| Islamabad: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb announced on Wednesday the launch of the Pakistan Economy Dashboard (PED), aimed at modernising data research practices. The news was reported by a news source on October 3.
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As per details, the new platform is designed to enhance transparency, improve data accessibility, and serve as an interactive tool for data analysis.
The dashboard will provide stakeholders across various sectors—including the finance ministry, other government ministries, academia, research institutions, media organisations, and journalists—with easy access to unbiased information. Aurangzeb noted that the need to sift through libraries and books will be eliminated, as the essential facts are now readily available at one’s fingertips.
He also called for collaboration with academia, research organisations, and think tanks to analyse the data and offer constructive criticism on fiscal reforms, tax policy, public expenditure, and macroeconomic stability.
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The minister pointed out that successful outcomes have been achieved where technology has been effectively implemented, citing the Federal Board of Revenue (FBR) as an example of successful vertical automation. However, he acknowledged that the broader Digital Pakistan initiative has faced challenges due to a lack of horizontal integration, resulting in fragmented and disconnected data.
To establish a robust national identity, he stressed the importance of integrating all aspects through a centralised national identity platform. While the number of new and total filers is on the rise, Aurangzeb remarked that the data has always been available; the challenge has been in connecting the dots.
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On the economic front, he stated that the government is in a strong position and must build on this momentum to ensure long-term macroeconomic stability. He clarified that the government is not in a rush to borrow and will only do so on its own terms, which will encourage the banking sector to extend credit to the private sector, a key driver of the economy.
For the business community, he noted that the Karachi Interbank Offered Rate (KIBOR) should serve as the benchmark for borrowing rather than the policy rate. The minister concluded by asserting the need to leverage macroeconomic stability to advance structural reforms, which are crucial for the country’s development. He stressed that by enhancing the tax-to-GDP ratio, implementing energy sector reforms, reforming state-owned enterprises, and promoting privatisation, sustainable growth and stability can be achieved. |
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