The Federal Minister for Finance and Revenue, Muhammad Aurangzeb, has announced that Pakistan is working to transition to an Islamic interest-free fiscal system in accordance with the directives of the Federal Shariat Court (FSC). The government aims to implement the FSC’s verdict to abolish the prevailing interest-based system. Currently, Pakistan’s foreign exchange reserves depend heavily on interest, with the country expecting a new tranche of $1.19 billion from the IMF this week. To promote an interest-free economy, the government plans to establish Islamic banking branches nationwide and support the growth of the agricultural and livestock sectors. The Finance Minister emphasized the significance of enhancing the tax-to-GDP ratio, currently at 9%, through tax enforcement and expansion of the tax base. Pakistan’s economic growth is supported by friendly nations both domestically and internationally, and the government is focused on transforming tax, energy, and State Owned Enterprises (SOEs).