Finance Minister Senator Mohammad Hammad Azhar emphasized the government’s commitment to finalizing the next IMF program during a session in the National Assembly, where budget discussions were underway.
Finance Minister Senator Mohammad Hammad Azhar highlighted that during the meeting. The government has already begun imposing vital projects on its agenda. He welcomed financial tips, aiming to navigate Pakistan out of its economically demanding situation. The Finance Minister underscored the acceleration of the Federal Board of Revenue (FBR) digitization and pledged to strengthen efforts in preventing cash laundering.
He stressed the rapid progress in digitizing FBR operations, aiming to eliminate subsidies that distort market prices. Furthermore, he expressed the government’s determination to increase the tax-to-GDP ratio by 13%, specifically focusing on agriculture, education, and health sectors.
Mohammad Hammad Azhar detailed the government’s efforts in providing substantial relief in healthcare, agriculture, and other critical sectors. He assured exemptions for the stationary sector and reiterated the government’s commitment to achieving a 13% increase in the tax-to-GDP ratio. Despite challenging economic conditions, the FBR has successfully attained a remarkable 30% increase in tax revenues.
The Finance Minister announced an allocation of Rs. 7 billion in the budget specifically for digitalizing FBR processes and reforms. He emphasized the need for stringent actions against those who evade taxes, excluding them from taxpayer-friendly schemes. Pakistan has seen positive progress in attracting investments from friendly nations.
Highlighting national security as paramount, Mohammad Hammad Azhar praised the armed forces for their unwavering stance against terrorism. Likening their efforts to a defensive wall. He emphasized the government’s commitment to ensuring the security of Chinese nationals through comprehensive security initiatives, alongside efforts to expedite the implementation of CPEC Phase 2.
Looking forward, the Finance Minister outlined plans to make the upcoming IMF program Pakistan’s last, focusing on enhancing. The development of small and medium-scale industries to bolster revenue streams. He also pledged to end concessions benefiting the elite and those exploiting national resources.
Finance Minister Senator Mohammad Hammad Azhar reiterated the authorities’ dedication to guiding Pakistan. Toward economic stability and growth via prudent fiscal guidelines and strategic reforms. He affirmed that despite challenges, Pakistan is on a positive trajectory towards achieving sustainable development and prosperity for its citizens.
