July 9, 2024
1 min read

Aurangzeb: Pakistan needs higher tax revenues to exit IMF aid

Aurangzeb said that the “upcoming IMF programme will not be our last fund programme if we don’t bring our tax revenues up.”…reports Asian Lite News

Pakistan’s Finance Minister Muhammad Aurangzeb warned that Pakistan will stay in the IMF cycle if taxes are not increased, ARY News reported on Monday.

Aurangzeb said that the “upcoming IMF programme will not be our last fund programme if we don’t bring our tax revenues up.”

Aurangzeb maintained that he is hoping Pakistan will reach a staff-level agreement with the IMF this month, estimating the agreement to be worth USD 6-8 billion, ARY News reported.

He acknowledged that the government’s reliance on imports has led to a cycle of debt and borrowing, stressing the need to enhance the country’s ability to repay loans, ARY News reported.

The minister also mentioned the lack of trust in the Federal Board of Revenue (FBR) due to corruption and harassment, stating that people are hesitant to pay taxes due to these issues.

Aurangzeb emphasised that the government must demonstrate positive performance in the next 2-3 months to address the country’s financial challenges.

On July 6, employees of a private company staged a protest against the recently announced ‘tax filled’ budget 2024-25 which further burdened the inflation hit salary class citizens of Pakistan. Hundreds of employees of a private company participated in the protest staged at Islamabad’s Blue area.

The president of the private company stated that people are not able to bear the tax recently imposed by the government on the salaried class. He highlighted that the government should have revised the tax policy as the inflation-hit citizens already considering leaving the country. The protestors appealed to the government to withdraw the taxes imposed in the recently announced budget 2024-25. Last Month, the Finance Minister and other government officials failed to answer the questions asked by the journalists during the post-budget press briefing session in Islamabad. During the post-budget briefing session, a Pakistani reporter chastised the Pakistani government’s fiscal policies and their impact on the common citizen. (ANI)

ALSO READ: Hasina on 4-day bilateral visit to China

Previous Story

Fire at Pak Stock Exchange in Karachi, trading suspended

Next Story

India Sees Investment Boom

Latest from -Top News

Hasina Charged with Crimes Against Humanity

The charges, which were made public on Sunday, mark a significant turn in the political landscape of Bangladesh…reports Asian Lite News Former Bangladesh Prime Minister Sheikh Hasina has been formally charged with

180 Years of Indian Roots in Caribbean

The Indian Arrival Day is marked on 30th May, when the first ship ‘Fatel Razack’ carrying 225 Indian indentured workers reached the shores of Trinidad, then a British colony….reports Asian Lite News

Call to Greylist Pakistan Over Terror Links

Freddy Svane, the former Danish Ambassador to India, said that it is high time for the world to acknowledge that Pakistan remains the epicentre of terrorism in the region….reports Asian Lite News

Colombia backs India on terror

The change in tone from Colombia is seen as diplomatically significant, especially given its forthcoming role as a non-permanent member of the United Nations Security Council (UNSC). In a diplomatic correction welcomed

Yunus under fire for poll claims

The backlash was sparked by Yunus’ comments during a visit to Japan earlier this week, where he reportedly said that “no one except one party wants elections in December.” Bangladesh’s fragile political
Go toTop

Don't Miss

Social media profiles of Imran under scanner

A total of 23 links of Instagram, Facebook and Twitter

Anti-Pak Protests in PoK Prompt Student Crackdown

The protests have taken the shape of a ‘civil disobedience