Quetta: Pakistan’s PM Shehbaz Sharif said on Tuesday that his administration was working on implementing IMF’s conditions, hoping the international lender’s administrative board would approve the loan program reached with the cash-strapped country in July.
Sharif’s government received a$ 7-billion borrowing from the IMF last July with the situation that strict measures may be implemented to reduce taxes and increase revenue.
Islamabad unveiled a tax-heavy resources in June last year, which is a 40 % increase over the current fiscal year, in response to the demand from the world lender. Additionally, there has been a 20 to 30 % increase in tariffs on power and other energy items, which has hit the average person severely.
” All the parameters and criteria for our program with the IMF are being strictly monitored, and steps are being taken to meet them. God willing, we are enthusiastic that all the conditions and requirements of IMF may be fulfilled on day”, Sharif, who heads a poor partnership state, told his case. ” Our event will go to IMF’s executive committee for assent, and a new journey will start, but we should keep one thing in mind that this should be the country’s past product deal”, the PM said.
Pakistan has secured 24 IMF bailouts since joining the multilateral merchant in 1950, the most recent of which are pending the approval of the lender’s administrative board and confirmation of the country’s growth and diplomatic partners ‘ need for additional funding.
