Govt working to keep economy stable: Bilal Azhar Kayani

ISLAMABAD, Apr 07 (APP): Minister of State for Finance Bilal Azhar Kayani on Tuesday informed the National Assembly that the government is working to keep the economy stable and meet key targets.
Responding to a calling attention notice regarding shortfall in tax revenue during the first eight months of the current financial year, he said factors such as moderate inflation and fluctuations in GDP growth had affected overall revenue collection.
He added that the government’s main goal remained achieving a primary budget surplus in line with commitments under the International Monetary Fund programme, carefully balancing fiscal and external accounts amid global challenges.
The minister said that international developments, including geopolitical tensions, had also influenced economic indicators, requiring a cautious and balanced approach.
He said the government had introduced enforcement measures to improve tax collection, including digital invoicing and monitoring in key sectors like cement and sugar.
Modern tools, such as camera-based monitoring, were being used to enhance transparency and compliance, while efforts to broaden the tax base continued.
Despite limited resources, he said, the government took steps to protect the public, including reducing the petroleum levy and temporarily absorbing fuel price increases.
During the recent global oil price surge, he said the government ensured continuous fuel supply, preventing sharp price spikes and long queues seen in other countries, spending around Rs129 billion over three weeks to shield consumers.
When price adjustments became unavoidable, the government worked with provincial chief ministers to provide targeted relief to vulnerable groups, including farmers, motorcyclists, and public transport users. Subsidies and financial support were also offered to reduce the impact on transport fares and essential goods.
The minister said that rising fuel prices and the global economic slowdown affected all countries, including developed economies, and said Pakistan was no exception.
He emphasized that the government would continue improving revenue collection while protecting the public from economic hardship and expressed confidence that Pakistan would sustain its economic stabilization gains despite ongoing challenges.

APP/tsw-sra