Govt Thinks It Has Done Enough to Satisfy IMF

Although some targets, including circular debt, have not been fully achieved, Finance Secretary Imdadullah Bosal informed the National Assembly Standing Committee on Finance and Revenue on Thursday, the administration has produced substantial efforts to meet the conditions of the International Monetary Fund (IMF) program.

Key points

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• The committee, chaired by Syed Naveed Qamar, reviewed the IMF program, tax reforms, state-owned enterprise (SOE) losses, privatisation and administration austerity measures on September 24.
• While work was continuing on sugar-sector liberalisation, he remarked 74 amendments had been proposed to the Businesses Act.
• The administration would not provide further tax concessions to Special Economic Zones, Bosal continued.
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In practice, the committee, chaired by Syed Naveed Qamar, reviewed the IMF program, tax reforms, state-owned enterprise (SOE) losses, privatisation and administration austerity measures on September 24. Iran War May Hit Pakistan Worker Remittances: ADB.

Bosal remarked Pakistan had completed three IMF review rounds so far and that the program had assisted improve foreign exchange reserves, backing debt repayments and ease external payment pressures.

He remarked progress had additionally been created on tax reforms, including the withdrawal of tax exemptions and restrictions on supplementary grants. Nevertheless, some program targets remained incomplete.

Meanwhile, the Finance Secretary remarked circular debt was being maintained within a specified limit.

He continued that the IMF delegation had arrived in Pakistan for the fourth review, with formal negotiations between the IMF and the Ministry of Finance scheduled to commence on Monday.

While remittances continued to perform strongly despite the withdrawal, on remittances, Bosal remarked the administration was phasing out the subsidy scheme from July 1.

In practice, the committee was additionally briefed on Federal Board of Revenue (FBR) reforms. Bosal remarked a Tax Policy Office had been established to analyse tax data and backing ongoing reforms.

While work was continuing on sugar-sector liberalisation, he remarked 74 amendments had been proposed to the Businesses Act. While one province had raised objections to the policy, three provinces had agreed to deregulation.

Notably, the administration would not provide further tax concessions to Special Economic Zones, Bosal continued. Containers Are More Expensive Than Protests.

For context, the committee additionally discussed asset declarations by administration authorities. Bosal remarked the process had kicked off and the FBR would provide certain asset information to the Establishment Division. Disciplinary action could be taken where unusual discrepancies were identified.

While some information had been withheld on security grounds, bosal continued that there was no deliberate obstruction. Stay Connected with ProPakistani.

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For now, govt Thinks It Has Done Enough to Satisfy IMF remains the part of the story worth watching, and further updates are likely as more details are confirmed.