Pakistan to engage IMF over $3 billion bailout package

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2023-09-30T23:48:55+05:00 News Desk

In late October, discussions between Pakistan, grappling with a crisis, and the International Monetary Fund (IMF) will resume.

These talks aim to pave the way for the release of the next installment of funds from a $3 billion lending program, which is intended to help Pakistan navigate its crisis and prevent default.

During an online meeting with the IMF, the Federal Board of Revenue (FBR) expressed confidence in achieving its tax recovery targets without the need for additional taxes.

The IMF has expressed satisfaction with Pakistan's tax collection performance and will be briefed on the country's economic performance in the upcoming meeting. In this meeting, officials will provide updates on tax revenues for the first quarter of the current fiscal year and share information about the ongoing crackdown against tax evasion and hoarding.

Additionally, Pakistan plans to reduce its development budget by up to Rs200 billion, responding to pressure from the IMF. Finance Minister Shamshad Akhtar has discussed the future course of action with provincial finance ministers.

In July of this year, Pakistan received the first tranche of $1.2 billion from the IMF as part of the $3 billion bailout package. The country also secured financial support of $1 billion from the UAE and $2 billion from Saudi Arabia to avert default.

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