Islamabad: Finance Minister Muhammad Aurangzeb has committed to implementing extensive homegrown structural reforms across all sectors to boost Pakistan’s economy. Speaking at a news conference in Islamabad on Sunday, Aurangzeb outlined a strategic plan aimed at increasing exports and achieving sustainable economic growth.

According to Ministry of Information and Broadcasting, Minister Aurangzeb emphasized that the push for structural reforms is driven by both the requirements of the International Monetary Fund and Pakistan’s intrinsic needs. He detailed the government’s efforts to establish macroeconomic stability, which he believes is essential for fostering inclusive and long-term growth.

The minister highlighted the positive outcomes of these initiatives, citing a significant 29 percent year-on-year increase in exports and a reduction in inflation from 38 percent to single digits. He also noted improvements in Pakistan’s credit ratings and expressed confidence in achieving at least a B or B- investment grade in the future.

Further detailing the government’s reform agenda, Aurangzeb mentioned consultations with local think tanks and consideration of foreign advice to tailor Pakistan’s economic policies effectively. He also reported notable progress on the domestic front, with the Pakistan Stock Exchange (PSX) reaching new heights and moving in a positive direction.

Additionally, Aurangzeb reaffirmed the government’s resolve to streamline its operations, mentioning the ongoing process of either abolishing or merging six ministries as part of efforts to reduce the federal government’s size. On the taxation front, he celebrated the increase in tax return filings, from 1.6 million last year to 3.2 million to date, and a significant rise in new filers from 300,000 last year to 723,000 currently.