ISLAMABAD, April 1: Finance Minister Ishaq Dar said on Tuesday he would soon make a statement in parliament about the country’s financial health.

After being briefed here on the economic situation by various wings of his ministry, Mr Dar said greater transparency would be introduced in financial affairs of the country and facts would be shared with the people.

A finance ministry official told Dawn that senior taxmen headed by Federal Board of Revenue chairman M. Abdullah Yousuf gave a detailed presentation to the minister on the revenue shortfall during the current fiscal year.

The board has delayed the issuance of the revenue figures for the month of March apparently because of the shortfall. It is now feared that the achievement of revenue target of Rs1,025 billion has become a far cry.

Mr Yousuf informed the minister about grey areas in the taxation structure, potential for tapping new sectors, particularly the agriculture income tax, to raise revenue for meeting the rising expenditures, the official said, adding that the minister was also informed about the low tax to GDP ratio.

The finance minister has already indicated to rationalise the taxation structure and said the economy would be opened up further.

The minister said the burden of taxes on the poor segment, particularly the salaried class, was expected to be reduced in the new budget.

According to the official, Finance Secretary Ahmad Waqar briefed the minister on major economic indicators, particularly the GDP growth.

He said the minister was also briefed on inflation, which reached the highest level during the current fiscal year on the back of rising prices, particularly of edible oils, wheat, rice and petroleum products.

The trade deficit has reached the highest ever level during the first eight months of the current fiscal year. The foreign exchange reserves have been steadily declining for six months, putting more pressure on the rupee. The current account deficit deteriorated further which can result into more than expected budget deficit.

A finance ministry spokesman said no policy decision had been taken during the briefing.

Meanwhile, World Bank country director Yusupha B. Crookes on Tuesday assured Mr Dar that the bank would continue to be a strategic development partner of Pakistan and help it sustain economic development, reduce poverty and achieve economic stability.

An official announcement issued after the meeting said that the two sides exchanged views on the current economic situation and expressed the hope that the new government would give a viable and transparent plan for economic uplift.

Mr Dar briefed the World Bank team about economic priorities of the government. He said Pakistan would come out of the current economic turbulence with the support of its people. The government would address economic issues confronting the public through adjustments in monetary and fiscal policies, he added.

The minister said that relationship with international development partners, including World Bank would be based on transparency, mutual trust and confidence.