IMF reviews govt's strategy to increase power tariff, decrease circular debt
Last updated on: 12 November,2018 10:05 pm
On October 11, Pakistan had formally requested financial assistance from the IMF
ISLAMABAD (Dunya News) – Pakistani officials and International Monetary Fund (IMF) on Monday held first round of dialogues in Islamabad.
During the meeting, steps being taken for tax reforms, lessening deficit and increasing tax income were reviewed.
The officials of Finance Ministry and Federal Board of Revenue (FBR) apprised the IMF delegation on next budget and steps being taken to increase tax.
The officials also presented plan to increase tax net and revenue targets. Sources said that dialogues also reviewed strategy to increase power tariff and circular debt.
The second round of talks with the IMF will be held on Tuesday (today).
The IMF delegation, led by its chief Herald Finger, kicked off nearly two weeks talks with Pakistani team on the formal written request of Islamabad for a possible bailout package, which will be country’s 13th bailout.
On October 11, Pakistan had formally requested financial assistance from the IMF, the fund, setting in motion a series of talks that could lead to a bailout.
After campaigning on an anti-corruption platform, PM Khan won July’s general election on wave of popular support. But the country’s heavy current account deficit has cast a shadow over his first months in power, with foreign exchange reserves falling to just $8.4bn, barely enough to cover the country’s imports for the rest of this year. Pakistani officials had held talks recently with China and Saudi Arabia in an attempt to avoid asking for IMF assistance.