Finance Minister Aurangzeb assures to reduce govt expenditures
Finance Minister Aurangzeb assures to reduce govt expenditures
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**KAMALIA:** Finance Minister Muhammad Aurangzeb reassured the Pakistani public on Tuesday that the government is committed to reducing its expenditures and is currently evaluating its budget.
"We are focusing on government expenditures. People will be informed about the austerity measures within a month and a half," the finance minister stated while addressing the media in Kamalia.
Aurangzeb emphasized the need to dissolve ministries related to subjects that have already been devolved. He also highlighted the importance of taxes, noting that while schools and hospitals could operate on charity, running a country required tax revenue. He mentioned the government's plan to gradually reduce tax amnesty and expand the tax net to include more sectors, starting with retailers in July. "About 31-32,000 retailers are now registered with the government," he said.
Criticizing the Federal Board of Revenue (FBR), Aurangzeb pointed out that although tax collection laws exist, the authority has not been enforcing them effectively. He suggested that digitizing tax processes would help reduce corruption.
The finance minister also discussed the importance of privatizing loss-making state institutions. He announced that the outsourcing of Karachi airport would be completed in July and that Prime Minister Shehbaz Sharif had directed the privatization of Lahore airport as well. Aurangzeb expressed regret that Pakistan International Airlines was not sold a decade ago, arguing that privatization is essential for the country's progress and for easing the government's financial burden.
Regarding employment opportunities, Aurangzeb remarked that government-provided jobs are unnecessary as many young people are already earning from home, particularly in the IT sector, which generates $3.5 billion in revenue. He stated that both the IT and agricultural sectors could significantly boost the economy, and clarified that the conditions set by the International Monetary Fund (IMF) do not affect these sectors.
Aurangzeb also mentioned Prime Minister Shehbaz Sharif’s recent visit to China, noting that the focus of the trip was not to seek funds but to acquire technology from their "iron brothers."
