Islamabad: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, engaged in a detailed discussion with representatives from Moody’s Ratings today, focusing on Pakistan’s economic milestones and strategic fiscal reforms via a virtual meeting.

According to Press Information Department, the minister initiated the session by presenting an updated economic outlook for Pakistan. He noted significant achievements such as foreign exchange reserves exceeding USD 9 billion, a stable CPI inflation rate of 12.6%, and a 7.7% increase in foreign remittances. Aurangzeb highlighted a 30% surge in tax collection for the fiscal year 2024 and detailed efforts to expand the tax base, including the implementation of new agricultural taxes and digital initiatives at the Federal Board of Revenue (FBR). He proudly mentioned that over 150,000 retailers had registered as first-time taxpayers, indicating progress towards broadening the tax base.

The Minister also discussed ambitious fiscal targets, including a revenue increase of 3% of GDP by FY 2027 and aiming for a primary surplus of 1% of GDP, signaling a strong commitment to fiscal sustainability and economic growth. He updated Moody’s on the successful conclusion of Pakistan’s 9-month Stand-By Arrangement with the IMF and the commencement of a new medium-term program under a recently finalized Staff-Level Agreement.

Moreover, Aurangzeb briefed on reforms in the energy sector and state-owned enterprises, focusing on privatization and rightsizing to enhance operational efficiency and governance. The representatives from Moody’s Ratings expressed their confidence in Pakistan’s economic trajectory, acknowledging the comprehensive reforms and strategic initiatives underway.