After seeking US support, Pakistan, IMF agreement enters final phase

After seeking support from the United States (US), Pakistan-International Monetary Fund (IMF) talks have been successful and an agreement was reached.

There was a major breakthrough in the virtual talks between Pakistan and the IMF on Tuesday night. The IMF has agreed to the economic measures of the Pakistani government for the budget for the next financial year.

According to sources, the IMF has also agreed with Pakistan’s budget targets. Sources said that good news from IMF is coming soon.

According to sources, the chances of resuming the IMF loan program have become clear. The resumption of the debt program will pave the way for Pakistan to receive $900 million to $1 billion.

A spokesman for the IMF said talks between Pakistan and the IMF were ongoing, but significant progress had been made on Pakistan’s next budget. The spokesman said talks were underway on policies to improve microeconomic stability over the next year.

According to sources, it has been agreed to increase the tax collection target from Rs. 7005 billion to Rs. 7450 billion in next year’s budget.

2: According to sources, it has been agreed to increase the target of customs collections from Rs950 billion to Rs1005 billion.

3: According to the sources, it has been agreed to increase the target of tax collection in GST from Rs. 3008 billion to Rs. 3300 billion.

4: According to sources, it has been agreed to increase the target of income tax collections to Rs. 55 billion.

5: According to sources, the IMF has demanded a levy of Rs 50 per litre on petroleum products, in the context of which it has been agreed to levy Rs 5 per litre per month.

6: According to sources, there will be final talks between Pakistan and the IMF, which will be as usual, but the agreement has been reached.

Economists said that Pakistan has agreed to strict conditions of the IMF, which will result in a secret money budget, under which the value of the dollar will rise to Rs 230, the price of petroleum products from Rs280 to 285 per litre, the unit price of electricity should be increased by Rs. 5 to 7. The gift of a lot of taxes will be in addition.

Analysts have reported from their sources that three days ago, Federal Minister for Finance Muftah Ismail, Senator Sherry Rehman and Minister of State for Finance Ayesha Ghous Pasha met with the US Ambassador and sought support from the US for the Pakistan-IMF deal, otherwise the country will go bankrupt.