The earnings were achieved through a phased export strategy, including government-to-government sales to Tajikistan. The PSMA has further argued for the export of additional surplus sugar stocks, estimating over 1.08 million tons remaining as the new crushing season begins.

Tax and Economic Reforms

While reviewing Pakistan’s economic situation and Federal Board of Revenue (FBR) reforms, the prime minister emphasized the importance of improving taxation systems. He directed the FBR to adopt data-driven strategies for revenue collection and strictly enforce measures to curb tax evasion.

Digitization Initiatives

The premier lauded the progress in FBR’s digitization initiatives and set key deadlines for their completion. Notable milestones include:

• Full digitization of FBR’s value chain, targeted for March 2025.
• A mobile app for small businesses’ digital invoicing, expected by December 2024.
• Operational launch of a central assessment unit for faceless customs assessments in Karachi by 31 December 2024.

The meeting also reviewed technological advancements in industry monitoring. The installation of video analytics in the sugar industry has been completed, while the same for the cement industry is nearing finalization.

Energy Sector Progress

The PM noted a 15% year-on-year rise in petroleum sales, reaching a 25-month high of 1.58 million tons in November 2024, attributing it to a crackdown on smuggled fuel and reduced petrol and diesel prices. He urged further action against smuggling and emphasized maintaining this momentum in the energy sector.

Broader Economic Impact

The sugar export earnings and digital reforms signify progress in addressing Pakistan’s fiscal challenges. Coupled with efforts to combat smuggling and modernize revenue systems, these initiatives are expected to boost foreign exchange reserves, enhance governance, and support long-term economic recovery.