Prime Minister Shehbaz Sharif announced on Wednesday that Pakistan successfully met its December tax target set by the International Monetary Fund (IMF), despite political unrest and economic challenges. This milestone highlights Pakistan’s commitment to fiscal stability and economic resilience, achieved through coordinated governance and strategic measures.
Achieving Fiscal Targets
During a federal cabinet meeting, PM Shehbaz praised the Federal Board of Revenue (FBR) for achieving 97% of its December tax collection target. He highlighted that resource mobilisation efforts, including Rs72 billion generated through Alternate Dispute Resolution (ADR) measures, played a critical role. “Despite a substantial gap between targets and collections, the FBR leadership deserves appreciation,” he said.
Digitising Trade Operations
PM Shehbaz lauded the digitisation of Karachi Port operations, a project supported by a $6 million grant from the Bill Gates Foundation. This initiative reduced container processing time by 39%, streamlining trade and enhancing transparency. The improvement, he noted, reflects the government’s focus on modernising infrastructure and facilitating economic activity.
Combating Smuggling
The government’s measures to control smuggling have also yielded significant results. Efforts by federal institutions and the military curtailed the illegal flow of sugar and petroleum across borders. As a result, Pakistan achieved a surplus in sugar production and began exporting it. The prime minister called this success “a testament to coordinated governance.”
Surge in Remittances
Highlighting another positive development, PM Shehbaz shared that Pakistan received $15 billion in remittances during the first five months of the fiscal year. If this trend continues, remittances could exceed $35 billion, setting a new national record. This inflow has bolstered foreign exchange reserves and provided relief to the economy.
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Addressing Security Concerns
While acknowledging these achievements, the prime minister expressed concern over the resurgence of terrorism. He linked the rise to the Afghan government’s release of militants, many of whom have infiltrated Pakistan. PM Shehbaz commended the sacrifices made by security forces in combating this threat and urged citizens to remain vigilant.
Emphasising Clean Governance
PM Shehbaz highlighted his government’s commitment to transparency and integrity, stating, “Nine months of governance have passed, and there has not been a single scandal.” He emphasised that his administration has focused on clean governance and accountability, earning public trust despite challenges.
Looking Ahead
The prime minister called on all stakeholders to unite for the country’s prosperity in the new year. Despite political unrest and external threats, the government’s achievements in fiscal management, trade facilitation, and security demonstrate its resilience and commitment to progress.
With these measures in place, PM Shehbaz expressed hope for sustained economic growth and stability in the months ahead, urging collective efforts to ensure Pakistan’s success on both domestic and international fronts.
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