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News Pakistan

Pakistan, IMF to strike deal after budget approval: sources

by Web Desk June 27, 2022

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 Pakistan, IMF to strike deal after budget approval: sources

The talks between the Pakistani authorities and International Monetary Fund (IMF) staff will now resume after the approval of the budget for incoming fiscal year 2022-23, during which the two parties will strike a deal for a loan facility.

Sources in the Finance Ministry said that the talks between the IMF and Pakistani officials would be held on June 28 after the approval of the budget, after which the loan agreement would be signed.

According to sources, Pakistan has requested to increase the loan program from $6 billion to $8 billion and has also asked the IMF to extend the loan period by one year. Pakistan wants the program to run till 2024 instead of 2023.

Sources said that the budget for the next financial year will be around Rs10,000 billion, 11 per cent sales tax will be levied on petroleum products from July 1 and it has been decided to add Rs50 per liter levy on petroleum products.

According to sources, it has been agreed to levy Rs5 per liter per month on petroleum products while raising the target of tax collection from Rs7005 to Rs7450 billion, raising the target of customs collection from Rs950 billion to Rs1005 billion and raising the target of GST collection from Rs3008 to Rs3300 billion has been agreed between the two parties.

The target for income tax collection has been set at Rs55 billion.

The policy framework will be handed over to Pakistan in the next two days.

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