The government now has no other choice but to proceed with crucial reforms in taxation, privatization, energy and State-Owned Enterprises (SOEs) backed by the International Monetary Fund (IMF), Finance Minister Muhammad Aurangzeb said on Thursday.
The minister said such reforms were unavoidable and the government could no longer delay them.
Aurangzeb said recent economic developments, such as Fitch’s credit rating upgrade (CCC to CCC+) and the State Bank of Pakistan’s (SBP) decision to lower the policy rate were signs of macroeconomic stability. He urged maintaining current progress to achieve growth.
The minister further recommended that the private sector should manage the entire insurance industry to enhance efficiency. He called for export-led growth and increased foreign direct investment. He was of the view that external borrowing should fund projects that generate foreign currency for the country, while the equity and debt markets should play a more prominent role in supporting the economy.
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It was earlier mentioned that Muhammad Aurangzeb is deputed by IMF only to take Pakistan to be entangled in the interest / loans and all the forthcoming policies will be aimed to take the country deep into this negative growth - please open your eyes people. He is here only to get money from the poor class because the Bureaucracy and Politicians mafias are unable to pay.
Your comment "the Bureaucracy and Politicians mafias are unable to pay" is amazing. Why not designate them for zakat as they are "unable to pay" their bills and have no money for food. It is amazing that govt is privatizing everything including schools, airline, steel mill, discos, ministries, and other things. It means govt is uncompetitive to run it while private sector has capabilities to operate all these departments. Why? Govt has no talent? Millions of "officers" are not able to deliver during govt job but can deliver during private job? One day, govt may also hire PM from foreign country to run remaining office matters because everything will be private and hence hiring a PM & president will be a new norm to secure the future of country.
Yes true, unable to pay means this mean class doesnt have money to pay for taxes they accumulated their treasures through bribes and through the budget they are being given, they are getting huge kickbacks. They have even destroyed PIA, the Railways, Pakistan Steel Mills, they have eaten up by posting their incompetent, illiterate, ignorant relatives and friends in these department, and now you can see the conditions, they are being privatized. They must be hanged for the things they have done, they deserve capital punishment.
My question is that this man Muhammad Aurangzeb does not have guts that he could take all the politicians and bureaucracy to task by informing IMF that the actual money reduction in Pakistan is because of the corruption in these departments - Ashrafia.... what a pity on Ashrafia. Mr. Aurangzeb are you here only to take Pakistan in the hands of IMF because you are actually the Banker not the Economist and Banker means IMF Banker.