ISLAMABAD: Prime Minister Shehbaz Sharif has directed to speed up the process of reforms and privatisation of state-owned entities (SOEs), especially loss-making entities.
The prime minister directed this while presiding over a high-level meeting regarding the Finance Ministry on Thursday. He added that public-private partnership would be made with private operators for the improvement of services at all the major airports of the country.
The meeting was given a briefing with respect to revenues, budget deficit, foreign exchange reserves, remittances and current account position. It was updated regarding the progress on the implementation of the directives regarding taxes, subsidies, electricity sector reforms, as well as, reducing government expenditure.
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The prime minister emphasised the need for revenue increase and stated that tax would be increased taken up to 15 per cent of the GDP in the next five years. He directed that a comprehensive plan should be formulated and presented to increase revenue without burdening the common man.
He further stated that the federation will strengthen the provinces and hand over all relevant ministries and institutions related to the 18th Amendment to the provinces. He said that the budget deficit should be reduced by controlling expenditure.
He said that the government’s focus is on the gradual reduction of public debt, pension and subsidy reforms, reforms of state-owned entities and privatisation. The premier added that the successful completion of the Stand-By Arrangement (SBA) review of the International Monetary Fund (IMF) is welcoming, adding that the government will work hard for the future program with the Fund, as well. He sought a comprehensive plan to reduce external debt.
The premier further stated that the services of internationally renowned experts would be hired for the development of the economic sector.
The meeting was attended by federal ministers, Muhammad Aurangzeb, Ahad Khan Cheema, Dr Musadik Malik, Ahsan Iqbal, deputy chairman Planning Commission Jahanzeb Khan, Prime Minister’s Coordinator Rana Ehsan Afzal, and relevant senior officials.
Copyright Business Recorder, 2024
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