IMF 'concerned' over smuggling of petroleum products in Pakistan

ISLAMABAD: The International Monetary Fund (IMF) has raised ‘concern’ over the smuggling of petroleum products in Pakistan, ARY News reported, quoting sources within the Federal Board of Revenue. 

According to details, the international lender has sought a report from the finance ministry and the FBR regarding steps taken so far to halt the monthly smuggling of petroleum products of 143 million litres.

Sources claimed that the IMF said the smuggling of petroleum products is resulting in a revenue shortfall and Rs10 billion are being lost on account of customs, levy.

The lender has asked Pakistan to control the smuggling of petroleum products, sources say.

Read more: Pakistan to fulfil tax collection agreement with IMF: Shamshad Akhtar

Earlier this month, Caretaker Finance Minister Shamshad Akhtar said government will fulfil its tax collection agreement with the International Monetary Fund (IMF).

While addressing a press conference along with caretaker federal ministers, Shamshad Akhtar said that the caretaker setup had inherited several challenges however it was not frightened by them and tried to deal with them one by one.

She added that the government’s strategy was to prudently manage the challenges, make efforts to control expenditures and enhance revenues, which would help improve the situation.