Thursday , September 19 2019
Breaking News
Home / Business / Pakistan to receive $1b installment in a few hours: IMF mission chief
Pakistan to receive $1b installment in a few hours: IMF mission chief

Pakistan to receive $1b installment in a few hours: IMF mission chief

ISLAMABAD: Pakistan would receive $1-billion installment in a few hours, the International Monetary Fund’s (IMF) mission chief for the country, Ernesto Ramirez-Rigo, said Monday.

Speaking at a news conference, Ramirez-Rigo noted that the bailout package for Pakistan was aimed at stability of the nation’s economy and institutions.

Pakistan has paid attention to economic reforms, he explained, adding that the US dollar exchange rate in the country was nearer to the reality. It was necessary to bump up tax collection in order to stabilise the economy, he added.

It was clear in light of the bailout package that Pakistan would implement economic discipline, Ramirez-Rigo mentioned. It was the need of the time that the country reduced tax leeways and concessions, he said.

Whether the state institutions were to be operated at a loss or profit was up to the government but the burden of institutions being run at a loss post-privatisation would be eliminated and non-tax income increased, the IMF’s mission chief noted.

The provinces, Ramirez-Rigo went on to explain, needed to play their role in collecting taxes worth Rs5.5 trillion as 57 percent of the tax revenue was provided to the provinces. It was in this regard that the centre and provinces were required to collaboratively make efforts to achieve the tax target.

Tax collection translates into economic progress and autonomy for the State Bank of Pakistan (SBP) was crucial for transparency in the economic performance, he underlined.