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ISLAMABAD, Jul 11 (APP): Minister of State for Finance Bilal Azhar Kayani on Friday reaffirmed the government’s firm commitment to strengthening local trade and industry as a key driver of export-led, sustainable and inclusive economic growth and social prosperity in the country.
Speaking to members of the business community at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Bilal Azhar said the government aims to build on recent macroeconomic stability by further improving fiscal performance through increased efficiency of the Federal Board of Revenue (FBR), continued efforts to reduce inflation, and robust support for the industrial sector.
He noted that the federal budget for the current fiscal year includes tariff reforms designed to lower the cost of raw materials and intermediate goods, thereby reducing production costs for local industries to produce competitive exportable goods.
“The rationalization of tariffs will enable domestic producers to become more competitive, boost exports and stimulate industrial development while generating employment opportunities,” he remarked.
Highlighting key indicators of the government’s economic performance, the minister pointed out that inflation had dropped to a record low of 3 percent, well below the projected 12 percent for fiscal year 2025.
He added that the policy rate had been reduced from 22 percent to 11 percent and the government had met its primary surplus target, adding that the revenue collection increased by 26 percent during the fiscal year, while overseas remittances also witnessed a significant year-on-year rise.
Despite operating under an International Monetary Fund (IMF) program, Bilal said that the government increased funding for the Benazir Income Support Program (BISP) from Rs460 billion to Rs592 billion, enabling direct cash support for over one million families.
“The IMF Executive Board’s approval of the program, even amid global uncertainty demonstrates international confidence in Pakistan’s macroeconomic stability,” he said adding that the government is determined to maintain this momentum toward sustainable, export-led growth.
Reassuring the business community, the minister said the government would continue to provide maximum facilitation to promote trade and industrial activity, and noted that FBR regulations have been simplified to better protect and support domestic businesses.