Finance Minister Muhammad Aurangzeb said on Monday that the government had provided the maximum possible relief to salaried taxpayers in the federal budget, while reaffirming its commitment to tax reforms, economic stability, and greater transparency. Speaking at an event in Karachi, Aurangzeb revealed that Pakistan's foreign exchange reserves had climbed to nearly $18.5 billion. He also highlighted the successful launch of the country's Panda Bond, describing it as an important step towards diversifying financing sources.
Medium-Term Tax Policy and Economic Reforms
The finance minister announced that a medium-term tax policy would be developed in consultation with relevant stakeholders to create a more stable, predictable, and business-friendly taxation system. He said the government remained focused on simplifying the tax structure, eliminating corruption, and improving overall economic governance. Aurangzeb added that expanding trade with countries around the world was in Pakistan's national economic interest and noted that consultations on the National Finance Commission (NFC) Award were continuing with the support of provincial governments.
Financial Sector Reforms and Digital Economy
Meanwhile, Minister of State for Finance Bilal Azhar Kayani said the government was implementing reforms to build a modern, transparent, and resilient banking sector. Addressing the same gathering, Kayani said financial sector reforms would enhance economic stability and create a more favourable business environment. He added that the government's efforts to promote the digital economy and expand the use of technology in banking were improving public access to financial services. Kayani said substantial progress had already been achieved, adding that Prime Minister Shehbaz Sharif had directed authorities to continue reforms to accelerate the country's economic transformation.
