In order to receive the last $1.1 billion installment from its $3 billion Standby Arrangement (SBA), Pakistan has made great strides in meeting the requirements imposed by the International Monetary Fund (IMF).
Pakistan has accomplished 25 of the 26 objectives outlined in the IMF’s second Economic Review for its $3 billion SBA, according to sources in the finance ministry.
According to sources within the ministry, the Ministry of Finance has informed the IMF of the current status of target implementation in a detailed report.
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The IMF mission is in Pakistan to expand the tax net.
The report highlights a number of accomplishments, including the timely payment of external commitments and the adherence to criteria such as not taking out loans from the State Bank of Pakistan.
According to reports, the country has shown its dedication to satisfying its financial obligations by quickly clearing arrears in the power industry, including tax dues and return payments.
Pakistan has reportedly met all conditions for tax exemption and amnesty, according to FBR sources. Currency exchange between interbank and open market transactions remains at the authorized rate of 1.25%.
Arrival of IMF team in Pakistan:
Notable as well is the prompt execution of requirements pertaining to the rebasing of power rates and the hike in gas prices. We will conclude the examination of the Finance Ministry’s report on target implementation before an IMF team arrives in Islamabad, according to sources.
There has been a lot of progress, but sources say there are still obstacles, especially with regards to changing the regulations that regulate state-owned companies.
Despite repeated requests from the International Monetary Fund, no changes have been made to the legislation governing corporations like the National Highway Authority, Pakistan Post, and Pakistan Broadcasting Corporation.
In the future, after the new administration is formed, it is anticipated that an IMF mission will visit Pakistan.
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