Population Control Needed to Make a 3 Trillion Dollar Economy by 2047: Finance Minister

Federal Finance Minister Muhammad Aurangzeb emphasizes population control, Economy, and investor confidence to achieve Pakistan’s 2047 economic goals.

Federal Finance Minister Muhammad Aurangzeb said that Pakistan must control its population to become a 3 trillion dollar economy by the year 2047. He said that with a yearly population growth of 2.55 percent, long-term development is not possible. According to him, fast population growth makes it hard for the country to move forward.

While speaking at the Pakistan Policy Dialogue, the finance minister said that the trade deficit has increased, but the current account deficit is still within the set target. He shared that in the first three months of the current financial year, large industries showed good performance. He also said that loans given to the private sector have increased and reached 1.1 trillion rupees. Last year, remittances were 38 billion dollars, and this year they are expected to go above 41 billion dollars. He also said that the government plans to issue Panda Bonds in the Chinese market.

Pakistan must control its population to become a 3 trillion dollar economy by the year 2047.

Muhammad Aurangzeb said that four years ago Pakistan had very low foreign exchange reserves, which forced the country to go back to the IMF. Now, he said, investor confidence is improving. He shared results of a survey which showed that 73 percent of investors want to invest in Pakistan, while earlier this number was 61 percent.

The finance minister said that new business models are needed to reduce taxes and electricity costs. He explained that interest payments on loans are still the biggest expense for the government. He said a Debt Management Office was created to improve the situation, which saved 850 billion rupees in interest payments last year, and similar savings are expected this year as well.

He also said that structural reforms and changes in the Federal Board of Revenue (FBR) are in progress. Steps are being taken to improve tax compliance and enforcement. He clarified that tax policy is now handled by the Ministry of Finance, while FBR’s main job is to collect taxes.

Read More: Flights Disrupted at Karachi and Lahore Airports

Talking about reforms in the energy sector, Muhammad Aurangzeb said that local investors also took part in the privatization of PIA. He added that 24 institutions have been handed over to the Privatization Commission. He revealed that government institutions were losing about one trillion rupees every year, which is why Utility Stores, PWD, and PASCO were closed due to corruption in subsidies.

The finance minister said that increasing duties again and again is harmful for the economy. He said duties should be reasonable so business costs can be reduced. He also said that Pakistan has the world’s third largest freelance workforce, and the government’s role is to provide young people with good systems and digital platforms so they can help grow the country’s economy.

Do Follow Us on Facebook: Kafalat News Official