Undocumented economy biggest challenge for Pakistan: Aurangzeb

Pakistan’s Finance Minister Muhammad Aurangzeb has said that the undocumented economy has been the biggest challenge for the country.

Speaking at the World Economic Forum special meeting at Riyadh on Sunday, finance minister said that around 10 trillion tax circulating in the market. “We are considering over moving to digital currency,” Aurangzeb further said.

“We have 9.4 trillion annual revenues and half of our economy has been undocumented,” Finance Minister pointed out.

He said that the government providing cash assistance to entitled women as income support. “Beneficiary women want to get the cash by digital vault,” he added.

Senator Muhammad Aurangzeb emphasized the urgent need for implementing a framework for a green tax economy.

He recognized the importance of fundamental changes in business models, and highlighted the necessity of rolling out this framework to secure international financing.

Even international institutions like the World Bank (WB) are exploring innovative financing structures, he added. The minister stressed the need for combination of domestic efforts and international financing to meet the country’s financial requirements.

IMF Managing Director Kristalina Georgieva speaking at the World Economic Forum special meeting said some countries including Pakistan facing economic hardships.

The IMF chief said some countries are doing well, but others are “falling behind,” without providing further clarification.

IMF chief said that Covid-19 pandemic hit hard to the economies of low-income countries. “The global economic suffered 3.3 trillion dollars loss during the pandemic Kristalina Georgieva said.