Summary IMF has said that Pak loans cannot be written off or restructured.
ISLAMABAD: Head of the International Monitory Fund (IMF) mission in Pakistan Jeffrey Frank said that the IMF cannot write off or restructure Pakistan’s loan.
Talking to the media, Frank further said that Pakistan had not formally sought a new programme, adding that if they did want to seek a new programme then their economic strategy must radically change as losses of government institutions had drowned the current economic strategy.
Frank said that Pakistan was in need of billions of dollars in revenue in expenditure as it was suffering from a current deficit of 16.24 trillion, adding that Pakistan’s foreign exchange reserves had diminished.
He also said that taxation on agriculture, retail and sales should be made more effective and tax relaxations and concessions should be done away with. He further said that Pakistan’s major issue was power deficiency and power theft was behind the increasing deficit.
