PM orders formulation of plan to increase revenue
Business
PM orders formulation of plan to increase revenue
ISLAMABAD (APP) – Prime Minister Shehbaz Sharif on Thursday directed the preparation of a comprehensive plan to increase revenue without burdening the common man.
Chairing a meeting, the premier outlined that over the next five years, efforts would be made to raise the tax-to-Gross Domestic Product (GDP) ratio to 15 per cent.
Shehbaz emphasised the federal government's commitment to empowering provinces, transferring relevant ministries and departments under the 18th amendment, and reducing expenditure to address the fiscal deficit.
He urged the acceleration of reforms and privatisation of state-owned institutions, especially those operating at a loss.
The prime minister also advocated for public-private partnerships to enhance services at major airports across the country.
Highlighting the government's focus on gradually reducing public debt, pension, and subsidy reforms, as well as privatisation of state-owned entities, Shehbaz hailed the conclusion of the standby program with the International Monetary Fund (IMF) as a positive step. He pledged full efforts for the next IMF programme.
Shehbaz stressed the need for a detailed plan to decrease external debt and suggested engaging international experts to drive economic progress.
During the meeting, participants were briefed on revenue, taxes, fiscal deficit, foreign exchange reserves, remittances and the current account.
Additionally, progress on the implementation of revenue, subsidy, and power sector reforms was discussed, in line with the Prime Minister's directives to reduce government expenditure.
Federal ministers Muhammad Aurangzeb, Ahad Khan Cheema, Dr Musadiq Malik, Ahsan Iqbal, Deputy Chairman Planning Commission Jehanzeb Khan, Prime Minister's Coordinator Rana Ihsaan Afzal, and relevant officers were present at the meeting.
