Finance minister says 21pc reduction in inflation signals economic improvement Info minister says reforms being introduced in multiple sectors to transform Pakistan Govt to introduce pension reforms to lessen burden: Law Minister.
ISLAMABAD - Minister for Finance Muhammad Aurangzeb on Tuesday termed Saudi delegation’s visit to Pakistan as successful. Addressing a news conference along with Law Minister Azam Nazeer Tarar and Minister for Information and Broadcasting Attaullah Tarar in Islamabad, he said confidence of investors is increasing on Pakistan due to its stable situation.
He said Saudi delegation evinced confidence in Pakistan’s economy. The Finance Minister said the country is heading in right direction. He said the foreign exchange reserves have exceeded nine billion dollars while inflation has reduced from thirty eight percent to seventeen percent and it is gradually coming down.
Muhammad Aurangzeb said the IMF team is expected to visit Pakistan soon during which contours of a larger and longer program will be discussed. He said government is focusing to ensure macro-economic stability and structural reforms.
The Finance Minister emphasized to enhance the tax to GDP ratio to thirteen to fourteen percent.
Minister for Information and Broadcasting Attaullah Tarar said on Tuesday that the country standing at the crossroads was going through transformation and various reforms were being introduced in multiple sectors.
Addressing a press conference along with Minister for Finance Muhammad Aurangzeb and Minister for Law and Justice Azam Nazeer Tarar here he said that the country’s economy was on the right track and all the indicators were positive.
The minister said that international organizations including financial journals had confirmed that the figures about the economic stability were correct.
He said after coming into power, steps were taken by the government to reduce its expenses and privatization of loss-making public sector entities was part of that plan.
“Reforms in pension structure are being mulled in the government institutions across the board”, he remarked.
He said that pensions were a big hurdle in the government plan of curtailing expenditure. He said that life expectancy has increased in the world and various countries had increased the retirement age. He said there was a proposal to increase the age of retirement across the board.
He said that a section of the media was speculating that it was aimed at some specific institution which was incorrect, if approved it would be implemented across the board.
He said so far proposals regarding increasing the upper age limit for retirement and and discussions were
being held.
Attaullah Tarar said that for avoiding fake news and propaganda,efforts were being made to take the people on board on various issues being discussed at government forums.
He said at this stage, various proposals were being discussed at this stage and when any decision ould be finalised, the masses would be taken on board.
Minister for Law and Justice Azam Nazeer Tarar on Tuesday said that the government would introduce pension reforms to lessen the burden on economy.
The structural reforms in the institutions were part of government’s agenda as per the vision of the Prime Minister, he said, adding that practical steps were need of hour for economic growth.
The minister stated this while addressing a press conference here.
He said that political and economic stability were interconnected, adding that the Parliament should also adopt the pension reforms unanimously.
The Parliament, he said, had introduced first legislation with regard to tax collection. Now it was an internationally admitted fact that only a country with economic stability would progress, he added.
The minister said that a committee had been formed on pension reforms which would view the different proposals regarding it.
He said that the pension reforms would be implemented in every government institution across the board.
Nothing was going on under the carpet, he said, adding that the decisions would be shared with the public.