Minister of State for Finance Bilal Azhar Kayani has vowed to provide maximum relief to the salaried class.
In an exclusive interview with Samaa TV, Kayani said that it was not necessary to introduce a mini-budget or take emergency tax measures. "The disbursement of the IMF loan instalment reflects confidence in the Pakistani economy, and reports by international rating agencies regarding Pakistan’s economy are positive," he maintained.
Kayani said that the average inflation in Pakistan has fallen from 24 per cent to 5 per cent. There is scope to increase the purchasing power of the public. Prime Minister Shehbaz Sharif is moving forward in consultation with the private sector. "Over the past 18 months, economic stability and fiscal discipline have been established," the premier maintained.
The minister added that the FBR tax revenue increased by 26 per cent last year, adding that the government is taking practical steps to target the elite. "Action has been taken against the tobacco sector, and a faceless system has been introduced in customs to end collusion. The policy is not to increase the burden on those already paying taxes and to apprehend tax evaders," he maintained.
Kayani said that the Pakistan’s foreign exchange reserves have been strengthened. "The purpose of economic reforms is to deliver relief and benefits to the public. Without economic stability, the country could have faced risks similar to those of Sri Lanka. Privatisation of state institutions and tariff reforms are unavoidable," he added.
