Pakistan is implementing policy measures aimed at improving the ease of doing business to stimulate economic growth, attract investment, and create employment opportunities, the country’s finance adviser said on Sunday.
In addition to structural reforms such as expanding the tax base and privatizing loss-making state-owned entities, the government is focusing on enhancing foreign investment and trade.
Finance Minister Adviser Khurram Schehzad highlighted that energy costs have been reduced from Rs38 per unit to Rs23 per unit, and the interest rate has been cut to 11% from a record high of 22% in June of last year, alongside other initiatives to support the economy.
“The direction is clear: lowering the cost of doing business to make way for growth, investment and jobs,” Schehzad said on X, adding that the tax structure has been rationalized, while the government is ensuring faster approvals and simpler procedures to increase regulatory ease for businesses.
Pakistani tax authorities have shifted their focus from salaried individuals and corporate sector to bringing people, who do not file their wealth statements, by increasing compliance and enforcement.
For the first time in 14 years, the country posted a current account surplus of $2.1 billion (0.5% of GDP) in the outgoing fiscal year 2024-25 that ended in June, marking a sharp turnaround from a $2 billion deficit in FY2023-24, driven by a 27% increase in remittances and a 16% drop in services deficit.
The government is now pursuing privatisation, tax and energy sector reforms, and an accelerated digitalisation drive to strengthen the economy. These measures are designed to improve fiscal stability and rebuild confidence among both investors and international lenders.
Source: Dunya News
