Federal Finance Minister Muhammad Aurangzeb on Saturday said that Pakistan’s fastest-growing problem is its rising population, stressing that job creation is primarily the responsibility of the private sector.

Addressing industrialists at the Lahore office of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Aurangzeb said economic indicators suggested growth of around 4.5 per cent in the current fiscal year.

He said the decision on the super tax would rest with the Supreme Court of Pakistan, adding that he had received a notice and paid his dues.

On real estate, the minister said Prime Minister Shehbaz Sharif would soon announce a major relief package for the sector. He reiterated that employment generation was mainly the private sector’s role.

Aurangzeb said the International Monetary Fund does not impose loans forcibly and that Pakistan approaches the fund voluntarily.

He also criticised the National Finance Commission (NFC) formula, saying that allocating 82 per cent of resources based on population was inappropriate and under review through consultations with provinces.

Former commerce minister Gohar Ejaz and FPCCI Patron-in-Chief SM Tanveer urged the government to lower tax rates, warning that high taxation was driving capital out of the country.

Tanveer said business growth would lead to higher tax revenues.

“The trader community is ready to pay taxes. We are partners of the FBR,” he said, adding that economic growth depended on relief for businesses.

Participants also called for aligning export-related tax rates with those of India, Bangladesh, and China.