‘Pakistan can’t afford boom-bust cycle’: Aurangzeb

Finance Minister Muhammad Aurangzeb on Thursday cautioned the business community that the country cannot afford another boom-and-bust cycle, stressing the need for continued structural reforms to ensure sustainable and equitable prosperity. Speaking at a conference on ‘Retail Reimagined: Innovate, Collaborate & Thrive’, organised by the Pakistan Retail Business Council (PRBC) in Islamabad, the minister highlighted ongoing structural reforms in taxation, energy, state-owned enterprises (SOEs) and public finance. He acknowledged the significant contribution of the retail sector to employment and GDP but criticised its low tax contribution. “Every sector must contribute to taxes. The current burden on the salaried class, manufacturing and services sectors is unsustainable,” he said.