Pakistan

Finance Minister Aurangzeb assures to reduce govt expenditures

"People would get to know about the austerity measures within one and a half months," says FinMin Aurangzeb

By  Web Desk   |  
June 18, 2024
Finance Minister Muhammad Aurangzeb addressing media in Kamalia on June 18, 2024. —Screengrab/YouTube/Geo News

KAMALIA:Finance Minister Muhammad Aurangzeb assured the Pakistani people on Tuesday that the government will cut its expenditures and was mulling over its outlays.

"We are focusing on government expenditures. People would know about theausterity measureswithin one and a half months,"the finance minister said addressing media persons in Kamalia.

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The finance minister further said that the governmentshould dissolve the ministries belonging to the subjects that have been devolved.

Stressing thatschool and hospital could be run on charity but tax was required to run a country, Aurangzeb said that thegovernment would have to gradually bring the tax amnesty down.

He also said that thegovernment was increasing the tax net by bringing other sectors in it, adding that it will beapplied on retailers from July. "About 31-32,000 retailers were registered with the government," he said.

Blaming the Federal Board of Revenue (FBR), Aurangzeb said laws regarding tax collection were present but the authority was not collecting it properly. He said digitisation of tax would curb the corruption.

Highlighting importance of privatisation of loss-making state institutes, the finance czar said outsourcing of the Karachi airport would be completed in July, while Prime Minister Shehbaz Sharif had directed to hand over the Lahore airport as well to the private sector.

Aurangzeb further said that it would have been better if the Pakistan International Airline was sold 10 years ago.

“If the country has to progress and burden on the government has to be lessened, all of these entities will have to be privatised,” he said.

On employment opportunities, the minister said there was no need for the government to provide jobs as children were already earning sitting at homes. The IT sector was generating a revenue of $3.5 billion, he maintained.

He said the IT and agricultural sector could improve the country’s economy, adding that the International Monetary Fund (IMF) conditions had nothing to do with the agriculture or IT sector.

On PM Shehbaz’s recent visit to China, Aurangzeb apprised that they did not go to China to seek fund this time instead they sought technology from the iron brothers.


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