Revenue collection remarkably increased by 30%, says Finance Minister Aurangzeb
ISLAMABAD (APP) - Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday said that despite challenges, the country had made significant progress in achieving macroeconomic stability, with a remarkable 30 percent growth in revenue collection, a reduced current account deficit, reduction in inflation and a stable currency.
Addressing a press conference at the launching ceremony of Economic Survey of Pakistan 2023-24, the minister said: “This situation indicates a remarkable turnaround from a precarious economic situation, characterized by a 0.2% GDP contraction, 29% rupee depreciation, and a shrinking foreign exchange reserves, which had declined to just two weeks’ worth of import cover.”
He said, despite challenges in the large-scale manufacturing (LSM) sector due to interest rates and energy issues, the country’s GDP growth had found a silver-lining in the agriculture sector, which had been boosted by bumper crops. He said that the agriculture and the dairy and livestock sector were expected to remain a key driver of growth in the years to come.
Talking about future programme with the IMF, the minister said Pakistan and IMF have had a productive and constructive dialogue during the fund’s recent visit. He said that the successful conclusion of the Stand-By Arrangement (SBA) has demonstrated Pakistan’s commitment to discipline, which had been acknowledged by the IMF.
He said that the IMF programme was for the benefit of Pakistan to improve its economy. “This is Pakistan’s programme, which was being aided, supported, and funded by the IMF.” The key areas of focus include enhancing tax revenues, improving the complex energy equation, and implementing power sector reforms besides privatization of state-owned enterprises (SOEs).
He said that the discussion with IMF were progressing positively, with both parties committed to working together to achieve Pakistan’s economic goals.
The minister said that the country’s Current Account Deficit (CAD) had also seen a significant reduction, from an estimated US$6 billion to just US$200 million. “The country has even experienced a current account surplus for three months adding the surplus is expected during the month of May as remittances stood at US$3.2 billion during the month.”
Earlier, Federal Minister for Finance and Revenue Muhammad Aurangzeb formally launched the ‘Pakistan Economic Survey 2023-24’, the pre-budget document which shared key economic indicators and the performance of different economic sectors during the outgoing fiscal year.
The survey comprehensively covered the country’s economic situation, besides giving a detailed picture of growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets, inflation, debt and liabilities.
The survey also highlighted the performance of agriculture, education, health and nutrition sectors, besides showing the overall population, labour force and employment, poverty, transport and communications, and per capita income.
It highlighted the main features of policies undertaken by the government that focused on bringing the macro-economic stability and putting the economy on growth trajectory.
