Inflation Decline Exceeds Expectations Finance Minister Aurangzeb

Finance Minister Muhammad Aurangzeb has announced a more significant-than-anticipated decline in inflation, signaling an improvement in the country’s economic outlook. Speaking at the launch of the Pakistan Economic Dashboard, the finance minister underscored key economic achievements and the importance of structural reforms for sustainable economic stability.

Aurangzeb noted that inflation has dropped at a faster rate than predicted by the government. “The inflation rate is falling faster than we expected, which is a positive sign for our economy,” he said. However, he emphasized that continuous efforts are necessary to maintain this downward trend.

The finance minister also highlighted a rise in tax filers and reaffirmed the government’s commitment to further increasing the tax-to-GDP ratio. “We must focus on broadening our tax base to ensure long-term economic stability,” he added.

Praise for the Banking Sector and Investor Support

Aurangzeb commended Pakistan’s banking sector for its progress, lauding the increased support it provides to investors. He expressed optimism that this positive trend would continue, with the banking sector playing a crucial role in facilitating investments and fostering growth.

“The banking sector is enabling investment and creating more opportunities for economic expansion,” the minister said. He further explained that these improvements would increase access to financial services for the general public and provide much-needed financial support to small and medium-sized enterprises (SMEs), contributing to the overall growth of the economy.

Structural Reforms Key to Sustained Growth

Aurangzeb also addressed the ongoing International Monetary Fund (IMF) programme, stating that it would be the last if the government successfully implements crucial reforms. He reiterated that sustainable economic stability can only be achieved through fundamental changes, especially in areas like taxation and economic management.

“Our economy is on the right path, and we must leverage this momentum by introducing necessary reforms,” he stressed. The finance minister underscored the importance of improving the tax-to-GDP ratio and using the current economic conditions to secure long-term stability.

In conclusion, Finance Minister Aurangzeb expressed confidence in the government’s ability to continue fostering economic growth through reforms, investor support, and a focus on broadening the tax base.

Read more: https://jininews.pk/