Thursday, July 4, 2024 05:41 PM
Muhammad Aurangzeb advocates for comprehensive economic reforms
- Emphasis on geo-economic fragmentation and its repercussions on Pakistan
- Necessity of aggressive reforms like expanding tax base and privatizing SOEs
- Advocacy for a more proactive Global Financial Safety Net
Image Credits: Associated Press of PakistanMuhammad Aurangzeb, the Federal Minister for Finance and Revenue, stresses the importance of comprehensive economic reforms to address geo-economic challenges in Pakistan. He highlights the need for aggressive measures like expanding the tax base and privatizing underperforming SOEs, while also advocating for a more proactive Global Financial Safety Net to mitigate risks and enhance economic resilience.
The Federal Minister for Finance and Revenue, Muhammad Aurangzeb, emphasized the issue of geo-economic fragmentation and its repercussions on Pakistan during the MENAP Ministers and Governors meeting with the Managing Director of the IMF. The minister expressed gratitude towards the IMF, Multilateral Development Banks, and bilateral partners for their unwavering support in assisting Pakistan in addressing unprecedented challenges.
Aurangzeb stressed the necessity of implementing aggressive reforms, such as expanding the tax base, privatizing underperforming State-Owned Enterprises (SOEs), enhancing social safety nets, and fostering private sector growth. He also highlighted the significance of reallocating Special Drawing Rights (SDRs), revising surcharge policies, and prioritizing Resilience and Sustainability Trust (RST) initiatives to address climate vulnerabilities.
Furthermore, the minister advocated for a more proactive and responsive Global Financial Safety Net to mitigate heightened risks. He welcomed the IMF's renewed focus on Capacity Building through Regional Capacity Development Centers (RCDCs) as a means to enhance economic resilience and stability.
In conclusion, Aurangzeb's call for comprehensive reforms and international cooperation underscores the government's commitment to navigating the challenges posed by geo-economic fragmentation and fostering sustainable economic growth in Pakistan.
