Inflation rate has reduced to 20% from 36%, claims Finance Minister Muhammad Aurangzeb

WASHINGTON (92 News) - Federal Minister for Finance and Revenue Muhammad Aurangzeb has claimed that the inflation rate has been reduced to 20 percent from 36 percent.

Talking to the media on Monday, he said that reforms were being reduced in the Federal Board of Revenue (FBR) and the tax collection system. "We will bring maximum people in the tax net," he added.

Meanwhile, Finance Minister Aurangzeb met with the members of US Pakistan Business Council (USPBC) on the sidelines of the IMF/World Bank Spring meetings in Washington DC.

He appreciated the important role of US corporate sector in strengthening Pak-US economic ties. "Despite the challenges, the government is committed to implementing difficult but necessary reforms to ensure long-term economic growth and macro-economic stability." he added.

He highlighted key initiatives, including the Investment Policy 2023, aimed at attracting more foreign investments across various sectors in Pakistan to enhance investors’ confidence and streamline project implementation, particularly in priority sectors such as agriculture, IT, energy, and minerals and mining. He elaborated that the new policy would simplifying business regulations, provide foreign investors freedom to repatriate their profits abroad in their own currency and receive special protection.

He also apprised them of government’s efforts to digitalize the economy and expand the tax base to ensure sustainable economic growth. USPBC members welcomed the steps taken by the government of Pakistan to improve the ease of doing business and assured the Minister of USPBC’s continued support to enhance bilateral trade and investment cooperation.

Finance Minister Muhammad Aurangzeb also had a productive session with influential Pakistani American businessmen and tech entrepreneurs in Washington DC.

During the meeting, he highlighted Pakistan’s improved business climate and investment opportunities in key sectors including agriculture, IT, extractive industry and energy. He lauded diaspora’s contribution to Pakistan’s socio-economic development and invited them to invest in Pakistan. He assured full support for the resolution of problems being faced by the IT companies doing business in Pakistan.