Interest rates will be reduced further, finance minister says

TOBA TEK SINGH: Federal Finance Minister Muhammad Aurangzeb said that he has been visiting different cities across the country for the past few weeks, and he has been “impressed by the traders of Sialkot.”

The finance minister was speaking to media during a trip to Kamalia in Toba Tek Singh district on Sunday. “There is a lot of self-reliance among the people of Sialkot,” Aurangzeb said before shedding light on the government’s plans for the economy.

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He said, “Under the leadership of Prime Minister Shehbaz Sharif, the economy is moving towards improvement. Traders should focus on their work and we will come to you ourselves.” He said that the government is taking suggestions from all stakeholders for economic reforms. “The economy has stabilised due to fruitful policies. We will fulfill all commitments that we have made.”

Speaking on the recent decrease in the policy rate by the State Bank of Pakistan (SBP), Aurangzeb said that visible decline has been seen in inflation. “The business community will benefit from the reduction in interest rates. The interest rate will be reduced further, it will go towards single digits,” he added.

Aurangzeb said that the government is also taking steps to increase exports. “The economy is rising. Inflation is declining. The wheel of the economy has just started to turn,” he said.

Alluding towards the political climate of the country, he said, “We may have differences, but we should be one for the sake of the country. Everyone has to come on the same page for the betterment of the economy.”

The minister said that achieving economic targets will lead the country towards stability. He said that hospitals and educational institutions can run on charity, but not the country. “This year, the target of $35 billion in remittances is likely to be achieved,” he said.

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“Everyone should come together on the Charter of Economy,” Federal Finance Minister Muhammad Aurangzeb said.

Talking about tax evasion, the minister said, “PASCO [Pakistan Agricultural Storage & Services Corporation] is the most corrupt institution.”

He said, “Efforts are being made to ensure that the burden on taxpayers does not increase further. Whomever needs to pay tax will have to pay tax.”

Web Desk