Finance czar stresses broader consensus for sustainable economic stability

Finance Minister Muhammad Aurangzeb has called on all stakeholders to build consensus on critical issues, including a "Charter of Economy," to achieve sustainable economic stability for the country.

Senator Aurangzeb reiterated that while challenges are plenty, economic reforms require collective efforts. "We are gathering suggestions from all stakeholders for economic reforms. We need to move towards sustainable economic stability. Let us unite for the country’s sake on three or four key issues, including the Charter of Economy."

His statement comes as the opposition PTI and the coalition government officially kicked off negotiations to lower political temperature in the country earlier this month with the second round of talks is scheduled to take place on January 2.

A day earlier, Prime Minister’s Adviser on Political Affairs Rana Sanaullah stressed the need for dialogue among the country's political bigwigs, saying it would be better if Nawaz Sharif, Imran Khan and Asif Ali Zardari sit together to resolve the issues, as holding negotiations is the only solution to the prevailing political crisis.

Addressing the media in Punjab's Kamalia city today, the finance minister urged for self-reliant progress rather than dependency on external aid. “We have progressed through our own efforts, not by relying on anyone,” he said, highlighting the government’s focus on sustainable development. “In 2025, we aim to take the national economy towards further improvement,” he affirmed.

The minister highlighted the significance of reducing interest rates to boost economic growth. “If interest rates are lowered, we will move towards betterment,” he remarked. Acknowledging ongoing challenges, he stated, “There is no magic wand to fix everything instantly. We need to move towards sustainable economic stability,” and called on all stakeholders to unite for the nation’s progress.

The finance czar stressed inclusivity in decision-making, committing to seeking public input. “We will not sit idle in Islamabad holding court. We will go to the people to gather their suggestions,” he said, criticising the conventional approach of policymakers remaining in the capital solely during budget discussions.

The finance minister shared that he has been visiting various cities over the past two to three weeks, personally seeking input from traders. "A country cannot run on charity. Charity can support educational institutions and hospitals, but not a nation.

Aurangzeb emphasised the potential for growth in agriculture and information technology, viewing these sectors as pivotal for national development. “Agriculture and IT are in our hands, we can develop them,” he said. He also proposed involving the private sector to revitalise loss-making institutions, declaring, “Institutions running at a loss should be shut down or handed over to the private sector.”

Acknowledging flaws in the tax system, the minister pledged to combat tax evasion and broaden the tax base. “Everyone will have to pay taxes,” he said, adding: “People say our tax system is corrupt, and we admit that.”

“Our effort is to avoid additional burdens on taxpayers,” he added.