Govt in No Desperation to Borrow from Banks: Finance Minister  

Federal Minister for Finance Senator Muhammad Aurangzeb said on Wednesday that the Pakistan Economy Dashboard (PED) would help promote transparency, ensure data accessibility, and serve as an interactive platform for data analysis.   “Data is the new oil. The point is what you do with that data,” the minister remarked while addressing the launching ceremony of the Pakistan Economy Dashboard.   On the economic side, the minister said that the government had reached a strong position, and it was now vital to build on this momentum to bring permanence to macroeconomic stability.   He also made it clear that the government was in no desperation to borrow and if it needed, it would do it on its own terms. He said, the decision would encourage the banking sector to lend to the private sector, which must lead the country.   For the business community, KIBOR (Karachi Interbank Offered Rate) serves as the benchmark for borrowing, rather than the policy rate, he added. He said we must leverage our macroeconomic stability to drive forward structural reforms, which have long been the backbone of our country’s development. This is a vital moment for the country, and we seize the opportunity to drive structural reforms, he added.   By enhancing the tax-to-GDP ratio, implementing energy sector reforms, reforming state-owned enterprises (SOEs), and advancing privatization, we can achieve sustainable growth and stability, the minister remarked.