Pakistan, Oct. 21 -- Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday said Pakistan's twin deficit had declined from a cumulative 12.5 percent of Gross Domestic Product (GDP) to 2.6 percent, reflecting progress in macroeconomic stabilization and fiscal consolidation.

Addressing a two-day high-level workshop on "Reforms for a Modern and Growth-Friendly Tax System in Pakistan", the minister said that the country had achieved a 22-year low fiscal deficit in the last fiscal year and recorded primary surpluses for three consecutive years.

The event was organized by the Ministry of Finance and the International Monetary Fund (IMF), which bring together senior government officials, representatives of the IMF and World Ban...