IMF sets tougher targets for Pakistan

ISLAMABAD: The International Monetary Fund (IMF) has placed tougher structural benchmarks for Pakistan under the implementation plan for qualifying the next loan tranches, amounting to $3 billion, ARY News reported on Saturday.

According to a report on the completion of the seventh and eighth reviews of the extended fund facility (EFF), the global lender has slapped eight more tougher targets on Pakistan in addition to giving fresh deadlines to meet the actions.

For the revival of the IMF programme, the IMF has asked Pakistan to ensure electronically filed tax and asset details of bureaucrats, cabinet members and the parliamentarians and make them available to public.

The Fund has asked the government to end subsidies granted during the Imran Khan-led government. The IMF has asked the country to increase the levy on petroleum products to be increased from Rs30 to Rs50.

The report further stated that Rs855 billion should be collected from the people by increasing the petroleum levy.

The government has also committed to ensure revival of general sales tax (GST) on petroleum products. “A 10.5 percent sales tax will be levied on petroleum products”, the report stated.

Meanwhile, the electricity tariff would reach upto Rs26 per unit as IMF has directed to slash subsidised rates for electricity.