IMF demand
\nISLAMABAD
\nThe federal government is considering increasing the levy on all petroleum products to fulfil another demand that the International Monetary Fund (IMF) set in the FY-2023-24 budget.
\nSources privy to the matter have stated that the Ministry of Finance has proposed raising the levy rate by an additional Rs10 per litre to collect around Rs755 billion from this source during the fiscal year 2023-24. The current rate of PDL stands at Rs50 per litre.
\nThe government had set a target of collecting Rs855 billion through the petroleum levy in the current fiscal year, they say. However, during the first nine months of this fiscal year, the collection only reached Rs362 billion, it added. To increase the petroleum levy, the Ministry of Finance will amend finance bill through parliament.
\nMeanwhile, the International Monetary Fund (IMF) in fresh contact with Pakistan has demanded to slash expenditures of the federal and provincial governments, it emerged. The IMF in pre-budget talks has also demanded to fix the tax revenue target above Rs. 10,000 billion, according to sources.
\nIn virtual talks Pakistan has convinced the lender to move the talks ahead and also requested about the staff level agreement, sources said. \u201cIMF intending a joint 9th and 10th review of the loan package, but Pakistan wants completing 9th review of the bailout package separately\u201d.
\nAccording to sources, the sides also discussed budget figures as the monetary fund advanced its demand to enhance the FBR tax collection to 10,000 billion rupees. It also demanded steps to increase recovery of income tax.
\nPakistani negotiators assured the lender of fixing the FBR taxation target at 9,200 billion in the budget. IMF team also demanded major cut in expenditures of federal and provincial governments and pressed for limiting expenses and subsidy in the next fiscal year\u2019s budget, sources said. PM hopeful of finalizing IMF deal this month
\nPrime Minister Shehbaz Sharif had said that the government is very hopeful of finalising a deal with the International Monetary Fund (IMF) this month. PM Shehbaz Sharif said that his government had been able to navigate the challenges faced by Pakistan in the best possible fashion with the help of its people and brotherly and friendly countries.
\nIn an interview with Anadolu News Agency, the prime minister said Pakistan had been facing a plethora of problems since April 2022, when the current government took over after former prime minister Imran Khan was ousted in a no-trust vote.
\n\u201cWe are still very hopeful that the IMF program will materialize. Our ninth review by the IMF will match all terms and conditions and, hopefully, we\u2019ll have some good news this month,\u201d he told Anadolu in Ankara.<\/p>\n","protected":false},"excerpt":{"rendered":"
IMF demand ISLAMABAD The federal government is considering increasing the levy on all petroleum products to fulfil another demand that the International Monetary Fund (IMF) set in the FY-2023-24 budget. Sources privy to the matter have stated that the Ministry of Finance has proposed raising the levy rate by an additional Rs10 per litre to […]<\/p>\n","protected":false},"author":2,"featured_media":336126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":{"0":"post-336100","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news"},"yoast_head":"\n