ISLAMABAD: Prime Minister Shehbaz Sharif emphasized that Pakistan is burdened with a significant amount of debt, which is sustained by borrowing.
Speaking at a ‘Tax Excellence Awards’ event on Tuesday, he remarked, “There’s a misconception that we are always seeking loans, but that’s not the case. However, if we don’t address the leakage, how can we manage our finances?”
Shehbaz Sharif stressed the necessity of securing another loan deal with the International Monetary Fund (IMF) for Pakistan’s economic stability.
He pledged to establish macroeconomic stability and gradually propel the country towards growth, acknowledging the challenge posed by the existing debt burden.
The Prime Minister highlighted that salaries and development projects are currently funded through borrowed money. He humorously commented, “Fortunately, we are fasting; otherwise, even the tea served here might be on an IMF tab.”
Shehbaz Sharif emphasized the importance of export-driven growth to alleviate the debt burden and outlined plans to support key sectors like industry, agriculture, and information technology.
He stated that while entering into a new IMF deal is necessary for stability, the government will also prioritize growth, job creation, and inflation control.
The Prime Minister affirmed the government’s commitment to facilitate the private sector and address their concerns in collaboration with provincial authorities.
He mentioned efforts to expedite refunds to exporters and provide competitive electricity rates to enhance industrial productivity.
Shehbaz Sharif announced the establishment of the Special Investment Facilitation Council (SIFC) and plans to advance the second phase of the China-Pakistan Economic Corridor (CPEC).
Regarding tax reforms, he discussed plans to overhaul the Federal Board of Revenue (FBR) and digitize its operations to broaden the tax base and improve efficiency.
He honored leading taxpayers and exporters at the event, announcing special privileges such as blue passports and honor cards. Additionally, top awardees were designated as honorary ambassadors to encourage tax compliance.
Finance Minister Muhammad Aurangzeb highlighted the goal of FBR digitalization to enhance transparency and revenue collection, aiming to rebuild public trust in the institution.
Chairman FBR Amjad Zubair Tiwana mentioned recent agreements to digitize tax administration processes, underscoring the government’s commitment to modernizing tax systems.
The President of Federation of Pakistan Chambers of Commerce and Industry and the Chairman of Pakistan Business Council commended the government’s efforts in acknowledging the contributions of leading taxpayers and exporters.
(Islamabad51_Newsdesk)
