Export-led growth is agenda of govt: Finance Minister

Finance Minister Muhammad Aurangzeb says export-led growth is the agenda of government for which, along with traditional sectors including agriculture and IT sectors are also being encouraged. Talking to Ambassador of Spain to Pakistan, Jose A. de Ory in Islamabad on Friday, he emphasized the commitment of the government to achieving economic stability by increasing tax to GDP ratio through increasing tax base. The Minister said that tax collection during ongoing Financial Year increased by 30% as compared to Financial Year 2023, and improving the tax administration through digitization, fiscal consolidation, Energy Sector reforms, SOE reforms, privatization and efforts to increase FDI. He also highlighted successful conclusion of the nine-month Stand-By Arrangement with the IMF and apprised about the government's intention to continue with the economic reform agenda under a fund supported medium term program. Muhammad Aurangzeb gave an update on some of the indicators including building up of foreign ex change reserves 9.4 billion dollars, robust performance of the stock exchange, declining trend of inflation rates with CPI inflation clocking-in at 12.6 percent in June 2024, and increase in foreign remittances by 7.7 percent as compared to last year. In his remarks, the Spanish Ambassador urged Pakistani Government to enhance value addition in exports, emphasizing the potential for deeper collaboration between both countries in value added sectors. Source: Radio Pakistan