{"id":15621,"date":"2025-02-27T04:38:47","date_gmt":"2025-02-27T04:38:47","guid":{"rendered":"https:\/\/gsrra.com\/?p=15621"},"modified":"2025-02-27T04:38:53","modified_gmt":"2025-02-27T04:38:53","slug":"pakistan-every-sector-has-to-chip-in-for-exports-says-aurangzeb","status":"publish","type":"post","link":"https:\/\/gsrra.com\/?p=15621","title":{"rendered":"Pakistan: Every sector has to \u2018chip in\u2019 for exports, says Aurangzeb"},"content":{"rendered":"\n
\"Finance
Finance Minister Muhammad Aurangzeb speaks in Peshawar on Wednesday. \u2014 DawnNewsTV<\/figcaption><\/figure>\n\n\n\n

Finance Minister Muhammad Aurangzeb on Wednesday stressed that all sectors will have to \u201cchip in\u201d to increase the country\u2019s exports.<\/p>\n\n\n\n

Addressing the business community in Peshawar, the finance minister stressed the need to move away from the boom and bust cycle experienced in the past, adding that \u201cit\u2019s very easy to just pump in liquidity.<\/p>\n\n\n\n

\u201cHowever, when you reach four per cent growth \u2014 and because you are import-led and import-dependent \u2014 you run out of dollars and face the problem of balance of payment,\u201d he said, highlighting that the country then reaches out to the International Monetary Fund (IMF) to stop it from defaulting on its payments.<\/p>\n\n\n\n

In 2023, the country\u2019s dwindling foreign reserves had raised<\/a> alarm bells, as they reached $4.6 billion \u2014 barely enough to cover three weeks\u2019 worth of imports \u2014 while the rupee underwent its biggest devaluation in history of 15pc.<\/p>\n\n\n\n

Pakis\u00adtan and the IMF had reached<\/a> a three-year, $7bn aid package deal in July 2024, with the new programme set to allow the country to \u201ccement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth\u201d.<\/p>\n\n\n\n

The ongoing 37-month Extended Funded Facility programme consists of six reviews over the life of the bailout, and the release of the next tranche of approximately $1bn will be contingent on the success of the performance review.<\/p>\n\n\n\n

While reaffirming support for textile, agr\u00adiculture, and IT exports, Aurangzeb said that the responsibility extended bey\u00adond these sectors, requesting the business community to export \u2014 \u201ceven if it is one pc or two pc\u201d.<\/p>\n\n\n\n

\u201cThis protection given in the country without sunset clauses will not continue anymore, every sector has to pitch in,\u201d he said, adding that rice exports would touch $4bn this year.<\/p>\n\n\n\n

On the Federal Bureau of Revenue (FBR) reforms, Aurangzeb said they were taking steps to reduce human intervention in tax collection.<\/p>\n\n\n\n

Raising the tax-to-GDP ratio is a key condition of Pakistan\u2019s $7bn loan deal with the IMF, which was needed to shore up a faltering economy and manage its mounting debts.<\/p>\n\n\n\n

\u201cWhen human intervention lessens, leakage will lessen \u2014 which is a milder word of saying corruption,\u201d he added.<\/p>\n\n\n\n

\u201cWe are trying to bring FBR, which is our tax authority, trust and credibility,\u201d he said.<\/p>\n\n\n\n

\u201cI want to say that one structural step that we have taken is that the tax policy has been taken out of FBR and placed in the finance ministry,\u201d he said, citing the reason to be making the policy \u201cbased on economic considerations\u201d and that the tax authority is solely focused on tax collection.<\/p>\n\n\n\n

After decades of lapses, the government in Feb took the first step<\/a> to separate tax policy from revenue admi\u00adnistration and notified the creation of the Tax Policy Office (TPO), hea\u00add\u00aded by the finance minister.<\/p>\n\n\n\n

Under the ongoing Extended Fund Facility of the IMF, Pakistan had given an undertaking to set up TPO under the supervision of the finance minister to ensure it had sufficient teeth for policy implementation, according to IMF documents.<\/p>\n\n\n\n

The TPO will devise tax policies and proposals thro\u00adugh data modelling, revenue and economic forecasting, and the country\u2019s international tax treaties and obligations, it added.<\/p>\n\n\n\n

Reference Link:- https:\/\/www.dawn.com\/news\/1894442<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Finance Minister Muhammad Aurangzeb on Wednesday stressed that all sectors will have to \u201cchip in\u201d to increase the country\u2019s exports. Addressing the business community in Peshawar, the finance minister stressed the need to move away from the boom and bust cycle experienced in the past, adding that \u201cit\u2019s very easy to just pump in liquidity. […]<\/p>\n","protected":false},"author":1,"featured_media":15622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[13434,132,3247,13433,273,105,5651,157,36,13435,1069,13436],"class_list":["post-15621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sample-category","tag-boosting-export","tag-economy","tag-export","tag-export-oriented-economy","tag-foreign-exchange","tag-geopolitics-2","tag-import","tag-investment","tag-pakistan","tag-pakistan-every-sector-has-to-chip-in-for-exports","tag-trade","tag-says-aurangzeb"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/15621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15621"}],"version-history":[{"count":1,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/15621\/revisions"}],"predecessor-version":[{"id":15623,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/posts\/15621\/revisions\/15623"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=\/wp\/v2\/media\/15622"}],"wp:attachment":[{"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gsrra.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}