Advertisement
Categories: BusinessNewsPakistan

Finance Minister Warns of IMF Dependency if Taxes Are Not Increased

Advertisement

Federal Finance Minister Muhammad Aurangzeb has cautioned that Pakistan will remain reliant on the International Monetary Fund (IMF) unless tax revenues are increased.

In an interview with the Financial Times, Aurangzeb stated, “The upcoming IMF program will not be our last fund program if we don’t bring our tax revenues up.” He expressed optimism about reaching a staff-level agreement with the IMF this month, estimating its value between $6-8 billion.

Aurangzeb highlighted that Pakistan’s dependence on imports has resulted in a recurring cycle of debt and borrowing. He stressed the importance of enhancing the country’s loan repayment capacity.

PM Shehbaz Orders Swift Inclusion of 4.5 Million Non-Filers in Tax Net

The minister also pointed out the lack of trust in the Federal Board of Revenue (FBR) due to issues of corruption and harassment, which deters people from paying taxes.

Aurangzeb emphasized the need for the government to demonstrate positive performance in the next 2-3 months to address Pakistan’s financial challenges. He also noted the IMF’s appreciation for Pakistan’s tough economic decisions, including the recent hike in gas prices.

Advertisement
News Desk

Recent Posts

PM Shehbaz Removes PTV Fee from Electricity Bills, Launches Consumer-Led Billing App to Curb Overcharging

Prime Minister Shehbaz Sharif announced on Sunday the complete elimination of the PTV licence fee…

16 hours ago

Strengthening Educational Assessment in Balochistan: AKU-EB Concludes Capacity Building Project with Balochistan Assessment and Examination Commission

The Aga Khan University Examination Board (AKU-EB) has successfully concluded a capacity development and technical…

16 hours ago

Revolutionizing Pakistan’s Digital Landscape: USF Launches 7 New Broadband Services/Ofc Projects of Pkr 7.49 Billion to Enable 3.76 Million Residents From 12 Districts

In a landmark decision, the Universal Service Fund's (USF) Board of Directors has greenlit seven…

16 hours ago

Pakistan Enters Top 100 of Global Passport Index, Eyes Further Gains with Digital Upgrades

Pakistan’s passport has made a notable leap in global mobility rankings, entering the top 100…

2 days ago

International Survey Reveals Pakistanis Support Actions to Address Climate Change

An international survey conducted across 17 total countries, including Pakistan, was commissioned by the Global…

2 days ago

Pakistan’s first AI data center launched

Data Vault Pakistan has officially launched the country’s first AI-focused data center in Karachi, a…

2 days ago