ISLAMABAD: Finance Minister Muhammad Aurangzeb stated that the federal budget for 2026-27 will play a pivotal role in advancing the country’s economic growth. Addressing a post-budget news conference in Islamabad, he was joined by Minister for Information and Broadcasting Attaullah Tarar and Minister of State for Finance Bilal Azhar Kayani.

According to Radio Pakistan, the Finance Minister expressed satisfaction with the positive reception of the budget, noting it signifies growing confidence in the nation’s economic trajectory. He emphasized that significant efforts have been made to leverage fiscal resources for growth. The budget aims to foster an export-led growth environment, with measures including decisions on super tax and advance tax. Additionally, the Export Refinance Scheme has been expanded to ensure financial resources are available to exporters at a rate of 4.5 percent.

Aurangzeb highlighted the government’s commitment to reducing the cost of intermediate goods and raw materials to improve export competitiveness. The budget also emphasizes the agriculture sector, with agri-financing surpassing two trillion rupees and the removal of duties on agri equipment imports to promote mechanization and productivity.

The Finance Minister mentioned tax relief for the salaried class and the construction sector. Efforts to deepen and broaden the tax net include a shift towards automation and artificial intelligence to enhance transparency and efficiency in tax administration.

Information Minister Attaullah Tarar described the budget as all-inclusive and relief-oriented, asserting it fulfills the Prime Minister’s promise of societal relief and sets a growth path. He noted international recognition of the country’s macro-economic stability and termed the FBR reforms as historic.

Special funds have been allocated for educational institutions in underdeveloped areas, and the budget is described by the Minister of State for Finance as serving the salaried class, industrialists, exporters, and the construction sector. In response to inquiries, Aurangzeb clarified there is no increase in the petroleum levy.

Finance Secretary Imdad Ullah Bosal added that ad hoc relief allowances of 2022 and 2025 have been merged into the basic pay, with a subsequent seven percent salary increase following the merger.