Fiscal Discipline Essential For Economic Growth; Finance Minister Muhammad Aurangzeb

Finance Minister Muhammad Aurangzeb Monday said that the country’s economy was heading towards the right direction, the currency was stable, the inflation rate reached single digit and remittances and exports were all the time high during July and August

ISLAMABAD, (UrduPoint / Pakistan Point News - 9th Sep, 2024) Finance Minister Muhammad Aurangzeb Monday said that the country’s economy was heading towards the right direction, the Currency was stable, the inflation rate reached single digit and remittances and exports were all the time high during July and August.

Responding to calling attention notices of Senator Mohsin Aziz, and Senator Zeeshan Khanzada in the Senate's session about the issue of shrinking of loans, surging of debts in the private sector and the process of digitalization of FBR, the minister said that upholding fiscal discipline was a key to the economic growth, adding “Our revenue and exports would increase while borrowing would decrease if we preserve fiscal discipline”.

He said that the government has allocated subsidies for the SME sector in the budget 2024-25, adding the digitization process of FBR was underway on the fast track.

The Finance Minister said agriculture, and Information Technology sectors have been prioritized, while the country cannot be run through charity and everyone will have to pay tax.

The minister stressed the need for structural reforms, adding “If we succeed in reforming the state-owned enterprises and energy sector it would be the last programme of the IMF.”