pakistan imf loan
The International Monetary Fund (IMF) expressed concern over the shortfall in tax collection and delay in implementation of foreign loans to implement the US$7 billion loan package in Pakistan. The IMF mission, during its visit to Pakistan, held five days of intensive meetings with officials to discuss the implementation of loan conditions. The global lender also expressed concern about Punjab’s new agricultural income tax law, which is still not fully aligned with the federal law, the Express Tribune newspaper reported. Let us tell you that Pakistan is burdened with debt and is running with the help of IMF. The people of Pakistan are troubled by rising inflation and economic crisis.
Expressed 2 main concerns
A source said the IMF mission on Friday highlighted two major concerns – first, the poor performance of the Federal Board of Revenue (FBR) and second, the delay in finalizing loans to bridge the US$2.5 billion gap. The IMF asked Pakistan to approach Riyadh to get oil on deferred payment and requested Beijing to restructure the debt.
Pakistan’s currency reserves increased
Pakistan’s foreign exchange reserves have increased in the week ending November 8. According to the weekly report released by the State Bank of Pakistan, foreign exchange reserves have increased by $ 34 million to reach $ 15.966 billion.
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