China Assures Support for Pakistan’s IMF Board Approval: Federal Finance Minister Mohammad Orangzeb

Islamabad: Federal Finance Minister Mohammad Orangzeb has stated that China has assured cooperation in discussions with the IMF. He emphasized that China has reaffirmed its support during Pakistan’s approval process at the IMF board. Collaboration between Saudi Arabia and China remains robust.
Addressing a press conference in Islamabad, he highlighted efforts towards economic improvement, stressing the avoidance of burdening lower-income groups with taxes. The Trader Friendly Scheme has been introduced, aiming to strengthen the economy through tax compliance. Refund administration is actively ongoing, with nearly PKR 70 billion refunded since July 1st.
“We are working towards economic betterment,” stated the Finance Minister, noting ongoing dialogues at the local level regarding tax reforms. Efforts are underway to integrate agriculture into the tax net, with legislative initiatives planned for the agricultural sector.
The Minister expressed the simplification of tax systems across sectors as a priority, particularly enhancing facilities for traders and investors. He underscored the role of digitalization in improving transparency, citing the retrieval of data from 4 to 5 million non-filers, crucial for evidence-based policymaking.
“Corruption and harassment will be curtailed through centralized notices to non-filers,” assured the Finance Minister, highlighting efforts to address under-invoicing in customs. Cabinet committees are actively addressing issues across five ministries, including IT and telecommunications integration.
Health responsibilities for provinces were also discussed, emphasizing the need for the Ministry to encompass Kashmir and Gilgit-Baltistan. Challenges in external payments have necessitated efforts in microeconomic stabilization.
“We must focus on all revenue-generating sectors,” stressed the Finance Minister, reflecting on recent visits to China focused on energy and panda bonds. Prime Minister Shahbaz Sharif’s discussions with the Chinese President underscored Pakistan’s energy needs.
In conclusion, Mohammad Orangzeb reiterated China’s pivotal role in facilitating IMF approval and enhancing bilateral cooperation with Saudi Arabia. The Finance Minister’s commitment to economic reforms and equitable tax policies remains resolute amidst ongoing challenges.