Country’s foreign currency reserves have crossed $9 biln mark: Finance Minister Muhammad Aurangzeb

 LAHORE, May 12 (SABAH): Minister for Finance and Revenue Muhammad Aurangzeb has said that excellent work has been done under the guardianship of Prime Minister Mian Muhammad Shehbaz Sharif, adding that the country’s foreign currency reserves have crossed $9 billion mark and confidence of foreign investors is improving due to the government’s effective economic policies. He said that International Monetary Fund (IMF) team has reached Pakistan and talks with them will be held soon. Muhammad Aurangzeb said that if we want economic stability in the country then we will have to go towards privatization, adding that we will not budge from the tax net, adding that we will provide facilities, hold negotiations but will not retreat from the track.

Addressing a pre-budget conference in Lahore on Sunday, Muhammad Aurangzeb said that due to government’s measures, the value of the rupee is getting stronger while the inflation rate is lowering now.

The Finance Minister said that we need structural reforms and lower the current account and budget deficits. He said that the salaried segment of society is part of the tax net; however the business community should have to be made part of it. He said that the country’s economy will be documented from now on.

He said that the government’s work is to make policy, while that has to be implemented mainly by the private sector which will have to play its role to bring the economic situation out of difficult times. He said that privatization will have to be done for economic stability.

He said that the credit also goes to the caretaker government period, adding that he has noted the suggestions for introducing reforms. He said that there is need to work on tax, GDP and energy, adding that from somewhere we have to start the work, adding that if we will not start the work than how it could be finished. Muhammad Aurangzeb said that private sector people have also been taken on board, adding that Deputy Prime Minister and Foreign Minister Ishaq Dar has also chaired meeting on privatization, adding that we all are on the same page, adding that not only the international but local investors will also be taken on board.