ISLAMABAD: Finance Minister Muhammad Aurangzeb underscored the critical need to rebuild public trust in the government’s economic policies, emphasizing that the private sector must take the helm in steering the nation towards progress. His statements were made during a Senate session on Monday, where he addressed the country’s economic challenges.
“We cannot advance without restoring public confidence,” Aurangzeb asserted, urging the private sector to assume a leadership role. He noted that the current fiscal year has seen currency stability and single-digit inflation, alongside improved export performance in July and August.
In response to Senator Shibli Faraz’s inquiry about a shortfall in tax revenue, Aurangzeb acknowledged a Rs98 billion gap in tax collection. However, he pointed out that private sector credit had surged by half a trillion rupees, reflecting increased economic activity. “The government must maintain fiscal discipline. As the prime minister has emphasized, the government’s role is to empower the private sector, not to run businesses,” Aurangzeb explained.
The finance minister also stressed the necessity of digitalizing the Federal Board of Revenue (FBR) to rebuild trust in the tax system. “Confidence in the tax authority is essential. Development cannot happen without tax contributions. This country cannot sustain itself on charity; taxes are the foundation of progress,” he stated.
Aurangzeb concluded by highlighting the importance of institutional reforms, suggesting that they could help make the current IMF program the last one Pakistan ever needs.
