Finance Minister Aurangzeb assures to reduce government expenditures.
On Tuesday, Finance Minister Muhammad Aurangzeb assured the public that the government is committed to reducing its expenditures and is currently reassessing its budget allocations.
Addressing the media in Kamalia, Aurangzeb stated, “We are focusing on government expenditures. The public will be informed about the austerity measures within the next month and a half.”
He also suggested that ministries overseeing devolved subjects should be dissolved to streamline governance.
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Aurangzeb emphasized that while schools and hospitals can be supported through charity, taxes are essential for running the country.
He indicated that the government plans to gradually phase out tax amnesties.
To broaden the tax base, Aurangzeb announced that new sectors, including retailers, would be brought under the tax net starting in July.
“Approximately 31-32,000 retailers are currently registered with the government,” he said.
Criticizing the Federal Board of Revenue (FBR) for its ineffective tax collection, Aurangzeb called for the digitization of the tax system to reduce corruption.
Economic Survey of Pak – 2023/24
Finance Minister Muhammad Aurangzeb unveiled the Economic Survey for FY24. The economy grew by 11% to $375B, up from $338B last year. Significant achievements across multiple sectors. pic.twitter.com/wCmh0q0cdF
— Fizza Urooj (@Fizz_Urooj) June 12, 2024
Highlighting the need to privatize loss-making state enterprises, Aurangzeb revealed that the outsourcing of Karachi airport would be completed in July.
Additionally, Prime Minister Shehbaz Sharif has directed that Lahore airport also be handed over to the private sector.
Reflecting on Pakistan International Airlines (PIA), Aurangzeb remarked that selling the airline a decade ago would have been beneficial.
“To facilitate national progress and reduce government burden, it is imperative that these entities be privatized,” he asserted.
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As Finance Minister Aurangzeb assures to reduce government expenditures, regarding employment, Aurangzeb argued that there is no necessity for the government to create jobs since many young people are already earning from home.
He pointed out that the IT sector is generating $3.5 billion in revenue.
Aurangzeb expressed confidence in the potential of the IT and agricultural sectors to significantly boost Pakistan’s economy, clarifying that IMF conditions do not impact these sectors.
Regarding Prime Minister Shehbaz’s recent visit to China, Aurangzeb noted that the delegation sought technological advancements rather than financial aid.
