Prime Minister Shehbaz Sharif welcomed the success of the personnel level with the International Monetary Fund (IMF) for a new $ 1.3 billion arrangement on Wednesday, judging him an important step on Pakistan path to economic stability.
Chairing a meeting of the cabinet committee in Islamabad, the Prime Minister applauded the efforts of the Deputy Prime Minister, Minister of Finance, Minister of Planning, Minister of Commerce, Minister of Economic Affairs, President of the FBR and other senior officials for concluding the agreement.
“Despite the skepticism and the forecasts of a mini-bunda, we obtained this agreement without imposing new taxes,” said Shehbaz Sharif.
He also recognized the burden imposed on the public during this phase, paying tribute to the employees for their key role in tax contributions.
The agreement will report $ 1.3 billion in IMF funding, which will increase foreign reserves in Pakistan to $ 8.3 billion, which the Prime Minister has described as “great success”.
Shehbaz Sharif pointed out that tax collection had exceeded the expectations of the IMF, reaching a tax ratio at GDP of 10.6%, the highest in four years, with an increase of 26% in annual slip of tax revenue.
He also explained how Pakistan has retained an RS12.3 Billion tax objective for the financial year2024-25, after resisting the recommendations of the IMF to lower it.
The Prime Minister said that sugar sector reforms have led to an additional tax collection of tax collection, the model will soon be applied to the cement, tobacco and textile sectors.
He added that 34 billion rupees had been recovered from tax affairs pending after the accelerated court processes.
To support low -income families, he noted that the Ramadan package used a digital portfolio system for transparent disbursement this year.
Shehbaz also underlined the link between peace and economic progress, promising to continue its efforts to eliminate terrorism and ensure security across the country.
He hosted the Nishan-I-Pakistan Prize awarded to Shaheed Zulfikar Ali Bhutto by President Asif Ali Zardari, calling for this an appropriate tribute to a “national icon”.
The meeting ended with condolences on the death of the mother of the army chief, General Syed Asim Munnir, and a prayer (Fateha) offered in his memory.
