Finance Minister Muhammad Aurangzeb addressed concerns about the recently announced taxes in a meeting with the National Assembly’s Standing Committee on Finance. He acknowledged pressure from various sectors but emphasized the necessity of these measures to ensure economic stability.
Aurangzeb presented an overview of the economic landscape, highlighting positive indicators such as increased foreign exchange reserves (over $9 billion) and a decline in inflation. However, he acknowledged the impact of delayed IMF funding in 2023 on currency stability.
Despite challenges, the minister announced that disbursements of profits and dividends to foreign companies have resumed, and funds from other institutions are being secured through the IMF program. He also confirmed a significant $1 billion funding approval from the World Bank for the Dasu Dam project.
Aurangzeb reassured the committee that the government has taken steps to stabilize the economy, including:
– Imposing taxes on builders and developers in the real estate sector
– Registering retailers
– Holding positive discussions with agriculture ministers from all four provinces regarding income tax
He dispelled speculation about the dollar’s value, assuring that it will remain stable and not reach the speculated rates of Rs300 or Rs400. The minister emphasized that no artificial controls are in place, and imports face no restrictions.”
