IMF proposes tax hikes on electricity and gas in Pakistan

05:02 PM | 3 May, 2024

As Pakistan braces for negotiations on a new loan package from the International Monetary Fund (IMF), the IMF has unveiled a series of proposals ahead of the scheduled arrival of its delegation on May 15th. These proposals, integral to discussions surrounding a crucial $6 to $8 billion bailout package, include suggestions to implement additional taxes, hike electricity and gas prices, impose taxes on pensioners, and privatize state-owned entities facing financial losses.

According to sources, the Federal Board of Revenue (FBR) is poised to commence deliberations on pension system reforms. The IMF's proposal entails either taxing pensioners earning less than a hundred thousand rupees or imposing a flat 10% tax on all pensioners. The government is reportedly proactive in endorsing these measures, aligning its stance with the IMF's recommendations.

In preparation for the impending IMF mission, efforts have been made to establish budgetary targets and secure cabinet approval for the budget strategy paper. Directives have been issued to ministries in this regard.

Moreover, the Ministry of Finance has initiated the budget formulation process, aiming to finalize targets concerning loan repayments, defense expenditure, and tax revenues, among other aspects. These targets will be shared with the IMF once they are formalized.

Daily Pakistan Global Web Desk


Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 22 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 22, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.15 for buying and 280.85 for selling. Euro's buying rate remains stable at 301.25 and selling rate is 303.25.

British Pound rate is 354.75 for buying, and 358.25 for selling. UAE Dirham AED was at 76.4 and Saudi Riyal lowered to 73.60.

Currency Rates Today

Currency Symbol Buying Selling
US Dollar USD 279.15 280.85
Euro EUR 301.25 303.25
UK Pound Sterling GBP 354.75 358.25
U.A.E Dirham AED 76.40 77.15
Saudi Riyal SAR 73.60 74.32
Australian Dollar AUD 184.75 186.55
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.50 205.50
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.70 36.05
Indian Rupee INR 36.05 36.05
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.00 204.00
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.50 7.65


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