ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has said that no decision has been taken yet regarding the increase in civil and military salaries, and efforts are underway to provide relief to the salaried class in the upcoming budget.
Addressing a function in Islamabad, the finance minister, however, said that Pakistan will provide all possible support to its armed forces. He added that this is not just the need of the army but the national need of Pakistan.
Muhammad Aurangzeb said that there was an attempt to derail Pakistan’s loan program in the IMF board, to stop the meeting and prevent Pakistan’s agenda from being discussed. However, Pakistan’s case was discussed on its merits, and the country met all the IMF targets. If Pakistan had failed to meet these targets, it would have faced serious challenges.
The finance minister said that the world is acknowledging Pakistan’s economic improvement and is surprised by the pace of this progress.
“The world is satisfied with Pakistan’s macroeconomic stability, while the government is committed to long-term reforms.”
Muhammad Aurangzeb said that reforms are being brought in the tax system, energy and other sectors. “We are moving towards technological transformation in the economy, and the process of digitization is underway in the FBR, which will reduce human intervention and increase transparency.”
The finance minister added that steps are being taken to reduce taxes on the salaried class. “The government intends to simplify the process of paying taxes for the salaried class. Currently, taxes are deducted as soon as salaries are deposited in the accounts. We are working to provide relief to this group in the upcoming budget and are also working on pension reforms.”
He said that the burden of debt repayment is expected to reduce, steps will be taken next year to improve the debt management system. He said that becoming a $400 billion economy is a good development for Pakistan.
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