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Sunday July 14, 2024

Govt will reduce its expenditures, assures finance minister

Minister suggests govt should dissolve ministries belonging to the subjects that have been devolved

By Web Desk
June 18, 2024
Finance Minister Muhammad Aurangzeb addressing media persons in Kamalia on June 18, 2024. —Screengrab/YouTube/Geo News
Finance Minister Muhammad Aurangzeb addressing media persons in Kamalia on June 18, 2024. —Screengrab/YouTube/Geo News  

KAMALIA: As Pakistanis struggle with high inflation, Finance Minister Muhammad Aurangzeb assured that the government was mulling over its expenditures and would reduce its spending. 

Speaking during a presser in Kamalia on Tuesday, the finance minister said: "We are focusing on government expenditures. People would know about the austerity measures within one and a half months."

Aurangzeb further suggested that the government should dissolve the ministries belonging to the subjects that have been devolved.

Stressing that school and hospital could be run on charity but tax was required to run a country, Aurangzeb said that the government would have to gradually bring the tax amnesty down.

He also said that the government was increasing the tax net by bringing other sectors in it, adding that it will be applied on retailers from July. "About 31-32,000 retailers were registered with the government," he said.

Blaming the Federal Board of Revenue (FBR), Aurangzeb said laws regarding tax collection were present but the authority was not collecting it properly. He said digitisation of tax would curb the corruption.

Highlighting importance of privatisation of loss-making state institutes, the finance czar said outsourcing of the Karachi airport would be completed in July, while Prime Minister Shehbaz Sharif had directed to hand over the Lahore airport as well to the private sector.

Aurangzeb further said that it would have been better if the Pakistan International Airline was sold 10 years ago.

“If the country has to progress and burden on the government has to be lessened, all of these entities will have to be privatised,” he said.

On employment opportunities, the minister said there was no need for the government to provide jobs as children were already earning sitting at homes. The IT sector was generating a revenue of $3.5 billion, he maintained.

He said the IT and agricultural sector could improve the country’s economy, adding that the International Monetary Fund (IMF) conditions had nothing to do with the agriculture or IT sector.

On PM Shehbaz’s recent visit to China, Aurangzeb apprised that they did not go to China to seek fund this time instead they sought technology from the iron brothers.