Minister for Finance Muhammad Aurangzeb has termed Saudi delegation’s visit to Pakistan as successful.
Addressing a news conference along with Law Minister Azam Nazeer Tarar and Minister for Information and Broadcasting Attaullah Tarar in Islamabad today, has said confidence of investors is increasing on Pakistan due to its stable situation.
He said Saudi delegation evinced confidence in Pakistan’s economy. The Finance Minister said the country is heading in right direction.
He said the foreign exchange reserves have exceeded nine billion dollars while inflation has reduced from thirty eight percent to seventeen percent and it is gradually coming down.
Muhammad Aurangzeb said the IMF team is expected to visit Pakistan soon during which contours of a larger and longer program will be discussed.
He said government is focusing to ensure macro-economic stability and structural reforms.
The Finance Minister emphasized to enhance the tax to GDP ratio to thirteen to fourteen percent.
Addressing the news conference, Minister for Information and Broadcasting Attaullah Tarar said the government is introducing reforms in multiple sectors to reduce expenditure.
He said the country’s economy is on the right track and all the indicators are positive.
The minister said after coming into power, steps were taken to reduce its expenses and privatization of loss-making public sector entities was part of that plan.
On his part, the Law Minister clarified that pension reforms will be across the board and carried out by taking parliament into confidence.
He said a committee headed by the Finance Minister is working on these reforms. He said matters pertaining to length of service are being discussed and there is a proposal to apply it on all institutions.
