Finance Minister Reiterates Commitment to Economic Reforms in Meeting with U.S. Ambassador
ISLAMABAD, October 17, 2024: Federal Finance and Revenue Minister Senator Muhammad Aurangzeb has reaffirmed the government’s commitment to implementing broad-based reforms in taxation, energy, and state-owned enterprises (SOEs).
He emphasized the goal of increasing Pakistan’s tax-to-GDP ratio to 13.5% by addressing leakages and bringing untaxed sectors into the tax net.
During a meeting with U.S. Ambassador Donald Blome at the Finance Division, Aurangzeb highlighted that under Prime Minister Shehbaz Sharif’s leadership, a comprehensive transformation plan for the Federal Board of Revenue (FBR) has been approved, including the involvement of experts from the Pakistan Revenue Automation Limited (PRAL), the IT arm of the FBR.
Aurangzeb described the macroeconomic reforms as a “work in progress” and pointed to significant challenges such as climate change and child stunting, which threaten to exacerbate inequalities and hinder economic growth in the medium to long term.
He expressed Pakistan’s commitment to building climate resilience through adaptation reforms and combating malnutrition, seeking the technical and financial support of development partners to achieve holistic development goals.
Ambassador Blome commended Pakistan’s efforts to improve macroeconomic stability and praised the government for undertaking challenging reforms, particularly in the taxation and energy sectors.
He reiterated the U.S. commitment to enhancing bilateral cooperation in technical and developmental initiatives, as well as promoting high-quality U.S. investment to support Pakistan’s economic growth.
