Finance Czar hints at bringing reforms in pension laws

Finance Minister Muhammad Aurangzeb has vowed to bring reforms in various sectors, hinting at the government’s intentions to end pensions for a few sectors.

FinMin shared his views in the Senate Committee meeting chaired by the deputy speaker Syedaal Khan Nasar.

To shrink the pension budget, the finance czar expressed a need to resise at least six ministries. 

According to him, former advisor to the then-Prime Minister Imran Khan, Dr Ishrat Hussain, had already submitted a comprehensive report, demanding cutting down cabinet size in a few ministries.

“Pension has become a bomb, now it has to be stopped,” Aurangzeb remarked.

He said reforms in pension laws would be brought soon, and “I will talk about the achievements of the ministry in the parliament.”

Responding to the Senators' queries on economic reforms, he expressed his will to increase agri production, livestock and dairy, as the said sectors are considered a 'wheel of fortune' for the economy.

“In the fiscal year 2023-24, we have witnessed a good profit in agriculture with a six percent increase in growth,” he said and asserted that the small farmers should also invest in agriculture.

“Besides textile, we have to increase the export size in other sectors, and a policy is being considered on it.”