Economy Commences On Better Note In 2024: Finance Minister

ISLAMABAD, (UrduPoint / Pakistan Point News - 29th Mar, 2024) Federal Minister for Finance and Revenue, Muhammad Aurangzeb said on Friday that with significant improvements in key economic indicators the economy in year 2024 commenced on a better note.

Addressing the business community at Gong Ceremony at pakistan stock exchange, the minister said that the Ministry of Finance, in collaboration with the Ministry of Law and Federal board of Revenue (FBR), was working to eliminate leakages in tax revenue and bring more people into the tax net.

The minister also highlighted the completion of the International Monetary Fund (IMF) review and the potential for future relations with the fund.

He also mentioned that government was working to bring reforms in State-owned enterprise (SOEs), privatization and energy sectors besides improving tax system. He, however highlighted the role of the private sector in economic development.

The Finance Minister acknowledged the importance of the capital market in advancing economic growth adding that the government would work with Securities and Exchange Commission of Pakistan (SECP) to create a conducive regulatory environment for economic growth in the capital market.

He said, the government would focus more on improving the efficiency, transparency, and protection of investors in the capital market to enhance its performance.

He said, the finance ministry would collaborate with the capital market to facilitate access to capital for small and medium-sized businesses.

Aurangzeb expressed gratitude for Chinese participation and investment in Pakistan's capital market and stock holdings.

He emphasized that the growing cooperation between psx and Chinese exchanges was vital for the economic development of Pakistan and mutual benefits for both countries.