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2024-07-12 India-Pakistan
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Pakistan to clinch new IMF bailout deal this month: FinMin Aurangzeb
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[GEO.TV] Finance Minister Muhammad Aurangzeb on Thursday said that Pakistain would strike a deal with the International Monetary Fund (IMF) this month, expressing optimism about the positive progress in talks between Islamabad and the global lender to reach a staff-level agreement on a new bailout programme.
The government is looking to clinch the IMF agreement on a bailout of more than $6 billion after addressing all of the lender's requirements in its annual budget.
"The talks with the IMF are progressing positively," the finance czar said while briefing the National Assembly's Standing Committee on Finance.
Aurangzeb informed the body that no country could run on a 9% tax-to-gross domestic product (GDP) ratio and pledged to raise the ratio to 13%.
"The Fund requires taxation on the actual income which is fair," the minister said.
The federal government presented the tax-loaded Rs18.877 trillion budget for the fiscal year 2024-25 (FY25) last month, aimed at shoring up public revenue and satisfying the IMF, which has repeatedly demanded improved tax collection.
The budget aims to raise Rs13 trillion by next July, a roughly 40% increase from the current financial year, to bring down a ruinous debt burden that has caused 57% of government revenue to be swallowed by interest payments.
The tax rises mostly fall on salaried workers, who comprise a relatively small part of Pakistain’s mostly informal economy, as well as some retail and export businesses. The budget also threatened punitive measures for tax avoiders, including restrictions on mobile phones, gas and electricity access and the ability to fly abroad.
On Sunday, the finance minister warned that Pakistain won't be able to break lose from IMF bailouts if it fails to boost tax revenue.
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Posted by Fred 2024-07-12 00:00||
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File under: Govt of Pakistan
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Posted by Huputle+Cherelet4131 2024-07-12 08:49||
2024-07-12 08:49||
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