In a final attempt to secure a stalled rescue package with the International Monetary Fund (IMF), Finance Minister Ishaq Dar announced on Saturday that the federal government has implemented several changes to its fiscal year 2023-2024 budget.
These changes have been introduced in hopes of reaching an agreement with the IMF and addressing the concerns that have hindered progress thus far. This would help Pakistan secure the awaited IMF loan.
While talking to the National Assembly, the Finance Minister said that “Pakistan and IMF had detailed negotiations as a last effort to complete the pending review”.
To address the fiscal deficit for the upcoming fiscal year, the federal government plans to implement a series of measures, including raising Rs. 215 billion through new taxes and reducing spending by Rs. 85 billion, stated Finance Minister Ishaq Dar.
Similarly, FBR’s tax collection has increased from Rs. 9,200 billion to Rs. 9,415 billion. The overall budget deficit will also be reduced by Rs. 300 billion.
He emphasized the importance of taking the public into confidence regarding the success of the ninth review with the International Monetary Fund (IMF), acknowledging that there had been concerns and uncertainties surrounding the outcome of the review.
Finally, he added that talks with IMF have been ongoing for three days and the conclusion will be added to the Finance Ministry’s website once it is finalized.
Furthermore, Prime Minister Shehbaz Sharif also met with IMF’s managing director Kristalina Georgieva ahead of his departure to London.
The meeting took place prior to the Prime Minister’s departure for London. During his visit to Paris, Shehbaz Sharif had a total of three meetings with representatives from the IMF.
The Prime Minister reaffirmed Pakistan’s unwavering commitment to successfully completing the IMF program. He acknowledged the IMF’s perspective on comprehending the economic realities faced by Pakistan. The premier emphasized Pakistan’s determination to fulfill all its commitments, aiming to overcome the country’s severe economic challenges.
Source: Pro Pakistani
