Pakistan faces toughest conditions of its history for IMF bailout package: Sources

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Pakistan faces toughest conditions of its history for IMF bailout package: Sources

ISLAMABAD – Pakistan is facing toughest conditions from International Monetary Fund (IMF) for bailout package.

IMF has demanded free mechanism for rupee devaluation which would lead Rupee to a new low of Rs 150 against US dollar.

Sources said that the IMF demanded the government to increase General Sales Tax (GST) to 18 percent and also asked the government to withdraw subsidy in phases.

The Mission also demanded the PTI government to increase interest rate more than 1 percent.

It asked the government to make State Bank, Oil and Gas Regulatory Authority (OGRA) and National Electric Power Regulatory Authority (NEPRA) independent.

The IMF further demanded the government to crackdown against tax evaders and also asked to slash line losses of the electricity.