Pakistan rejects IMF bailout package tough conditions
ISLAMABAD – Pakistan has reportedly rejected the IMF Bailout package associated conditions, private media has reported.
Finance Minister Asad Umar on Tuesday held a meeting with the visiting International Monetary Fund (IMF) mission led by Harald Finger in Islamabad.
While expressing concerns over the conditions put forward by IMF for the bailout package, Asad Umar clarified that Pakistan is not ready to accept them.
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.