The first assessment of the International Monetary Fund (IMF) on Pakistan’s economic progress ends on a positive note. Pakistan will get the second tranche of approved loan worth 450 million rupees by the end of this year.
According to sources, the IMF delegation held talks with Pakistani officials on the country’s economic situation, and the IMF mission will respond to the government’s re-examination of its financial targets of recovering 5,500 billion rupees of taxes in the current fiscal year.
It is pertinent here to mention that Pakistan has asked to deal with issues related to the Financial Action Task Force (FATF) separately from the IMF bailout plan. The federal government has also called for the removal of the guarantee condition of the financial body for the issuance of bonds.
Sources said that the talks with the economic officials during IMF’s mission stressed on the issuance of funds allocated for the development programs, as well as the establishment of a tax collection authority, also reduce the fiscal deficit by making a cut in government’s expenses, exemption and subsidies in different sectors and a significant rise in the number of taxpayers and.
IMF Delegation in Pakistan Holds Talks with Finance Ministry,FBR
The IMF team briefed the Pakistani officials on how to improve tax collection, FBR officials said that tax collection rose to 16 percent while local tax collection jumped to 26 percent during the last three months and the rate of income tax collection, sales tax collection and Excise Duty increased 19 percent, 21 percent, and 19 percent respectively.
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