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Private sector role is vital for revival of economy and stability: Finance minister

KARACHI: Finance Minister (FM) Muhammad Aurangzeb has said private sector role is very vital for revival of economy and stability.

"Private sector role is very important for revival of economy and stability. We cannot shift more burden on tax payers. PIA privatization is in advance stage. The revenue collection target for the current year has been set for Rs 9400 billion. Inflation is abating. I hope policy rate will too go gown, he said this while talking to media men in Pakistan Stock Exchange (PSE) Karachi Friday.

He went on to say durability will not come without curbing energy stealing and leakages.

I am in contact with minister for energy and industries. We will talk in budget session.

He disclosed that number of listed companies in market stands at 524, Need is there to bring more investment companies.

He stated industrial sector pays 22 percent tax while national production sector pays 56 percent. we will work together with them.

Growth of agriculture sector will persist in third quarterly.

Industrial development is linked to energy. It will remain mixed.

He pointed out PIA privatization is in advance stage. We have to privatize DISCOS by improving their governance. We have to reduce circular debt. We have to bring down losses of national entities. \

He underlined if it is not done now then it will become too much difficult.

He indicated there are cases of Rs 1700 billons in the courts.

Estimates are there that there are leakages of Rs 3000 billion.

We will scale up the income to Rs 12000 billion before accessing to non tax payers and less tax payers.

We are making privatization pipe line. We are focusing on entities running in loss in the beginning.

We have to curtail expenses. We are focusing on FBR re-structuring, processes, individuals and technology.

He held inflation is going down. I hope policy rate too will descend.

Discussion has not taken place on the volume of IMF program. We will go for talks with IMF on April 14 and 15. We want that stall level agreement is executed on new program by the end of new financial year.

We will have to stem electricity fleecing. Important steps are being taken in this regard, he added.