These reforms are linked to the ongoing loan programme with the International Monetary Fund (IMF). Even if they were not linked, reforms in both sectors would still be necessary. There were complications in carrying out reform in the revenue sector.

We faced bureaucratic obstacles. To be honest, bureaucrats did not want it. But we have seen that many people do not pay taxes despite having the capacity. Those who impose taxes also conduct hearings and eventually grant waivers. This system is not right.

That is why we separated the policy-making and implementation functions. It is true that we did not hold extensive discussions in doing so, and we had to face criticism for that.

Businesspeople tend to focus mainly on their own interests—they simply say, reduce taxes. But if taxes are reduced, how will the government function?

As for the Bank Resolution Ordinance, five Islamic banks were merged into one. There was no better alternative. Both issues will be discussed at the upcoming Spring Meetings of the World Bank and the IMF.

One thing to remember is that the IMF reviews macroeconomic stability. If the indicators in that review report are positive, then all development partners—including the World Bank and the Asian Development Bank—provide financial support.