Finance Minister Muhammad Aurangzeb has voiced growing concerns over Pakistan’s debt situation as international creditors show reluctance to roll over existing loans. In a detailed address, Aurangzeb emphasized the pressing need for reforms to stabilize the economy, focusing on enhancing tax revenues, promoting technological innovation, and reducing government inefficiencies.
Aurangzeb highlighted the importance of the China-Pakistan Economic Corridor (CPEC), now in its second phase, as a foundation for sustainable development. Public-private partnerships under CPEC aim to fuel growth in sectors like energy, logistics, and infrastructure. He also acknowledged the challenges facing Pakistan’s fiscal policies and underscored the role of new financial instruments, such as government bonds, to mitigate the reliance on external debt.
Another critical aspect of Aurangzeb’s strategy includes restructuring state-owned enterprises, some of which have historically underperformed, to make them more competitive and attractive to foreign investors. By focusing on these reforms, the government aims to create a more self-sustaining economy and lessen reliance on debt.
Aurangzeb also pointed out the potential of technology-driven efficiencies within the tax collection system to widen the tax base and improve public revenue streams. This strategy, he argued, is essential to Pakistan’s long-term financial health.
For additional insights on these developments, visit The Pakistan Informer.
