Washington: Finance Minister Muhammad Aurangzeb has stated that the current year’s losses in government institutions amount to ten billion rupees. Failure to increase taxes may lead to another program with the International Monetary Fund (IMF).
Finance Minister Muhammad Aurangzeb and Pakistani Ambassador Masood Khan briefed the press in Washington regarding the visit of the Pakistani delegation to the United States.
They mentioned that the IMF mission will arrive in Pakistan by mid-May and a decision on IMF’s conditions will be made in May. The Federal Board of Revenue (FBR) is undergoing digitization and major investors have shown interest in investing in Pakistan.
Muhammad Aurangzeb stated that steps will be taken to restore investors confidence with Saudi Arabia also investing five billion dollars in Pakistan. Despite challenges, we must move forward.
The Finance Minister emphasized the need to control leakages and losses in the tax system which will lead to increased revenue collection and ongoing efforts to reform institutions.
He also met with representatives of S&P Global and Fitch Ratings to shed light on reforms underway in priority sectors such as taxes, energy and institutional reforms.
