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 on Friday said 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 (PSX) Karachi, 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, said a statement issued here.

He 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.

Meanwhile, during his visit to Karachi, the federal minister also visited Utility Stores Corporation (USC) to review the coverage and benefits of the Ramadan Relief Package. The purpose of the visit was to ensure implementation of the package.

It is pertinent to mention, the allocated amount for the Ramadan Relief Package has been increased from Rs. 7.5 billion to Rs. 12 billion.

The minister discussed the challenges in implementing the Ramadan Relief Package with USC officials and also met with the public in Karachi to addressed their concerns related to the package.

The minister assessed the availability of essential items at utility stores in Karachi and also reviewed a newly launched APP providing details of mobile utility stores and sales points.

He verified the operating hours of mobile utility stores and sales points to facilitate public access through the newly launched APP.

Aurangzeb reviewed the distribution and sale statistics of items under and oversaw the setup and operations of nominated mobile units for distributing subsidized food items among deserving individuals.

The Finance Minister emphasized fair distribution among deserving individuals and stated that efforts were being made to ensure quality of goods.