Pakistan is undergoing transformation with structural changes: Finance Minister

February 04, 2024 (MLN): The country is currently undergoing an economic transformation, and the implementation of structural changes in every sector of the economy takes time with all possible efforts being made in this regard, the caretaker finance minister, Dr. Shamshad Akhtar stated during a meeting on Saturday.

Dr. Shamshad Akhtar conveyed these remarks during a meeting with members of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), accompanied by Malik Amjad Zubair Towana, the Chairman of the Federation Board of Revenue (FBR), at the FPCCI.

Speaking during the meeting, the chairman said that the leadership of the caretaker federal government is determined to improve the country's economy, as APP reported.

Dr. Shamshad said that the caretaker government has initiated concerted efforts to control currency smuggling and reduce the difference in dollar value in the official and open market.

Malik Amjad Zubair said that the caretaker government has done many good things for the betterment of the country.

Moreover, the trade deficit narrowed by 3.6% to $1.3 billion in December 2023 from $1.9bn in the same period last year.

He further said that the caretaker government's efforts brought expansion in the export capacity and export market.

The caretaker federal minister said that the government is facing internal and external challenges.

On which the chairman said that the challenges are huge but the government has taken proactive steps to overcome them.

The chairman highlighted that the Pakistan Credit Guarantee Company has been created for Small and Medium Enterprises (SMEs).

He further urged that companies have to stand on their own feet and should not depend on subsidies.

He believed that subsidies should be used for the development of the country and for education, health, women empowerment and other welfare sectors.

Dr. Shamshad advised FPCCI members to approach the Pakistan Stock Exchange (PSX) for loan purposes instead of knocking on the doors of banks.

He said that in December 2023 Pakistan Stock Exchange's performance was positive and it emerged as a new entity. He added that the benchmark KSE 100 index closed at 62,451 points with an increase of 1,924 points till December 29, 2023, while the market capitalization of PSX also increased.

The Federal Minister said that the FBR has undergone significant changes to improve its efficiency.

Chairman FBR Malik Amjad Zubair Towana while briefing the members of FPCCI said that they are working hard on reforms in FBR and are close to implementing them.

Earlier, FPCCI President Arif Ikram Sheikh appreciated the caretaker government's efforts and demanded to consult FPCCI while preparing the financial budget for the convenience of the business community.

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