Addressing a workshop on tax system reforms organised by the Ministry of Finance, Aurangzeb said reforms were continuing to improve the tax system and broaden the tax base.
He stated that tax reforms had contributed to an improvement in the country’s GDP growth rate, while broader economic reforms were helping Pakistan move towards greater economic stability.
The finance minister said Pakistan’s economic growth should be sustainable and export-led. He also highlighted a historic increase in remittances, describing it as an encouraging development for the country’s economy.
Aurangzeb said Pakistan’s economy had improved from a negative growth rate of 0.3 per cent, although he did not specify the period to which the figure referred in the reported remarks.
He recalled that the country’s foreign exchange reserves had previously been sufficient to cover only around two weeks of imports. According to the minister, reserves now cover more than three months of imports.
The finance minister also noted that Pakistan’s external debt had increased by $4 billion over the past four years.
He reiterated that expanding the tax base, strengthening economic reforms and promoting export-oriented growth were essential to maintaining economic stability and achieving sustainable development.