KARACHI: Caretaker Federal Finance Minister has said that government expenditure and energy cost will be reduced.
Addressing the Feature Summit, Caretaker Federal Finance Minister Shamshad Akhtar said that under the agreement with the International Monetary Fund (IMF), the cost of energy will be reduced.
He said that the foreign exchange reserves of the State Bank have increased from 4 billion to 7 billion dollars. The task of the caretaker government was to stabilize the economy and implement the IMF program. After the implementation of this program, a program of 7 billion dollars is to be taken from the IMF.
The federal minister further said that Pakistan is stabilizing its foreign exchange reserves, which increases the confidence of investors. In the staff level talks with the IMF, financial management has been agreed upon. Reducing government spending and reducing the cost of energy.
In his address to the conference, the Caretaker Federal Minister said that a staff level agreement has also been reached for the provision of another 700 million from the IMF. There are policies to improve and reduce costs in the energy sector. Efforts are also being made to attract investment and provide more jobs.
He said that the agreement with the IMF will move the economy in the right direction. Pakistan has full potential to emerge as an economic powerhouse in the region and Asia. According to the World Bank report, Pakistan’s economy can reach 2 trillion in 2047. Positive economic policies need to be made to improve the economy.
Shamshad Akhtar further said that caretaker government is making efforts to improve tax collection. In this regard, steps have been taken to improve the FBR system. Implementing modern digital technology to expand the tax base, which will increase tax collections. The use of technology will make it easier to identify tax evaders and non-filers.