Federal Minister for Finance Muhammad Aurangzeb has said that Pakistan has decided not to seek immediate foreign aid for flood damages and will try to manage recovery efforts with its own resources.
Addressing the Pakistan Business Summit in Peshawar, the finance minister stated that the Federal Board of Revenue (FBR) will now focus only on tax collection, while next year’s budget will be prepared by the Tax Policy Office. “It will be a stable budget,” he said.
Aurangzeb emphasized the role of the private sector in national development, adding that the government must provide a conducive environment for business. “We reduced the prices of regulatory materials so industries could function. If we want to take the private sector forward, we must address taxes and other issues to build people’s confidence in the economy,” he noted.
He said Pakistan has prepared a revised preliminary estimate of flood damages on IMF directives but clarified, “We have decided that we will not seek immediate aid for floods. We will first try to manage matters in affected areas with our own strength.”
The finance minister underlined recent international engagements, mentioning visits to China, Saudi Arabia, and the United States. “We signed 24 agreements in China alone. In the US, agreements were made in various sectors. This is not aid but trade and investment, which is very important,” he said.
Aurangzeb also pointed to key challenges: “We must look at climate change and our growing population. The population is rising at a rate of 2.3 percent, and many of our children are facing malnutrition.”
Highlighting economic progress, he said, “The country has achieved stability. Last year, remittances stood at $3.5 billion, and we expect further growth this year. Privatization is being improved at the government level so that positive results of investment can be achieved.”
