In a bold move to steer Pakistan toward economic recovery, Finance Minister Muhammad Aurangzeb announced that non-tax filers will no longer enjoy the freedom to purchase properties and vehicles. Speaking at a press conference at the National Press Club on Wednesday, Aurangzeb emphasized that tough economic measures are essential for progress.
The Minister detailed the government’s plans to phase out non-filers, implementing stringent legal frameworks to ensure compliance. “Our aim is to boost the country’s tax-to-GDP ratio from 9% to 13%, despite the challenges posed by inflation and fluctuations in the policy rate,” he declared.
Aurangzeb also highlighted the success of his recent discussions with U.S. stakeholders, who recognized the Pakistani government’s efforts to combat inflation. He represented Pakistan at the World Bank (WB) and International Monetary Fund (IMF) Annual Meetings from October 21 to 26, where he engaged with leaders from global financial institutions, including multinational banks, rating agencies, the IMF, and the Asian Development Bank (ADB).
Moreover, he revealed that U.S. business communities are eager to invest in Pakistan, a sentiment bolstered by positive assessments from ratings agencies regarding the country’s economic trajectory.
In a significant shift, Aurangzeb announced that the World Bank would provide Pakistan with grants instead of loans, signaling a new phase in international financial relations. He further reassured the public that the government would refrain from seeking additional loans from the IMF, focusing instead on sustainable economic strategies.