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Wednesday, May 22, 2024

New finance minister promises economic growth

PM Imran Khan has appointed Shaukat Tarin as the new finance minister to give a boost to the economy and create jobs for the youth.

Federal Minister for Finance and Revenue, Shaukat Tarin Friday said the country’s economy was showing signs of recovery amid the coronavirus pandemic, with construction and manufacturing sectors in lead.

However, the third wave of COVID-19 was particularly challenging, the minister said in a meeting with a delegation of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) through a video link.

The minister also briefed the participants about the economic priorities of the government, according to the press statement issued by the Finance Ministry.

Read more: Pakistan’s anachronistic economic policy and its solution

He also outlined that the government was adhering to strict financial discipline for achieving macroeconomic stability and enhancing revenue generation.

The minister also stressed the role of chambers of commerce and industry as a bridge between the government and the traders for active coordination and welcomed suggestions from the members of FPCCI on the occasion.

The minister stated that the suggestions presented during the meeting would be accorded due consideration.

He also assured to have regular interaction with members of FPCCI and affirmed that all key stakeholders would be taken on board before making important economic decisions.

Earlier, the representatives of FPCCI felicitated the finance minister on assuming new responsibilities and discussed the matters related to sales tax harmonization and rationalization of taxes.

Read more: Pakistan’s economic turnaround attributed to improved business confidence: Report

Pakistan on track to become 23rd biggest economy

Among others, the meeting was attended by Adviser to the PM on Commerce, Abdul Razak Dawood; SAPM on Finance and Revenue, Dr. Waqar Masood, Chairman FBR, and other senior officers.

According to the recent 7th edition of the “Global Trends” report by the US intelligence agency, Pakistan is on track to become the world’s 23rd largest economy by 2040. Currently, the position according to the GDP is 39th, meaning that the country will move 16 places by the next to decades.

Courtesy: APP