ISLAMABAD
Finance Minister (FM) Muhammad Aurangzeb has said that Pakistan has dealt with the situation in a better way despite the Middle East Crisis.
A high level panel discussion was held on Pakistan economy in Harvard University.
Addressing the panel discussion FM termed the Middle East conflict a big supply shock for global economy.
He held Pakistan sustained the continuity of energy.
Full transfer of energy prices and targeted subsidies are continuing following the initial subsidies. Pakistan handled the situation in apt manner despite crisis.
He underlined Euro bond payment remained Non event. This is demonstration of confidence on external payments.
He indicated record surge was witnessed in transit traffic at Karachi airport.
Record remittances were received in Roshan Digital Account in the month of March.
He remarked remittances are not durable solution. Focus is needed on exports.
He observed the real challenge is implementation of reforms. We are striving to increase Tax to GDP ratio.
Digitalization and automation process is underway in FBR.
Subsidies for industries must be phased out on permanent basis to adopt a competitive model.
We are trying to introduce reforms in tariff and integration into global market.
He held solar energy capacity in the country has reached 8,000 megawatts. Further expansion in renewable energy is our target.
He observed legislation on agriculture income tax was completed in all the four provinces. 28 state entities were referred to Privatization Commission for privatization.
Population growth and climate change are major challenges.
Improving business environment is government priority.
