Pakistan, Aug. 16 -- Federal Planning Minister Ahsan Iqbal has said that Pakistanis pay some of the lowest taxes in the world. He stressed that a strong economy depends on tax collection, exports, and foreign investment. Speaking at a ceremony in Karachi, he explained that Pakistan was on the brink of financial collapse two years ago. He claimed the country had already defaulted internally by April 1, 2022.

However, Iqbal said difficult decisions helped stabilize the economy. Interest rates dropped from 22% to 11%, and international credit rating agencies upgraded Pakistan's ratings. He credited public support for making reforms possible and said the economy now shows positive signs. According to him, Pakistan has a chance to "take off" ...