Aurangzeb praises formal sector

Finance Minister Muhammad Aurangzeb has said the government is taking measures to ensure the current IMF prgoramme becomes the last bailout. During a wide-ranging discussion on the economy during a visit to the Pakistan Business Council (PBC) on Monday, the finance minister appreciated the sacrifices that the formal sector had to make in the front-loaded tax measures under the IMF programme and assured them as and when the fiscal space permits, this burden would be eased. On import substitution, the minister lauded the progress made by the fast-moving consumer goods (FMCG) sector on indigenising inputs. However, he opposed protection without a sunset clause and favoured supporting those that achieved a certain percentage of export sales.