Federal Minister for Finance and Revenue Muhammad Aurangzeb on Wednesday said the government, under Prime Minister Shehbaz Sharif’s leadership, is committed to fostering a business-friendly environment, adding that robust economic reforms have won global confidence and boosted exports.
Speaking at the Rawalpindi Chamber of Commerce and Industry (RCCI) during Independence Day celebrations, the minister said consumer confidence was at its highest, economic growth had reached record levels, and privatization of state-owned enterprises would accelerate this year. He pointed to record-high foreign exchange reserves, an improved domestic business climate, and called for unity to move the country forward.
Extending advance Independence Day greetings, Aurangzeb stressed that “faith, national unity, security, and economic stability are inseparable.”
The minister noted that in the past 18 months, significant steps had been taken to boost revenue, stabilize the rupee, and reduce the policy rate. Agricultural loans, he said, had crossed Rs 2.5 trillion, debt servicing had reached Rs 1.0 trillion last year, and overall debt had risen by 41%, with private sector lending at 38%. He highlighted strong stock market performance fueled by new investors, ongoing rightsizing in 45 ministries and over 400 departments, pension reforms, and measures to bring down electricity prices.
“The Prime Minister is personally overseeing FBR transformation meetings, ensuring no extra tax burden on salaried individuals, while working to close loopholes and broaden the tax base,” he said.
Aurangzeb added that Pakistan’s reforms had been recognized by international financial institutions and rating agencies. “A tariff agreement with the U.S. has been reached, discussions with the IMF are underway, and after 2.5 years, USD 1.0 billion in Middle Eastern investment has been secured,” he said.
Expressing optimism, he said the economy had stabilized, interest rates had been significantly reduced, and “there is room for further cuts with another reduction expected soon.”
RCCI marked Pakistan’s 78th Independence Day with a flag hoisting ceremony and “Marka-e-Haq” celebrations, followed by the cutting of an Independence Day cake. RCCI President Usman Shaukat, Senior Vice President Khalid Farooq Qazi, Vice President Fahad Barlas, former presidents, executive committee members, trade association representatives, and numerous chamber members welcomed the minister.
Additional Director General ML&C Rana Manzoor Ahmad, Chairman of Tehreek-e-Naujawanan Pakistan Abdullah Gul, and other dignitaries also attended. A documentary showcasing the Chamber’s ongoing initiatives was screened.
In his address, RCCI President Usman Shaukat thanked the finance minister for his presence and praised Pakistan’s journey of resilience, sacrifice, and hope over 78 years. He saluted the armed forces for their recent victory in Marka-e-Haq and, while noting improvements in economic indicators, urged the government to reduce interest rates to single digits, lower electricity and gas tariffs, and cut tax rates to stimulate business activity and job creation.
