To foster collaboration with the business community, an advisory committee will be established within the finance ministry to consider industry proposals for the upcoming budget.

Aurangzeb asserted that the private sector will be the primary driver of economic growth, while the government will focus on providing policy consistency and a conducive environment.

He revealed that Pakistan is actively engaging with international rating agencies to improve its credit rating to the 'Single B' category, which would enhance the country's international credibility and access to global capital markets.

Aurangzeb highlighted that tough measures are being implemented to transition to competitive energy, alongside structural reforms in state-owned enterprises that are scheduled for completion by mid-2025.

He also mentioned ongoing efforts to modernize the taxation system through technology, aiming to improve transparency and reduce tax leakages, which is crucial for restoring public trust in tax authorities.

PRBC Chairman Ziad Bashir echoed these sentiments, emphasizing the retail sector's vital role in the economy and expressing a commitment to innovate and collaborate for growth in the evolving business landscape.

During a recent conference organized by the Pakistan Retail Business Council in Islamabad, Finance Minister Muhammad Aurangzeb emphasized the urgent need for continued structural reforms to avoid another boom-and-bust economic cycle.

The minister noted that macroeconomic stability has been achieved, marked by a stable currency, increased foreign exchange reserves, and reduced inflation, which has led to a significant decrease in the Kibor rate from 23% to around 11%.

Aurangzeb stressed the necessity for all sectors, including retail, wholesale, real estate, and agriculture, to enhance their tax contributions to alleviate the financial burden on the salaried class and other sectors.

During the conference, Aurangzeb acknowledged the retail sector's importance in providing employment and contributing to GDP, but criticized its low tax contributions.