Pakistan’s Finance Minister, Muhammad Aurangzeb, recently announced new restrictions on property and vehicle purchases for non-filers as part of broader economic reforms. Speaking at a press conference in Washington, he highlighted that these difficult decisions are necessary to drive long-term improvement, according to Express News.
Aurangzeb explained that Pakistan aims to phase out the non-filer category altogether, with plans underway to provide legal backing for these measures. The country is targeting an increase in its tax-to-GDP ratio from 9% to 13% to bolster economic stability. Recent improvements in inflation and policy rates reflect the government’s progress, he added.
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The finance minister emphasised Pakistan’s strides toward macroeconomic stability, noting positive assessments from major rating agencies. He described his discussions with the IMF as constructive and expressed optimism that this could be Pakistan’s final IMF program.
In the U.S., Aurangzeb met with IMF and World Bank representatives and discussed investment opportunities with American business leaders. Additionally, Pakistan has requested an extension of 10 billion yuan ($1.4 billion) from China to address external financing needs. The request was made in a meeting with China’s Vice Minister of Finance, Liao Min, as Pakistan aims to raise its Currency Swap Agreement limit to CNY 40 billion.
