Pakistan to Receive IMF Loan by Mid-July

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Pakistan to Receive IMF Loan

A meeting in an emergency at the International Monetary Fund (IMF) is scheduled to approve the loan for Pakistan in the seventh review of the Extended Fund Facility (EFF) around mid-July, according sources from the Ministry of Finance.

The seventh round of talks with the IMF are expected to be concluded within the beginning of July.

The sources also confirmed that tax incentives provided within the Finance Bill 2022 will be eliminated and the Minister for Finance, Miftah Ismail, will announce the abolition of tax concessions during his speech to close the budget when the budget is due for approval.

The ministry sources said they are currently being examined and the tax exemption could be removed. They stated that, when the government of the United States announced that it would end tax incentives and raising tax rates The IMF is now seeking proof for these to which copies of the Finance Bill will be shared with the IMF.

The Resident Representative of the IMF, Esther Perez Ruiz, released the following statement at a recent conference in response to rumors of the IMF soliciting Pakistan to reconsider the contract that form part of China Pakistan Economic Corridor (CPEC) Independent Power Producers (IPPs).Also Read

It ask “The IMF did not ask Pakistan to renew CPEC IPP contracts. This assertion is untrue. In fact it is the IMF supports the government’s multifaceted strategy for restoring energy sector viability that has the responsibility of restoring viability among the entire spectrum of stakeholders: producers, government and consumers.”

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