ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that the economic condition of the country cannot be improved by borrowing from outside.
Finance Minister Muhammad Aurangzeb while addressing the inauguration ceremony of the SECP Head Office Building said that to make the IMF program last, there must be urgent reforms in the energy sector. Reforms have to be made while staying in the IMF program and the privatization policy has to be followed. We cannot improve the economic condition of the country by borrowing from outside.
The finance minister further said that dependence on banks should also be reduced and borrowing from external sources should also be reduced. We have to bring transparency in our economic affairs for which SECP is the primary regulator. The use of technology has to move forward and simplifying the company registration process is a best practice. The economic situation is that one has to go out for a billion dollars or less. There is a lot of potential in Pakistan’s domestic market which needs to be tapped.
Mohammad Aurangzeb further said that government will support wherever legislation is required in the regulations. Good news has started pouring in for the economy. Fitch has upgraded Pakistan’s rating.
State Bank has reduced the interest rate. Global confidence has improved with the new IMF loan program. Want to promote private sector activity. Government will not be involved in a business that the private sector does. The Prime Minister wants to declare this IMF program as the last program.
