Quoted by Dawn News
The military’s pension structure is distinct and necessitates a comprehensive overhaul of its service system. Implementation New pension regulations are set to be implemented within one year. Pensions currently place a significant burden on the national treasury, costing Rs1 trillion annually.
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Introduction of new budget schemes to reduce pension costs, including a voluntary pension scheme for new employees.
Aurangzeb briefed the committee on ongoing negotiations with the International Monetary Fund (IMF). Economic Positive trends in macroeconomic indicators were noted, with a decrease in inflation during the previous fiscal year.
There were difficulties when the IMF program was suspended in 2023, especially with regard to investors’ repatriation of profits. Since then, a substantial improvement has been made.
The $400 million loan to PTCL was given by the International Finance Corporation (IFC).
Import limitations as well as pressure to artificially depress any commodity are gone.
The currency market is still being stabilized.
The objective is to rectify the unsustainable 9% ratio by raising the tax-to-GDP ratio to 13%.
Working together with provincial finance ministers to promote the agricultural income tax and comply with IMF demands by bringing all income under the tax net.
The Federal Board of Revenue (FBR) made efforts to boost public confidence, one of which was to provide an extra Rs60 billion in refunds during the previous fiscal year.
Authorities. Interest and debt payments account for a large portion of government spending. encouraging public-private collaborations for funding for development.
Introducing austerity measures to reduce government expenses, and dissolving five ministries.
Shutting down the Public Works Department due to financial losses. Aurangzeb expressed confidence in the positive progress of negotiations with the IMF and anticipated an agreement within the current month.
