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In Riyadh, Pakistan’s Finance Minister Muhammad Aurangzeb addressed the pressing issue of the undocumented economy during a special meeting at the World Economic Forum. Aurangzeb emphasized the significant challenge posed by the undocumented economy in the country.
During his speech, Aurangzeb highlighted that approximately 10 trillion in taxes circulates within the market, discussing the potential transition towards digital currency as a solution.
Revealing further statistics, the Finance Minister disclosed that Pakistan generates 9.4 trillion in annual revenues, with nearly half of the economy existing in the undocumented sector.
Read More: IMF Readiness: Extending Cooperation to Pakistan for New Bailout Program
He emphasized the government’s provision of cash assistance to eligible women as income support, expressing their preference for receiving funds through digital vaults.
Meanwhile, IMF Managing Director Kristalina Georgieva, also present at the forum, acknowledged the economic challenges faced by certain nations, including Pakistan.
Georgieva observed a disparity among countries, noting that while some are prospering, others are experiencing setbacks, although she did not elaborate further.
Highlighting the global impact of the Covid-19 pandemic, the IMF chief underscored the substantial economic losses endured by low-income countries, estimating a staggering $3.3 trillion in global economic damage