During his engagements and discussions in Washington, D.C., Finance Minister Muhammad Auranzeb spoke with a foreign news outlet and expressed optimism for a new loan program worth $6 to $8 billion over a three-year period.
He spoke to the Pakistani-American community in Washington as well as the Atlantic Council.
The minister of finance pledged to receive a fresh IMF lending package shortly.
“We are committed to implementing the agenda of economic reforms through difficult decisions, even though talks with the international lender IMF are still in their early stages,” he stated.
Real reforms that indicate future tax exemptions or bring low-taxing sectors under the tax net will take two to three years to implement.
He continued, “We must include tax-free and low-tax sectors under the tax ambit.
“Agreeing on priorities with the IMF is the goal.” Agriculture, retail, and wholesale account for 20% of the GDP. In order to enhance trade with the US and China, Muhammad Aurangzeb stated, “The share of direct tax is one percent, so it cannot be sustainable.”
He stated that the “priority” was the privatization of public institutions. He stated, “PIA will be privatized first, and the transaction is expected to be finished by June.”
