Peshawar: Federal Finance Minister Muhammad Aurangzeb says that it has been decided not to seek immediate assistance regarding flood damages, and efforts are being made to first fix our own problems in the flood-affected areas.

Addressing the Pakistan Business Summit in Peshawar, the Federal Finance Minister said that at this time, we will not go for international assistance during the flood, and when the full extent of the damage is assessed, we will approach the international community for reconstruction. The provinces played an important role in relief and rehabilitation activities during the flood.

Muhammad Aurangzeb said that the Prime Minister, Field Marshal, Deputy Prime Minister and Planning Minister Ahsan Iqbal and other delegations visited New York, Beijing and other countries. These visits will promote investment and trade in the country and strengthen the economy.

He said that three global rating agencies have upgraded us, which will help in funding matters with commercial banks and international organizations. If we work properly on our resources, we can become a three trillion economy by 2047 according to the World Bank.

The Finance Minister said that if population and climate change are controlled, we can move forward. The Prime Minister has asked for a 300-day plan, on which the Ministry of Finance, the Ministry of Climate Change and other institutions are working. Short-term and long-term measures are being taken for economic stability.

He said that Pakistan’s foreign exchange reserves have reached $38 billion and God willing, $41 billion in foreign exchange is expected to come this year. These 38 billion rupees in remittances have to be included in the economy, including $1.38 billion in Eurobonds.

Muhammad Aurangzeb said that what role should Pakistan play in the world economy, the private sector is very important in this, which brings economic stability to the country, the private sector has to be taken forward and tax reforms have to be carried out in this.

The Finance Minister said that $1.3 billion will be paid in April in the form of Eurobonds, this year the February rate has improved compared to last year. Panda Bonds are also being issued.

He clarified that the performance of the private sector and economic reforms are essential for the development of the country, the government is working on improving the reform structure to take the private sector forward. Several reforms, including energy reform and gasoline reform, are being brought in the next year’s budget.

Muhammad Aurangzeb said that the question is asked, how will the PSDP bring development if it is one trillion, this year the size of the PSDP is four.3 trillion, the federation and the provinces should be seen together in the development budget.

He said that they are working on increasing taxes, the tax policy function is no longer with the FBR, now the FBR’s job is only to collect taxes. Next year’s budget will be given by the Tax Policy Office and the budget of the Tax Policy Office will be a stable budget, a development budget of 4.3 trillion rupees has been kept.

The Finance Minister said that they are working on a policy of growth based on exports. If the people pay taxes, there will be growth. They are improving the tax policy and making it investor-friendly.

Acting President

Speaking at the Pakistan Business Summit, Acting President and Chairman Senate Yousaf Raza Gilani said that Pakistan will have to make further progress in technology........

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