Thursday, 28 October 2021

Pakistan faces IMF’s toughest conditions for bailout package

ISLAMABAD: Pakistan is facing toughest conditions of the history by the International Monetary Fund (IMF) for bailout package.

Sources said that the IMF demanded the government to increase General Sales Tax (GST) to 18 percent and also asked the government to withdraw subsidy in phases.

The Mission also demanded the PTI government to increase interest rate more than 1 percent.

It asked the government to make State Bank, Oil and Gas Regulatory Authority (OGRA) and National Electric Power Regulatory Authority (NEPRA) independent.

The IMF further demanded the government to crackdown against tax evaders and also asked to slash line losses of the electricity.

On November 3, the government while bowing to the pressure of International Monetary Fund (IMF) had decided to withdraw Rs146 billion subsidy on power being given to the domestic consumers.

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