Photonews Logo Photonews logo
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Azad Jammu Kashmir
    • Balochistan
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
    Good Fortune trailer
    Videos

    First Trailer for Aziz Ansari’s Good Fortune, Starring Keanu Reeves

    May 29, 2025 2 Min Read
    Last of Us Season 2
    Videos

    ‘The Last of Us’ Season 2 Premieres Date What to Expect From HBO’s Hit Series

    April 13, 2025 2 Min Read
    Disney Snow White box office
    Videos

    Snow White Teaser Drops: Gal Gadot and Rachel Zegler Shine

    February 22, 2025 1 Min Read
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Reading: No Country Willing to Roll Over Loans, Says Finance Minister Aurangzeb
PhotoNews Pakistan PhotoNews Pakistan
Font ResizerAa
Search
  • Home
  • Pakistan
    • Punjab
    • Sindh
    • Khyber Pakhtunkhwa
    • Balochistan
    • Azad Jammu Kashmir
    • Gilgit – Baltistan
  • World
  • Business
  • Entertainment
  • Videos
  • Sports
  • Technology
  • Offbeat
  • Blog
  • Contact
Have an existing account? Sign In
Follow US
© 2022 Photonews. All Rights Reserved.
inance Minister Aurangzeb confirmed No Roll Overs for Loans and Deposits
PhotoNews Pakistan > Business > No Country Willing to Roll Over Loans, Says Finance Minister Aurangzeb
Business

No Country Willing to Roll Over Loans, Says Finance Minister Aurangzeb

Web Desk
By Web Desk Published November 9, 2024 3 Min Read
Share
Finance Minister Muhammad Aurangzeb a LIIBS. Photo: @NutshellGroup (X)
SHARE

Finance Minister Muhammad Aurangzeb recently emphasized that there is no secrecy in the IMF loan agreement, pointing out that while countries like China and Saudi Arabia are interested in investing, they are not prepared to roll over loans or deposits.

During his address at the Islamabad Literature Festival, Minister Aurangzeb highlighted the stabilization of the currency and growth in foreign exchange reserves, expected to cover three months’ worth of imports by mid-year. He also noted a decrease in inflation, which should benefit the general populace.

The minister drew attention to the discrepancy in chicken prices, which have decreased globally by 14% but have risen by 15% in Pakistan. Despite repaying a $1 billion loan, the country’s foreign reserves remain robust.

Finance Minister in politically engineered (without a public mandate) government of #Pakistan in #Islamabad categorically saying, "no country is ready for deposits and loans roll over." Military Junta and puppets have destroyed economy along with society and politics. https://t.co/nusIgu0nYv

— KTK 🏳️🇵🇰 (@abdulsattarktk) November 9, 2024

Aurangzeb underscored the urgent need for tax reforms, citing the unsustainability of the current 9 to 10 percent tax-to-GDP ratio. He called for structural reforms within the Federal Board of Revenue to restore its credibility and trust.

The minister also spoke about the challenges of digitalization in tax collection, including his personal difficulties in filing tax returns without an advisor. He committed to advancing digital solutions to minimize leaks and eradicate corruption in tax refunds.

He urged the business community to eschew “speed money” and highlighted that the nation could not solely depend on donations. The private sector, he asserted, must play a more significant role in governance. He also discussed the complexities involved in privatizing Pakistan International Airlines, which would have been simpler if addressed a decade earlier.

Furthermore, Aurangzeb mentioned exploring various privatization methods for state-owned enterprises, including outsourcing and public-private partnerships. He revealed plans to issue Euro bonds next year and ongoing discussions for Panda bonds.

With Pakistan’s population growth rate at 2.55% and expected challenges as the population reaches between 400 to 450 million, he expressed serious concerns about the future.

In conclusion, the minister advocated for reforms in taxes, energy, and public institutions to ensure Pakistan’s long-term sustainable development. He emphasized the need for the private sector to lead these efforts, reducing government dependency and enhancing system efficiency.

TAGGED:Featured
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

Dead Take 2025 psychological horror

Dead Take: Surgent Studios’ Psychological Horror Game Set for 2025 Release

Ayatollah Ali Khamenei Iran Nuclear Talks

Iran’s Khamenei Rejects US Nuclear Deal, Defends Uranium Enrichment

Adolescence

Adolescence Becomes Netflix’s Second Biggest English TV Series

Malir Jail Karachi Prisoner Escape

Sindh Orders Arrest of Malir Jail Constable in Massive Jailbreak Probe

Punjab solar panel guidelines 2025

Punjab Issues Solar Panel Installation Guidelines Amid Net Metering Cuts

Post Archives

More Popular from Photonews

Shahid Afridi’s Dubai Event
Pakistan

CUBAA’s Dubai Event with Shahid Afridi Sparks Outrage Amid India-Pak Tensions

3 Min Read
Jamaat-e-Islami registration Bangladesh 2025
Top NewsWorld

Bangladesh Supreme Court Restores Jamaat-e-Islami’s Party

3 Min Read
WhatsApp iOS update 2025
Tech

WhatsApp iOS Update Adds Selective Text Copy and Image Text Detection Features

2 Min Read
Top NewsWorld

Ukraine and Russia Agree on Historic Prisoner Swap and Body Repatriation

On June 2, 2025, Ukraine and Russia finalised their largest prisoner of war exchange and body…

June 3, 2025
Top NewsWorld

India Confirms Pakistan Shot Down Fighter Jets in May 2025 Conflict

On May 31, 2025, India’s Chief of Defence Staff General Anil Chauhan confirmed that Pakistan shot…

May 31, 2025
Entertainment

Hailee Steinfeld and Josh Allen Tie the Knot in Intimate California Wedding

Actress Hailee Steinfeld and Buffalo Bills quarterback Josh Allen exchanged vows in a stunning ceremony in…

June 1, 2025
Top NewsWorld

U.S. Court Blocks Trump’s Bid to Ban International Students at Harvard

A U.S. court in Boston blocked President Donald Trump’s attempt to prevent Harvard University from enrolling…

May 30, 2025
PhotoNews Pakistan

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

Categories

  • World
  • Pakistan
  • Punjab
  • Sindh
  • Khyber Pakhtunkhwa
  • Balochistan
  • Azad Jammu Kashmir

 

  • Top News
  • Business
  • Entertainment
  • Sports
  • Videos
  • Tech
  • Offbeat
  • Blog

© 2024 Phototnews
All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?