Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb has said that the role of the stock market is of key importance in leading the country towards sustainable growth. The significant growth in the Pakistan Stock Market is reflecting investors’ confidence in the country’s economy, while we are reducing the federal government’s spending and volume, for which steps are being taken.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb expressed these views while addressing a ceremony held at the Karachi Stock Exchange on Wednesday.
The Finance Minister said in his address that the significant growth in the Pakistan Stock Market is reflecting investors’ confidence in the country’s economy. The main objective of the SBA and the Extended Fund Facility Program with the IMF was to maintain the stability of the overall economy and lead it towards export-based sustainable growth, which is yielding excellent results.
Steps are being taken regarding digitalization, a faceless interaction system has been developed in customs, and reforms are being implemented in the energy sector. He said that work is underway under a comprehensive agenda to reduce government expenditure, and debt repayment has improved.
He said that we are reducing the expenditure and volume of the federal government, 42 ministries and 400 affiliated institutions are being reviewed. This process is being gradually taken forward and steps are being taken.
Issues related to taxation in the stock market will be resolved, the Ministry of Finance will provide all facilities in this regard. Earlier, Pakistan Stock Exchange Chief Executive Officer Farrukh Sabzwari said that the stability of the overall economy and the reduction in the policy rate have led to a significant acceleration in the Pakistan Stock Exchange. We are also grateful to our Chinese partners. We have an excellent partnership with Chinese stock exchanges.
He said that we have signed MoUs with three stock exchanges in China and a series of technical assistance is ongoing between us. He said that the stock market has given a return of 80% in one year, which is reflecting the excellent performance of the market. Despite the difficulties, we have shown excellent performance, while there is still a lot of room in the market.
