Islamabad: Minister for Finance Muhammad Aurangzeb has reaffirmed the government's commitment to ensure that economic policy is transparent, inclusive, and growth-oriented. He was speaking to a delegation from the Pakistan Association of Large Steel Producers during a meeting in Islamabad.
According to Radio Pakistan, the Minister highlighted the pivotal role of the steel sector in infrastructure development and job creation. He reassured the government's commitment to supporting productive sectors of the economy and emphasized the need for each sector to contribute to economic stabilization. The government's strategy includes expanding the tax base, reducing the burden on the salaried class, and incorporating the undocumented economy into the formal fold.
The delegation informed the Minister about the critical challenges facing the steel industry, such as high energy costs and the necessity for a stable policy environment to ensure long-term investment and growth.
In a separate high-level meeting chaired by the Finance Minister in Islamabad, measures for advancing the country's transition to a digital economy were discussed. Attendees included senior representatives from commercial banks, development finance institutions, regulators, and investment experts who are part of the Committee established by the Minister to provide recommendations for a digital and less cash-dependent economy.
The meeting concluded that a more balanced playing field needs to be created between cash and digital transactions, with incentive structures adjusted to make digital payments more attractive and cost-effective for consumers and businesses.
The Finance Minister stressed that digitalization is integral to Pakistan's economic modernization agenda. Increasing digital payments is expected to significantly enhance financial transparency, promote inclusion, and improve efficiency in both public and private sector operations. The Minister instructed the Committee to develop a detailed and time-bound roadmap for implementing these initiatives, to be submitted to the Finance Division for further action and policy consideration.