Foreign Minister Shah Mehmood Qureshi on Sunday (May 12) while talking about much debated IMF’s loan package, defended the agreements of government and said Pakistan Tehreek-e-Insaf (PTI) government “tried its best” to resolve the country’s economic woes without the International Monetary Fund’s assistance. Qureshi said the government pursued the International Monetary Fund (IMF) to soften its terms and conditions for the financial package.
Qureshi said the “PTI government had managed to reduce sales tax on petroleum products to 17 percent from 56 percent during the PML-N tenure, and was striving hard to enhance the tax net base”. Qureshi further said funds of Rs680 million for south Punjab secretariat would be earmarked in the upcoming budget.
The International Monetary Fund (IMF) and Pakistan have finally reached a staff-level agreement on economic policies for a three-year extended fund facility.
Under the agreement, Pakistan will get six billion dollars in three years, while an additional amount of two to three billion dollars may likely come from World Bank and Asian Development Bank on less interest rate. The program aims to support the authorities’ strategy for stronger and more balanced growth by reducing domestic and external imbalances, improving the business environment, strengthening institutions, increasing transparency, and protecting social spending.
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