ISLAMABAD – Federal Finance Minister Mohammad Aurangzeb said that a reduction in inflation, interest rates and government expenditures was expected soon.
The government needed to put its own house in order first; the formula of taking loans from friendly countries to roll over debts would no longer work.
In a special interview with a local private TV, Finance Minister Mohammad Aurangzeb expressed expectations of a soon-to-come reduction in inflation and interest rates, along with a commitment to reduce government expenditures.
He emphasized the need for the government to bring down its expenses.
“We will see actions rather than mere announcements. There is no magic wand to fix economic ailments; it’s about consolidating micro-stabilization at the moment,” he said. “There’s no switch that can be pressed for the benefits of micro-stabilization to kick in,”.
“The first quarter of 2024 has been good for us. We know what we have to do; the government needs to fix its own house first, we need to cut down on our expenditures,” said the minister.
Federal Finance Minister Mohammad Aurangzeb said that friendly countries have provided assistance to us and want to help Pakistan, but they don’t want to assist through loans; the formula of taking loans from friendly countries to roll over debts will no longer work.
The process of privatization is moving in the right direction, and even electricity distribution companies will be taken into the private sector. He said that private investment can also be made through the IMF; they needed to fast-track the second phase of CPEC.
To stop revenue leakage, FBR would be digitized, and trust deficits in FBR would be eliminated through digitization, he added.
