Finance Minister Muhammad Aurangzeb says that if Pakistan does not increase revenues sufficiently, it will have to continue to seek financial assistance packages from the International Monetary Fund (IMF).
British Journal of Finance Minister An interview given to the Financial Times I said that we are hopeful of reaching a staff-level agreement with the IMF this month, but that this will not be our last funding program if we do not increase our tax revenue.
He said that the government faces a lot of challenges in putting Pakistan on the path of long-term growth and debt sustainability.
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He said that Pakistan’s debt has increased since the mid-2000s, as authorities have diverted a large portion of debt from international bondholders, China and other countries, including the Gulf, to investments in manufacturing and export-oriented sectors. Failing to do so, the country is instead dependent on imports, forcing Islamabad to borrow more to pay off existing and accumulated debts.
Muhammad Aurangzeb further said that I might feel the pain of the people, I was one of the highest tax payers at least in the banking sector.
“We don’t have five years for our program, we have to start showing and delivering in the next two to three months,” he said.
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2024-07-08 21:30:11
