Islamabad: Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment to sustainable development, emphasizing export and productivity-led growth during a news conference in Islamabad on Saturday. Aurangzeb expressed satisfaction with the performance of the auto-sector and its contribution to overall exports.

The Finance Minister highlighted ongoing structural reforms aimed at reducing reliance on the International Monetary Fund (IMF). He projected that the tax to GDP ratio would reach 10.6 percent by the end of the financial year, marking an increase of 1.8 percent. Aurangzeb further stated that the government aims to elevate this ratio to 13.5 percent.

Aurangzeb reported a significant increase in revenue collection by the Federal Board of Revenue (FBR), estimating a rise of 32.5 percent this year. He also noted that 105 billion rupees have been collected from new tax filers and indicated that the privatization process will be expedited.

On the external economic front, Aurangzeb expressed confidence that remittances would reach a record 36 billion dollars this financial year. In response to changes in U.S. trade policy, he announced plans to send a high-level delegation to Washington to discuss Pakistan’s commitment to a long-term strategic partnership.

He emphasized that the government is actively engaged in formulating a package to facilitate discussions with the U.S. administration, aiming for mutually beneficial outcomes in the medium to long term.