Pakistan’s Foreign Minister Muhammad Aurangzeb recognized the loss of credibility of the nation in economic negotiations and stressed the need for reforms at the earliest to restore confidence. Speaking at a Senate climate change committee meeting chaired by Sherry Rehman, Aurangzeb presented the finance problems of the country, saying that Pakistan hopes to receive $1 billion from the IMF and $500 million from the Asian Development Bank (ADB).
Aurangzeb announced that the finance ministry will henceforth be responsible for tax policy and the Federal Board of Revenue (FBR) for tax collection. He also stressed the necessity of structural reforms for long-term economic growth. He also admitted the unequal tax burden on the salaried class and highlighted the necessity of equitable contributions from retail, wholesale, real estate, and agricultural sectors.
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During a different event, Aurangzeb talked about energy reforms and said that stringent measures are being adopted to implement a competitive energy market. Rehman again emphasized the importance of having a well-clarified financial strategy for Pakistan if it has to get international aid, pointing out that support would only be available with a properly chalked out plan.
