Pakistan’s assurance to the IMF that gas is expensive, petrol levy will be increased

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Pakistan’s assurance to the IMF that gas is expensive, petrol levy will be increased



Pakistan has assured the International Monetary Fund (IMF) of raising gas prices and petrol levies.

Virtual talks have begun between Pakistan and the IMF, with Islamabad insisting on restoring the program after the ninth review.

Pakistan told the IMF that they will increase the price of gas quickly, they are also increasing the levy on petrol, they will also pay the tax, just give them a loan.

According to the sources, during the negotiations, the IMF imposed the conditions of removing subsidies on electricity and exemptions of various sectors and not controlling the price of the dollar.

On this occasion, Pakistan also assured to complete the tax collection target set for this year.

According to the sources, the Pakistani delegation also informed the IMF about the decision to increase gas prices early, that the increase in gas prices will be applied from July 1, 2022.

According to the sources, the Pakistani delegation told the International Financial Institution that Ogra has given a decision in this regard, and the cabinet will soon approve the increase in gas prices.

The Pakistani delegation told the IMF that the revolving debt of the gas sector is also being written off while the PDL on petroleum products is being increased in a phased manner.

The IMF asked the Pakistani delegation not to stop the appreciation of the rupee artificially, to end subsidies on electricity, to take steps to increase the tax-to-GDP ratio and to reduce the exemptions given to various sectors. be terminated.

According to the sources of the Ministry of Finance, a delegation led by Pakistan’s Finance Secretary Hamid Yaqoob Sheikh has held talks.

Sources Mission Chief Nathan Porter from the Ministry of Finance attended the talks, on this occasion the Pakistani delegation gave a briefing on the economic situation.



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