Islamabad: Finance Minister Muhammad Aurangzeb discussed the government’s commitment to an export-led growth strategy during a meeting with the Spanish Ambassador to Pakistan, Jose A. de Ory. The discussion emphasized enhancing sectors such as agriculture and IT to stabilize the economy by broadening the tax base and increasing the tax to GDP ratio.

According to Ministry of Information and Broadcasting, Minister Aurangzeb reported a 30% increase in tax collection this financial year compared to 2023, attributing the success to improvements in tax administration through digitization, fiscal consolidation, and energy sector reforms. The Minister also noted the completion of a nine-month Stand-By Arrangement with the IMF and the government’s intent to continue its economic reforms under a new medium-term program supported by the fund.

The meeting also covered updates on Pakistan’s economic indicators, including an increase in foreign exchange reserves to $9.4 billion, a robust stock exchange performance, a decline in inflation rates with the CPI at 12.6% in June 2024, and a 7.7% increase in foreign remittances compared to the previous year. The Spanish Ambassador emphasized the need for Pakistan to enhance value addition in its exports, highlighting potential areas for deeper collaboration between the two nations.