Islamabad: Minister for Finance Muhammad Aurangzeb while referring to the pension liability said that service structure would be changed over a period of time to reduce its burden.

The Law Minister clarified that pension reforms would be across the board and would be carried out by taking the parliament on board.

The law minister said a committee headed by the Finance Minister was working on these reforms.  He said pension reforms would also require legislation. The expressed these words while addressing joint press conference in Islamabad on Tuesday. Federal Information Minister Attaullah Tarar was also present there.

The finance minister said the confidence of investors is increasing on Pakistan as a result of its march towards stability.

The Finance Minister said the visit of Saudi delegation remained very successful. He said the Saudi delegation evinced confidence in Pakistan's economy. He was addressing a news conference along with Law Minister Azam Nazeer Tarar and Minister for Information and Broadcasting Attaullah Tarar in Islamabad on Tuesday

The Finance Minister said the country is heading in the right direction. The agriculture is witnessing growth of five percent on the back of bumper crops. He said the foreign exchange reserves have exceeded nine billion dollars while inflation has reduced from thirty-eight percent to seventeen percent and it is gradually coming down.

Muhammad Aurangzeb said the IMF team is expected to visit Pakistan this month during which the contours of a larger and longer program would be discussed. He said our focus is to ensure macro-economic stability and structural reforms.  

The Finance Minister emphasized the need for enhancing the tax to GDP ratio to thirteen to fourteen percent. He said reforms in the energy sector will be carried out and losses of state owned enterprises will be reduced.

Muhammad Aurangzeb also stressed the need for reducing expenditures.

The Information Minister said recommendations have been sought to reduce the burden of pension. He said matters pertaining to the length of service are being discussed and there is a proposal to apply it on all the institutions. He assured that once these matters are finalized, the public will be informed accordingly.

Islamabad: Prime Minister Shehbaz Sharif on Tuesday expressed the confidence that the visit of Saudi delegation headed by its Deputy Minister for Investment would augur well for the country's future.

Chairing cabinet meeting in Islamabad on Tuesday, he said the head of Saudi delegation was appreciative of the determination and preparation demonstrated by the cabinet members during the investment conference.

The Prime Minister commended the role played by the cabinet members especially the commerce, petroleum and the finance as well as the secretaries during Pakistan-Saudi investment conference. He expressed the confidence that they will continue to work with the same commitment for a better future of the country.

Meanwhile, the Federal Cabinet has approved signing of Memorandum of Understanding between Pakistan and Colombia for establishment of a joint trade committee.

The Cabinet also approved flight operations by Air Sial to China, Malaysia, Sri Lanka, Thailand, Turkiye, United Kingdom and Kuwait.

This approval has been granted under National Aviation Policy 2023 and Air Services Agreement.

The Cabinet also endorsed the decisions of the Cabinet Committee on Projects related to Chinese Investment, taken in the previous cabinet meeting held on 30th of last month.