Finance Minister Muhammad Aurangzeb has said that Pakistan is an import-based economy therefore structural reforms are need of the hour otherwise all steps will remain futile, reported 24NewsHDTV Channel.
In a briefing to National Assembly Standing Committee on Finance which met under the chair of MNA Syed Naveed Qamar, Finance Minister Muhammad Aurangzeb said whenever pro-growth budget is presented the pressure grows on external payments.
Finance Minister said dollars are borrowed to meet imports targets and Pakistan has to go to IMF to ask for dollars. He said in view of the changing situation, some reforms will be implemented. Some changes will have to be made over time.
Finance Minister said the government was looking into this matter seriously. He said the government has set up an implementation committee.
Earlier, Secretary Commerce briefed on tariff reduction on imported raw materials. He said customs duty reduced from 2 percent to zero on more than 2,000 tariff lines. Secretary Commerce said 3 percent customs duty reduced to zero on 896 tariff lines. He said duty reduced from 11 percent to 10 percent on 1,000 tariff lines.
Secretary Commerce said customs duty on 486 tariff lines reduced from 16 percent to 15 percent as tax exemption worth Rs500 billion will be given. Commerce Secretary said exports are likely to increase by 10 to 14pc. Commerce Secretary told the meeting that imports are likely to decrease by 5 to 6 percent.