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Aftab Maken
ISLAMABAD: Finance Minister Muhammad Aurangzeb on Tuesday said Pakistan’s agricultural sector has been brought under the tax net and renegotiated agreements with Independent Power Producers (IPPs) have led to lower electricity prices, with further relief expected in the coming days. He added that losses in the power sector have also declined, and a task force is working to reduce electricity tariffs further.
Speaking at an Independence Day-related event organized by the Rawalpindi Chamber of Commerce and Industry, the minister said interest rates are likely to fall again soon. “We must expand the tax base and cannot place an additional burden on the salaried class. The bullish trend in the Pakistan Stock Exchange reflects investor confidence,” he said.
Aurangzeb noted that the recent trade agreement with the United States offers a significant opportunity for Pakistan. “In this budget, we imposed the minimum possible taxes within the available fiscal space. Wherever there are flaws in the tax system, they must be addressed — there is no alternative to expanding the tax net,” he said.
He stressed that Pakistan’s economic reforms are being acknowledged globally. “International financial institutions have praised our efforts, while global rating agencies, including Fitch, have upgraded Pakistan’s outlook — an endorsement of our reforms and performance,” he said.
According to the minister, Prime Minister Shehbaz Sharif is personally overseeing reforms in the Federal Board of Revenue (FBR), holding weekly meetings to address industry and trade concerns. Agreements related to green climate funding have also been finalized with the International Monetary Fund (IMF) and other institutions, enabling Pakistan to secure financing for climate resilience projects.
“Business confidence has improved, and consumer confidence is now at a 22-year high. All economic indicators are moving in the right direction,” Aurangzeb said, adding that the government will maintain regular engagement with traders throughout the year, with Adviser Bilal Kayani scheduled to meet chamber representatives monthly.
The minister urged the business community to move forward collectively. “We are all travelers on the same journey, with the same destination — to make Pakistan a developed country,” he said.
Citing official figures, Aurangzeb said debt has risen by 41% and agricultural loans have surpassed Rs 2.5 trillion. “Last year alone, we repaid Rs 1 trillion in debt servicing,” he said, adding that Pakistan recently raised $1 billion in investment from the Middle East for the first time in two and a half years.
He also highlighted that the stock market has grown by 60%, with a surge in new investors. The government, he said, has begun rightsizing 45 ministries and departments and is accelerating the privatization of state-owned enterprises.
