Islamabad : talks between Pakistan And International Monetary Fund will resume after the new coalition government led by PM Shahbaz Sharif Presented a tax-heavy budget for 2022-23, as the cash-strapped nation reeling from its worst-ever economic crisis was expected to revive a $6 billion bailout package by the global moneylender.
According to the Finance Ministry, the IMF will submit a policy framework Islamabad In the next few days. Finance Minister miftah ismail And on behalf of Pakistan the Governor of State Bank of Pakistan will sign the contract. Sources said that Pakistan has requested the IMF to increase the package from $ 6 billion to $ 8 billion.
The latest round of talks between Pakistan and the IMF concluded last month.
Pakistan has prepared its budget for the next fiscal year to meet the IMF’s bailout goals—doubling fuel prices, removing energy and fuel subsidies, and an 11% higher sales tax on petroleum products from July 1. These are drastic measures demanded by the IMF.
The government has agreed to increase the tax collection target from Rs 7,005 billion to Rs 7,450 billion, customs duty collection from Rs 950 billion to Rs 1,005 billion, general sales tax (GST) collection from Rs 3,008 billion to Rs 3,300 billion. Income tax collection target has been kept at Rs 55 billion.
The government also imposed a 10% super tax on 13 large industries – cement, sugar, steel, oil and gas, RLNG terminals, textiles, banking, automobiles, tobacco, fertilizers, aviation, chemicals and beverages.
According to the Finance Ministry, the IMF will submit a policy framework Islamabad In the next few days. Finance Minister miftah ismail And on behalf of Pakistan the Governor of State Bank of Pakistan will sign the contract. Sources said that Pakistan has requested the IMF to increase the package from $ 6 billion to $ 8 billion.
The latest round of talks between Pakistan and the IMF concluded last month.
Pakistan has prepared its budget for the next fiscal year to meet the IMF’s bailout goals—doubling fuel prices, removing energy and fuel subsidies, and an 11% higher sales tax on petroleum products from July 1. These are drastic measures demanded by the IMF.
The government has agreed to increase the tax collection target from Rs 7,005 billion to Rs 7,450 billion, customs duty collection from Rs 950 billion to Rs 1,005 billion, general sales tax (GST) collection from Rs 3,008 billion to Rs 3,300 billion. Income tax collection target has been kept at Rs 55 billion.
The government also imposed a 10% super tax on 13 large industries – cement, sugar, steel, oil and gas, RLNG terminals, textiles, banking, automobiles, tobacco, fertilizers, aviation, chemicals and beverages.