of everyone. He said that this is why I said six months ago and I am repeating again today that this program is Pakistan's program which is being supported and funded by the IMF. Not a secret, all this agenda was already known including energy reforms, taxation reforms, SOE reforms, privatization agenda and public finance.
Finance Minister said that I have welcomed this visit as Finance Minister. He said that mutual trust and negotiation are born, the government's right-sizing, the National Fiscal Pact at the end of September were the standard structural benchmarks that we have met. He said that a milestone has been crossed but complete right sizing of public finance has to be done, we informed him about our road map.
He said that the system of agriculture and taxes is being taken forward. He said that I am also grateful to the four chief ministers who have given full cooperation, we all have to work together, the discussion that took place last week was also on four topics. The Federal Finance Minister said that this is an ongoing process of discussion as the Finance Minister welcomes a face-to-face meeting. He said that we presented the point of climate resilience and in this regard, a loan of 500 million dollars has been released by the Asian Development Bank and very important discussions on climate resilience have been held in Baku.
He said that the discussion with the IMF last week has been very positive, with reference to revenue and taxation, I want to say clearly that we believe in implementation and enforcement. Don't want to take the situation where it was before. Be it salaried class or manufacturing sector, real estate or wholesalers, agriculture sector or trade, we all have to play a role for the improvement of the country's economy.
The finance minister said that this is not a request but this is the responsibility that we have to pay, we want all sectors to move forward with clarity. The Finance Minister said that the nation should be united not only on the Charter of Economy but also on the Charter of Environment. He said that the way the population is increasing, it is not possible that we can maintain this progress without these measures, the future of 40% of malnourished children is linked to these measures and this is our future. The country has to be taken forward.
Similarly, learning poverty is faced by the large number of out-of-school children, mostly girls, who have to be brought into schools. He said that the need for climate emergency has arisen due to pollution, we presented our point of view in Baku as well. He said that if we do not take pollution and climate resilience together, then all these measures will be futile.
The Finance Minister urged the political parties and the media to discuss the Charter of Environment and the Charter of Economy in the same urgent manner as other topics are discussed and meetings are convened. With reference to privatisation, the finance minister said that the process of negotiation has been completed with reference to 11 ministries, but the process of their implementation is ongoing, pension issues are under consideration. The finance minister said that the country is rising fast and very soon we will join the ranks of other countries.
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