Shehbaz Sharif announces Pakistan's pursuit of stability with new IMF deal

March 27, 2024 (MLN): Pakistan is determined to enter into a new International Monetary Fund (IMF) deal to achieve stability by focusing on fostering growth, creating job opportunities and addressing the issue of inflation, Prime Minister Shehbaz Sharif stated while addressing the Tax Excellence Awards ceremony on Tuesday.

During the ceremony, Shehbaz Sharif highlighted key government objectives and policies to bring macroeconomic stability to the economy and steer it towards gradual growth.

He said that ensuring export-led growth through collective efforts is the only way to rid of the financing loans and the government will undertake reforms to uplift productive sectors such as industries, agriculture and Information Technology.

Shehbaz Sharif said the federal government, in collaboration with the provincial governments, will create enabling circumstances for the private sector and address their problems.

“Electricity would be provided to industries on competitive rates to enhance their productivity,” he further noted.

Moreover, the Special Investment Facilitation Council (SIFC) will continue to play its role in attracting foreign investors for local development.

Regarding tax reforms, the Prime Minister stressed that FBR will be restructured and consultants will be hired next month for complete digitalization of the tax collection body.

The ceremony saw the distribution of approximately 40 awards to top exporters in sectors like textiles, sports, surgical goods, pharmaceuticals, foods, and steel.

Moreover, awards were presented to taxpayers who contributed significantly through their income tax payments in various categories such as companies, AOPs, and individual taxpayers.

The government also acknowledged Small and Medium Enterprises (SMEs) and first-time filers who made substantial contributions to the national treasury, offering special incentives to those who made significant tax payments.

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