Finance Minister Muhammad Aurangzeb has described the current pension system as a bomb that must be defused immediately.
Speaking during a Senate session, Aurangzeb stressed the need for pension reforms and announced plans to introduce new legislation for overhauling the existing system.
On another query, the Finance Minister briefly discussed the importance of the agriculture sector to the economy. He said increased financial support for agriculture, livestock and dairy industries is essential for sustained economic growth.
In addition to his focus on agriculture, the finance minister emphasized the need to enhance export performance across various sectors, and beyond textiles. He reassured that a new policy is in place to boost exports and that efforts are underway to achieve this goal.
Without going into more details on the matter, Aurangzeb further noted the potential for significant cost savings by addressing inefficiencies in institutions that are currently operating at a loss.
Follow ProPakistani on Google News & scroll through your favourite content faster!
Support independent journalism
If you want to join us in our mission to share independent, global journalism to the world, we’d love to have you on our side. If you can, please support us on a monthly basis. It takes less than a minute to set up, and you can rest assured that you’re making a big impact every single month in support of open, independent journalism. Thank you.
Very true, thousands of rupees are being paid to each person of Grade-17 or above in pension, why? He earned the salary for whole govt service and now after retirement the pension for lifetime, it is a burden on the country, further, the army personnel are also getting huge pensions what is this and they got money after retirement in Civil or private companies service, they got millions of rupees from there too. There must be some restrictions on this too.
Army person retiring at age 40 has to support his family. It will be unfair to question their re-employment prospects. They get paid during re-employment for their job not as a charity.
in first and foremost layoff the old army officers please…
this is my honest advice to this sick old man: Stop licking the boots of black rock, and stop making decision-based on black rock’s policy to control every single asset in the country. do your research go to the field and see how a poor man is living in this defaulted country. your choices and speech are only to make elites happy a poor man is dying by your nonsense.
پی ٹی آئی اسلام آباد جلسہ، انتظامیہ نے 8 کروڑ روپے خرچ کرڈالے
اچھا، اور حکومت کے پاس پیسہ نہیں ہے پینشن اور تنخواہیں دینے کے لیے۔
The continuous dependency on external support without addressing underlying economic issues may erode trust and willingness among creditors and friendly countries to provide further assistance. As these external sources become less inclined to offer financial help, Pakistan may find it increasingly difficult to secure loans, thereby naturally curtailing its borrowing demand. This situation underscores the necessity for Pakistan to implement structural reforms to achieve financial stability and reduce its reliance.
Countries have overcome crises by implementing structural reforms, diversifying their economies, and strengthening institutions. Key strategies include fiscal discipline, regulatory reforms, and privatization to improve efficiency. Economic diversification reduces reliance on single sectors, while robust social safety nets protect vulnerable populations. Adjusting monetary policies stabilizes currencies, cooperation IMF provides support. Examples include South Korea’s post-crisis reforms and Chile’s economic diversification.