ISLAMABAD: On Thursday, Prime Minister Shehbaz Sharif gave the order to draft a comprehensive plan for raising revenue without burdening the average person.
In the course of presiding over a Ministry of Finance meeting, he declared that the tax-to-GDP ratio will reach 15% within the following five years.
In accordance with the 18th Amendment, he added, the federal government would support the provinces and transfer all pertinent ministries and departments to them. He also claimed that spending would be cut in order to lower the fiscal deficit.
He gave the order to expedite the privatization and reform of state-owned organizations, particularly those that were losing money.
He stated that in order to enhance the services offered at all of the nation’s major airports, a public-private partnership should be started with private operators.
According to the prime minister, the government’s whole attention is being directed at gradually reducing the national debt, reforming pension plans and subsidies, and privatizing state-owned businesses.
He stated that the end of the International Monetary Fund standby program was a good step and that the administration will put in maximum effort for the next IMF program.
According to him, a thorough plan should be presented in order to reduce external debt. He went on to say that employing the services of foreign specialists was necessary to achieve economic advancement.
The meeting was briefed on the following topics: current account, remittances, foreign exchange reserves, taxes, revenue, and budget deficit.
The prime minister’s directive to cut back on government spending was also communicated to the meeting attendees, along with updates on the status of the execution of reforms related to the power sector, revenue, and subsidies.
The conference was attended by federal ministers Muhammad Aurangzeb, Ahad Khan Cheema, Dr. Musadiq Malik, Ahsan Iqbal, Jehanzeb Khan, Deputy Chairman of the Planning Commission, Prime Minister Rana Ihsaan Afzal’s Coordinator, and pertinent officers.
