The National Assembly (NA) resumed its session at the Parliament House in Islamabad on Friday with Speaker Sardar Ayaz Sadiq in the chair. The House started the process to pass the Finance Bill, 2024 with certain amendments to give effect to the financial proposals of the federal government for the year beginning on the 1st July 2024. Responding to the points of the opposition on the Finance Bill, 2024, Minister for Finance Muhammad Aurangzeb said the economy has achieved stability. He expressed the government's determination to further enhance the stabilization process with the goal of steering the economy towards growth. Sharing the economic indicators, the Finance Minister pointed out that there is reduction in the Current Account Deficit and the fiscal deficit is also under control.

He said the currency has been stable over the last six to seven months, expressing the confidence that this stability will remain in the time ahead. He said the foreign exchange reserves have reached nine billion dollars and that the inflation has come down to eleven percent from thirty-eight percent. Muhammad Aurangzeb said enhancing the tax to GDP ratio and reforms in State Owned Enterprises and energy sector are part of the budget for the next fiscal year. The Finance Minister said the tax to GDP ratio will be increased to thirteen percent in the next three years. He said our privatization plan consists of two to three years and it will be executed.

Credit: Independent News Pakistan