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2024 kickstarts with economic optimism: FM

2024 kickstarts with economic optimism: FM
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March 29, 2024 (MLN): Pakistan’s economy started in a better way in 2024 with improvement in key economic indicators, said Federal Minister Muhammad Aurangzeb in his speech at the gong ceremony on his visit to the Pakistan Stock Exchange (PSX).

The Finance Ministry, in collaboration with the Law Ministry and the Federal Board of Revenue (FBR), is taking decisive steps to address tax revenue leakages and expand the tax base.

Minister Aurangzeb also shed light on the successful completion of the International Monetary Fund (IMF) review, and hinted at potential future linkages.

To note, the cash-strapped nation urgently needs a longer and larger new program to meet its high debt obligations

Moreover, he said that the government is actively working in reforms across various sectors, including state-owned enterprises (SOEs), privatization, energy, and taxation. He stressed the pivotal role of the private sector in driving economic progress.

The Finance Minister expressed his appreciation for the capital market's role in fostering economic development.

He assured that the government, in partnership with the Securities and Exchange Commission of Pakistan (SECP) and Self-Regulatory Organizations (SROs), will work towards creating a regulatory environment conducive to economic expansion.

A key focus for the government will be enhancing market efficiency, transparency, and investor protection. The Ministry of Finance is set to collaborate with the capital market to improve access to capital for small and medium enterprises (SMEs).

The minister lauded the Chinese partnership and its stakeholding in Pakistan's capital market, acknowledging the importance of Chinese investments.

He emphasized that increased cooperation between the PSX and Chinese exchanges will be instrumental for the economic development of Pakistan and the mutual interest of both countries.

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Posted on: 2024-03-29T10:18:34+05:00