The finance minister of Pakistan himself opened the poll of his country

Pakistan’s Finance Minister Muhammad Aurangzeb on Thursday admitted that the country is facing difficulties in achieving economic stability. He said that Pakistan, which is taking loans after loans, has lost its credibility. He was speaking at a meeting of the Senate Climate Change Committee, where he discussed issues related to climate financing and Pakistan’s negotiations with international financial institutions.

“We have lost our credibility as a country,” the Pakistani finance minister said. Aurangzeb said it is necessary to implement economic reforms soon so that global trust in Pakistan can be restored.

Aurangzeb said the Asian Development Bank (ADB) has committed $500 million, while Pakistan expects to receive $1 billion from the International Monetary Fund (IMF) next week, The Express Tribune reported. He also said the government plans to issue “Green Panda Bonds” to attract foreign investment. These bonds are issued in Chinese yuan and the money raised from them is invested in environmental development work.

Big change in tax policy
Finance Minister Aurangzeb also announced major changes in Pakistan’s tax policy. He said that now the Finance Ministry will control the tax policy, while the Federal Board of Revenue (FBR) will focus only on tax collection. He said that only structural reforms can lead Pakistan towards sustainable and inclusive economic growth.

Pakistan was saved from default in 2023

It is worth noting that Pakistan was on the verge of default in 2023, but the crisis was averted at the last moment with the help of the IMF. However, the country’s economic situation still remains challenging and serious reforms are needed to win the confidence of foreign investors.