The International Monetary Fund (IMF) has said that Pakistan will have to show more fiscal discipline.
The IMF has issued a statement on the Standby Arrangement Agreement with Pakistan, in which it is said that Pakistan has taken several steps recently, in the recent budget measures have been taken to increase revenue and stabilize the economy, primary in the budget. Steps were taken to reduce the surplus budget to 0.4 percent.
In the statement, the IMF has said that it will be important to ensure the implementation of the new budget, the budget has decided to bring new sectors into the tax net, social security measures through BISP, Pakistan. has resisted the pressure of tax exemptions and unbudgeted spending.
The IMF says that the State Bank has lifted the ban on imports, the State Bank has assured to fix the market rate of the dollar, the government continues to try to implement the funding assurances from the Geneva Conference.
The IMF has said that efforts should be continued for more funds from foreign countries, timely annual rebasing in the energy sector should be ensured, full and timely implementation is essential for the success of the loan program. It will reduce the pressure of payments.
The statement said that the agreement will improve the provision of funds for the social sector, according to the agreement, Pakistan will increase the tax revenue, increasing the tax revenue will increase the funding for the development of the people, the financial management in Pakistan. Will lead to confiscation.
The International Monetary Fund has said that the agreement will ensure energy reform, the exchange rate of dollars will be determined according to the market, the agreement will enable Pakistan to get financing from foreign countries and financial institutions, current economic problems. Strict implementation of policies is necessary to address
The IMF has further said that Pakistan should ensure fiscal discipline, reform the energy sector, the new program will be launched after the end of the old program, the IMF board will consider the staff level agreement in mid-July. Pakistan’s economy is under pressure from last year’s devastating floods.
In the announcement, the IMF has also said that due to the Russo-Ukraine war, inflation increased due to the increase in commodity prices, due to these factors and some wrong policies, the forex market came under pressure, economic development was affected. Inflation has increased and foreign exchange reserves have decreased, strict policy measures are necessary to resolve the current crisis of Pakistan, Pakistan will have to show more fiscal discipline, exchange rate should be implemented according to the market.
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