Finance Minister Muhammad Aurangzeb has announced that the target for fiscal year 2025 is to increase tax revenue to 1.5% of GDP, with a goal to raise this to 3% of GDP over the next three years.
The Ministry of Finance released a statement following a virtual meeting between Finance Minister Muhammad Aurangzeb and representatives from Fitch Ratings.
According to the statement, Fitch acknowledged improvements in Pakistan's economic indicators and praised the government's economic goals and financial measures.
During the meeting, the Finance Minister briefed Fitch representatives on the key economic objectives for the new fiscal year.
The Finance Minister stated that a primary surplus of 1% of GDP is also expected for fiscal year 2025, and that the IMF agreement will strengthen the agenda for economic reforms.
He noted that there has been a reduction in inflation and stabilization of financial reserves, while remittances increased by 7.7% in the last fiscal year.
The briefing highlighted that over 150,000 retailers have been registered as taxpayers and that imports in the information technology sector have exceeded $3 billion.
Finance Minister Muhammad Aurangzeb will visit China for three days starting tomorrow
Federal Finance Minister Muhammad Aurangzeb is set to visit China for three days, with a critical task to reschedule $15 billion in energy loans.
According to sources, the Finance Minister will discuss the rescheduling of the $15 billion energy loan. A joint working group may be established between Pakistan and China for the rescheduling. Discussions will also cover issues related to China's energy circular debt, which amounts to approximately Rs 500 billion.
Sources also indicate that during his visit, the Finance Minister will discuss Panda bonds, as Pakistan seeks to obtain $30 million through Panda bonds in China.
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