Pakistan 'assures' IMF to increase petroleum levy

ISLAMABAD: Pakistan has reportedly assured the International Monetary Fund (IMF) to increase petroleum levy in FY2024-25 as Islamabad is planning to take a fresh loan programme, ARY News reported, citing sources.

Citing MEPF document, sources within the finance ministry said Pakistan has assured IMF to jack up petroleum levy to Rs1,065 billion in FY2024-25, while the current levy target is likely to be revised from Rs869 billion to Rs918 bln. The revised target can be achieved with the increase in the consumption of petroleum products.

The source further said the caretaker government would have introduced a Presidential Ordinance if the current target of petroleum levy was to be revised.

Earlier it emerged that Pakistan will get another loan package from the International Monetary Fund (IMF) after completion of the ongoing Standby Agreement.

“Caretaker government has initiated consultations for the next IMF program,” sources said.

The government will likely begin talks with the IMF for the next loan program in the current month, according to sources.

The finance ministry officials said that the elected government would move forward the measures agreed by the caretaker government.