Islamabad: Finance Minister Muhammad Aurangzeb has underscored the need for structural reforms to achieve sustainable and inclusive economic growth. Speaking at an event organized by the Pakistan Retail Business Council, Aurangzeb highlighted ongoing reforms in taxation, energy, State-Owned Enterprises (SOEs), and public finance as essential steps to avoid the country’s boom and bust cycles.

According to a statement by Ministry of Information and Broadcasting, Aurangzeb expressed confidence in the country’s economic direction, noting that macroeconomic stability has been achieved. He pointed out significant changes in the taxation system, with a focus on using advanced technology to enhance transparency and curb leakages. He also emphasized the need to rebuild trust in the tax authority.

Aurangzeb acknowledged the unequal tax burden on the salaried class and called for sectors like retail, wholesale, real estate, and agriculture to contribute more equitably. On energy reforms, he mentioned that stringent measures are in place to foster competitive energy markets.

Regarding the reform of SOEs, Aurangzeb indicated that the rightsizing process is underway and is expected to conclude by June. He confirmed the continuation of the privatization process to streamline these enterprises.