Pakistan needs to mobilise tax revenue to promote development: IMF

ISLAMABAD: In order to fund development, the International Monetary Fund (IMF) urged Pakistan to increase its tax revenue on Friday.

One of the key elements is the need to mobilise domestic tax revenue to fund much needed social and developmental spending while placing debt on a firm downward trend, said IMF Director Communications Gerry Rice on supporting Pakistan programme.

Rice further informed about the visit of a team to Pakistan in the next few days, which will be headed by Director for that area, Jihad Azur.

Under the Extended Fund Facility (EFF), Pakistan received the first tranche of a loan of $991.4 million from the IMF on July 10.

After receiving the loan from the IMF, the country’s foreign exchange reserves now stand at above $15.0431 billion, as per a report issued by the State Bank of Pakistan (SBP).

On July 3, IMF’s Executive Board had approved a three-year bailout package worth $6 billion to support Pakistan’s economic plan which aims to return sustainable growth to the country’s economy and improve the standards of living.

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