Peshawar: Finance Minister (FM) Muhammad Aurangzeb has said we have decided not to seek assistance immediately with regard to flood damages.
It is our endeavor that we set right the matters on our own in flood affected areas. he said this while addressing Pakistan business summit in Peshawar.
He held we will not go for world aid at present during flood. When the total damage caused by flood is assessed, then we will resort to international community for reconstruction. Provinces played a pivotal role in relief and rehabilitation activities.
He said Prime Minister, Field Marshall, Deputy Prime Minister, minister for planning Ahsan Iqbal and other delegations visited other countries. These visits will promote investment and trade in the country and economy will gain strength.
He indicated 3 world rating agencies have upgraded us. This will help in fund related matters with commercial banks and international institutions.
If we do correct work on our own resources then according to World Bank we can become 3 trillion economy till 20247.
We can go forward if population and climate change are controlled . PM has asked to evolve 300 days plan. Upon it finance ministry, ministry of climate change and other institutions are working. We are taking short term and long term steps for economic stability.
Foreign exchange reserves of 38 billion dollars came to Pakistan and 41 billion dollars are expected to come in the country in the current year. 38 billion remittances have to be included in economy. Euro bond 138 billion dollars are also included.
What should be role of Pakistan in world economy, he said adding private sector is of paramount significance in it which brings economic stability in the country. We have to take ahead private sector. We will have to go ahead with tax reforms.
He pointed out under Euro bond head we will pay 1.3 billion dollars in April. In February this year the rate has improved as compared to last year.
The performance of private sector and economic reforms are must in the development of country. Government is working on improvement in reform structure in order to take private sector ahead.
Question is raised PSDP is one trillion and how the development will come due to it. The volume of PSDP is 4.3 trillion this year. Federation and provinces together be seen in development budget.
We are working on enhancing tax. Function of tax policy now does not lie with FBR. Now the job of FBR will be to collect tax. Next year budget will be given by tax policy office. Tax policy office budget will be stable budget. Development budget has been earmarked to the tune of Rs 4.3 trillions.
We are making tax policy as investors friendly policy, he added.