Pakistan government surrenders before IMF demands

Pakistan government surrenders before IMF demands

*ISLAMABAD – The draft for International Monetary Fund (IMF) bailout package has been prepared as Pakistan accepted the major demands of IMF on Saturday.*

According to the sources of Finance Ministry, Pakistan has accepted major demands of the IMF for bailout package in the draft agreement. However, It also said that over strict terms and conditions posed by the IMF on Pakistan for a bailout package, Prime Minister Imran Khan has expressed reservations.

The sources further said that the premier seeks soft terms and conditions from the IMF regarding inflation, particularly relaxation in a larger tax rebates and exemptions. Moreover, PM Khan has directed concerned officials to persuade the IMF for a reduced tax collection target.

Following to this, the PM has summoned an important meeting on Monday to examine financial affairs, the tax amnesty scheme and the IMF deal. Several members of the federal cabinet will also attend the meeting.

It was reported that the government has accepted several demands of the IMF , including the increase in electricity and gas prices in the country. The Pakistani officials bowed down before the IMF and accepted the condition for removing subsidy on agriculture, devaluation of rupees as wells as hiking the percentage rate of interest.