WASHINGTON, (TDI): Finance Minister Muhammad Aurangzeb said on Thursday that Pakistan’s total debt have risen to $258 billion, representing 69 percent of the country’s entire economy.
In a recent interview with the media, Finance Minister acknowledged the challenges faced by the salaried class and emphasized that the government is committed to avoiding additional tax burdens on them.
Muhammad Aurangzeb said that the industrial sector has reached its maximum tax capacity. He stressed the need to enhance tax collection and diversify revenue sources, particularly by increasing tax revenues from the real estate and retail sectors.
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Aurangzeb reported that over Rs 5.2 million has been collected in income tax returns, with a 29 percent increase in the tax base in recent years.
He also highlighted the necessity of curbing theft in government corporations, controlling electricity losses, and taking a firm stance against tax evasion.
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Regarding the privatization of Pakistan International Airlines (PIA), he stated that the process is set to move forward in November, allowing bidders time to assess their investment opportunities.
Although the government had initially aimed for a June 2024 privatization, delays occurred due to the need for an audit of PIA’s assets.
On the broader issue of national debt, Aurangzeb reiterated that Pakistan’s total debts have reached $258 billion, which constitutes 69 percent of the economy.
