During a press conference in Washington, Finance Minister Muhammad Aurangzeb detailed substantial economic reforms and tax policies designed to enhance transparency and sustainability in Pakistan’s economy.
Aurangzeb emphasized that taxpayers will not face harassment, as data-driven assessments will play a central role in tax collection. He also announced new restrictions for non-filers, indicating that they will be barred from opening bank accounts or purchasing property, pending legislative approval.
The minister outlined upcoming reforms within the Federal Board of Revenue (FBR), aimed at enhancing transparency and promoting sustainable development. “We are making tough decisions to strengthen the economy. Our priorities include reducing imports, boosting exports in sectors such as IT and agriculture, and privatizing government-owned enterprises where possible,” he stated.
In discussions with international financial institutions, Aurangzeb reported positive feedback and ongoing collaborative talks with the IMF, expressing optimism that this program will be Pakistan’s last with the institution. He also mentioned that Pakistan’s foreign currency reserves currently stand at $11 billion, reflecting a favorable outlook according to rating agencies
Aurangzeb also held meetings with the Saudi Finance Minister and China’s Vice Finance Minister Liao Min, emphasizing Pakistan’s commitment to strong bilateral relationships. Aurangzeb confirmed plans to issue Pakistan’s first panda bond in the Chinese market and reassured robust security for Chinese citizens in Pakistan.
Additional meetings with global tech and financial leaders underscored Pakistan’s digital ambitions. Google Vice President Kiran Bhatia discussed Google’s ongoing investments and plans to support Pakistan’s economy, while Visa’s Regional President Andrew Torre reviewed efforts to modernize the payment system in Pakistan, including support for local institutions like OneLink. The Finance Minister praised Visa’s Financial Inclusion Card initiative, a collaborative effort with private banks to enhance consumer access and ensure fair transaction processing options.
Aurangzeb conveyed the government’s commitment to driving sustainable economic growth and building a resilient financial system in Pakistan.
