Digital transition key to tackle undocumented economy: Finance Minister Aurangzeb

Finance Minister Muhammad Aurangzeb has said that the undocumented economy has been the biggest challenge for the country and the government is considering transition towards the digital solutions for its documentation. Speaking during a session on Opening Doors with Fintech at a special World Economic Forum (WEF) meeting in Riyadh on Sunday, the finance minister said that approximately Rs10 trillion in cash is circulating in the market. “We generate Rs9.4 trillion in annual revenues, yet half of our economy remains undocumented,” he stated. He stressed the necessity for the country to envision its economic framework anew, following the footsteps of other nations that have successfully utilised digital solutions. The finance minister stressed that the country has two important pillars that can propel the nation towards economic digitalisation.