According to Aurangzeb, the SBP can further cut interest rates in November.

“For the third consecutive meeting, SBP has lowered its benchmark interest rate by 450 basis points, from a record 22% to 17.5%.” Muhammad Aurangzeb told Bloomberg in Washington, outside the IMF meeting, that the central bank may lower the policy rate at its next meeting on November 4.

The current government is working hard to raise the economy’s tax contribution to 135%, according to Pakistan’s finance minister.

Regarding the Chinese debt, the minister observed that China’s answer to Pakistan’s request to extend the maturities of loans under the Belt and Road Initiative is encouraging.

In recent years, electricity costs have tripled for some Pakistanis, surpassing the cost of housing for others, he continued.

Pakistan is experiencing a period of calm following the IMF’s approval of a fresh $7 billion credit program. China and other partners have also rolled over $16 billion of debt that was due in the current fiscal year, which began in July, out of a total of roughly $26 billion.

Pakistan will target industries like retail and agriculture that have resisted past taxation initiatives in order to increase tax collection, according to the country’s finance minister.

The finance head stated in the Bloomberg interview that the provinces of the country will begin agriculture-related legislation by January and hope to begin collecting by July.