Prime Minister Shahbaz Sharif addressed a crucial meeting at the Federal Board of Revenue (FBR) headquarters on Saturday, emphasizing the urgent need for the government to act swiftly and work tirelessly following the recent staff-level agreement (SLA) with the International Monetary Fund (IMF). This agreement marks a significant milestone for Pakistan, aiming to secure economic stability and foster inclusive growth through a $7-billion, 37-month loan program.
In his speech, Prime Minister Shehbaz Sharif lauded his team for their diligent efforts in reaching the agreement with the IMF. He acknowledged the hard work and dedication of the officials involved and highlighted the importance of this agreement for Pakistan’s economic future. “We have to work tirelessly to make it the last IMF program for Pakistan,” he declared, underscoring his commitment to achieving long-term financial independence for the country.
The IMF’s new Extended Fund Facility (EFF) for Pakistan is subject to approval by its Executive Board and requires “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners.” This includes securing rollovers or disbursements on loans from longstanding allies such as Saudi Arabia, the United Arab Emirates, and China. The SLA follows negotiations that began in May after Pakistan completed a previous short-term Stand-By Arrangement (SBA) that helped stabilize the economy and prevent a sovereign debt default.
Prime Minister Shehbaz Sharif assured the nation of imminent progress and economic advancement. He stressed the importance of broadening the tax base and expressed his readiness to support the FBR in any way necessary to collect the maximum revenue in the national and public interest. “I am ready to comply with whatever the FBR needs to collect the last penny,” he stated, demonstrating his unwavering commitment to improving the country’s financial health.
The Prime Minister directed the FBR to reevaluate its strategy for enhancing revenue collection. He emphasized that increasing revenue is crucial for freeing Pakistan from its debt burden and ensuring sustainable economic growth. By broadening the tax base and implementing effective tax policies, the government aims to boost revenue, reduce dependence on external borrowing, and ultimately achieve financial autonomy.
During the meeting, PM Shahbaz Sharif discussed various measures to improve tax collection and address the challenges faced by the FBR. He highlighted the need for innovative solutions and the adoption of modern technologies to streamline tax administration and minimize evasion. By leveraging data analytics and digital tools, the FBR can enhance its efficiency and effectiveness in identifying potential taxpayers and ensuring compliance.
The Prime Minister also underscored the importance of transparency and accountability in the tax collection process. He called for robust monitoring mechanisms to track progress and ensure that tax revenues are utilized effectively for the country’s development. By fostering a culture of accountability, the government aims to build trust among taxpayers and encourage voluntary compliance.
PM Shahbaz Sharif stressed the need for collaboration with international partners and organizations to strengthen Pakistan’s tax system. By learning from global best practices and engaging in knowledge sharing, the FBR can implement reforms that align with international standards and improve the overall tax environment.
The Prime Minister highlighted the significance of attracting foreign investment to drive economic growth. He emphasized the need for a conducive business environment, investor-friendly policies, and infrastructure development to attract both domestic and international investors. By creating a favorable investment climate, Pakistan can unlock its economic potential and generate employment opportunities for its citizens.
Prime Minister Shahbaz Sharif’s address at the FBR headquarters marks a pivotal moment in Pakistan’s economic journey. With the IMF agreement in place, the government is poised to take decisive actions to ensure financial stability, reduce debt, and foster inclusive growth. By implementing comprehensive tax reforms, leveraging technology, and attracting investment, Pakistan can pave the way for a prosperous future.
As the nation moves forward, the Prime Minister’s vision of making this IMF program the last for Pakistan resonates as a call to action. It is a reminder that collective efforts, determination, and innovative strategies are essential to achieving economic independence and creating a brighter future for all Pakistanis.
