ISLAMABAD: Finance Minister Muhammad Aurangzeb reaffirmed on Tuesday that Pakistan is on the right track to achieving macroeconomic stability, emphasizing the importance of securing external financing to finalize the $7 billion IMF bailout package. He stressed the need for structural reforms, warning provincial governments against populist measures like energy subsidies.
In a televised address, Aurangzeb highlighted significant economic progress, including a drop in inflation from 38% to single digits and a boost in foreign exchange reserves. He called for a crackdown on tax evasion, insisting on increased tax compliance from wholesalers and retailers to raise the tax-to-GDP ratio.
Prime Minister Shehbaz Sharif echoed the commitment to fulfilling IMF conditions, expressing hope that this would be Pakistan’s last IMF program.
Story by Khaleeq Kiani
