Finance Minister highlights economic stability, tax reforms, and agricultural support

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb stated that the Federal Board of Revenue (FBR) has collected

Islamabad: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb stated that the Federal Board of Revenue (FBR) has collected an additional $14 billion in tax revenue over the past two years, an amount equivalent to what was collected during the 23-year period from 1988 to 2011 and also during the years from 2011 to 2024.

Speaking on the country’s economic performance and the federal budget, Muhammad Aurangzeb said that the government is introducing a new tax operating model aimed at eliminating direct interaction between taxpayers and tax officials. This reform is intended to increase transparency, improve efficiency, and create a more modern and reliable tax collection system.

The finance minister said that Prime Minister Shehbaz Sharif had already provided a clear economic direction in the previous budget, which contributed to the country’s economic stability. He stated that industries are now operating more effectively, the current account has moved into surplus, and the export sector is showing positive signs of growth. He also highlighted that Pakistan’s IT exports have increased by 20 percent, describing the current budget as one designed to accelerate economic growth, promote development, and provide relief to the public.

Aurangzeb emphasized that structural reforms have played a key role in achieving economic stability. According to government estimates, Pakistan’s economy is expected to reach a size of $452 billion. He further expressed confidence that the country would achieve a record target of $41 billion in remittances during the current year.

Discussing the agricultural sector, the finance minister said that the government has launched a comprehensive agricultural scheme to increase production and support small farmers. Under this initiative, interest-free loans worth Rs300 billion are being provided on easy terms. Approximately 750,000 small farmers are expected to benefit from the program.

He added that a separate plan has also been introduced to provide more than Rs109 billion in financial assistance to strengthen the agricultural sector. Furthermore, a significant amount has been allocated in the federal budget in the form of subsidies to support farmers and improve agricultural productivity.

The minister stated that around Rs10 billion in subsidies are being provided specifically for fertilizers, particularly urea, to reduce the financial burden on farmers. Under the federal development program, Rs4.2 billion has been allocated for agriculture and livestock-related projects. He also assured that recommendations put forward by the parliamentary standing committees would be incorporated into the final budget framework.

Speaking about regional developments, Muhammad Aurangzeb said that Pakistan played a significant role in helping prevent a war and that the country’s efforts contributed to easing tensions in the region. He congratulated Field Marshal Asim Munir, Prime Minister Shehbaz Sharif, and the people of Pakistan, saying that their collective efforts helped remove the clouds of conflict and contributed to maintaining peace.

The finance minister concluded by expressing optimism about Pakistan’s economic future, stating that continued reforms, investment in key sectors, and support for industries and agriculture would strengthen the national economy, encourage sustainable growth, and improve the living standards of the people.