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Pakistan needs to mobilize tax revenue, cut debt: IMF

Pakistan needs to mobilize tax revenue, cut debt: IMF

WASHINGTON: Pakistan needs to mobilize domestic tax revenue to ensure funds for social and development programs while reducing debt, the acting director of the International Monetary Fund said on Sunday after a meeting with Pakistani Prime Minister Imran Khan.

The two officials discussed recent economic developments and implementation of Pakistan’s IMF-supported economic reforms, which are aimed at stabilizing the economy, strengthening institutions and paving the way for sustainable and balanced growth, David Lipton said in a statement.

Khan’s government faces mounting pressure as rising prices and tough austerity policies under Pakistan’s latest bailout from the IMF are squeezing the middle class that helped carry it to power.

Lipton said the IMF and other international partners were working closely with the Pakistani government to support the implementation of the reforms.

Prime Minister Imran Khan also met with the President of the World Bank David Malpass.

“Just concluded constructive meeting with Pakistan PM Khan where we discussed his important ideas on transformational policies to accelerate equitable growth and job creation for Pakistanis,” Malpass tweeted.