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The IMF has proposed a tax target exceeding Rs 15 trillion for Pakistan's upcoming budget, aiming to raise the tax-to-GDP ratio to 13%. This recommendation follows the IMF's insistence that Pakistan's Special Investment Facilitation Council refrain from granting tax exemptions to international investment projects, including the significant Chaghi-Gwadar railway project. As discussions progress, the government anticipates a growth rate of over 4% in the next fiscal year, despite challenges in meeting previous tax collection targets.
Pakistan's economy could reach $1 trillion by 2035 with a sustained 7% annual growth rate, according to World Bank VP Martin Raiser. He emphasized the need for key economic reforms and strong policies to attract foreign investment, while the World Bank pledged $20 billion over the next decade to support these efforts. The funding will focus on clean energy, climate resilience, and boosting private sector growth, amidst ongoing economic challenges and an IMF bailout program.
Pakistan's Finance Minister Muhammad Aurangzeb announced discussions with the IMF regarding a $7 billion bailout reform agenda, emphasizing that no new taxes will be imposed. The talks, which are unusual so soon after the IMF's approval of the bailout, focused on reforms in taxation, the energy sector, privatization of loss-making state-owned enterprises, and public finance. The first review of these reforms is scheduled for the first quarter of 2025.
Pakistan's Finance Minister Muhammad Aurangzeb announced that the government will not impose additional taxes through a mini-budget for the current fiscal year, as it is on track to meet its tax collection target. The goal is to achieve 13 trillion rupees ($47 billion) by June.
Pakistan has requested an additional 10 billion yuan (USD 1.4 billion) loan from China, having already utilized the existing 30 billion yuan (USD 4.3 billion) trade facility. Finance Minister Muhammad Aurangzeb sought to raise the currency swap agreement limit to 40 billion yuan during discussions with China's Vice Minister of Finance, Liao Min. This request marks another attempt to increase the debt limit, which has been declined by Beijing in the past.
Pakistan's finance minister reported encouraging discussions with China regarding the extension of debt maturities linked to the Belt and Road Initiative. This move aims to alleviate financial pressure on the country, which has seen electricity prices triple in recent years, surpassing some household rents.
Muhammad Aurangzeb
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