ISLAMABAD – President Arif Alvi on Tuesday denied a request made by the government for promulgating an ordinance to impose new taxes as it is making efforts to raise additional revenue to revive a loan programme of the International Monetary Fund (IMF).
Finance Minister Ishaq Dar called on the president and apprised him about the progress in talks with the IMF delegation on the ninth review stalled since September 2022 amid depleting foreign exchange reserves held by the State Bank of Pakistan (SBP).
The president, according to the state broadcaster, appreciated the efforts of the government for an agreement with the IMF, and assured that the state would stand by the commitments made by the government with the IMF.
During the meeting, the minister informed that the government wanted to raise additional revenue through taxes by promulgating an ordinance.
However, the President advised that it would be more appropriate to take the Parliament into confidence on this important subject, and that a session be called immediately so that the bill is enacted without delay.
Last week, Dar on Friday said that the talks the global lender concluded “positively” and the government will have to impose Rs170 billion in taxes through a ‘mini-budget’ in order to get the loan programme.
The finance minister announced that new taxes worth Rs170 billion will be imposed and energy sector reforms will be implemented to restore the loan facility. He also added that the government was focusing on “minimising untargeted subsidies”.
IMF issues statement after concluding 10-day talks with Pakistani officials
