ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has said that mobilizing private sector capital is essential for Pakistan’s economic development.
Addressing a ceremony in the federal capital, he said that Pakistan will not be allowed to fall into the economic cycle of boom and bust again. Mobilizing private sector capital is important for economic development. History

Muhammad Aurangzeb said that investment promotion is possible through public-private partnership and privatization, and that the structural reform agenda is being implemented for sustainable economic stability.

He said that transparency, efficiency and investor confidence will be prioritized in the privatization process. Private investment in infrastructure and public service projects must be increased through PPPs. Privatization and public-private partnerships are important means of taking the private sector forward.

The federal minister said that the partnership between the government and the private sector must be further strengthened for economic development. Economic stability was achieved as a result of difficult decisions, it has to be made permanent. Pakistan will not be allowed to go into the economic cycle of boom and bust again. History

Finance Minister Muhammad Aurangzeb said that the overall deficit has come down from 12.5 percent to 2.6 percent. There has been a significant increase in FBR tax collections. FBR’s revenue has increased by 40 percent in the last few years. FBR’s tax-to-GDP ratio has increased from 8.8 percent to 10.3 percent.

He said that IT services exports were $4.6 billion in the last fiscal year. Freelancers contributed $1.6 billion to IT exports. Exports of goods remained at around $30 billion. More work needs to be done in this sector, reforms are underway in the energy, government institutions, tax and privatization sectors.