Finance Minister Shaukat Tareen has said that the attitude of IMF is not friendly with Pakistan, IMF wants immediate increase in electricity and gas tariffs.
Speaking on the budget at a meeting of the Senate Standing Committee on Finance, Finance Minister Shaukat Tareen said that the Finance Bill removed the power to arrest an inland revenue officer, who would be a tax evader, under the chairmanship of the Finance Minister. A three-member committee will be constituted, the harassment role of FBR will be abolished, 7.5 million people have obtained information of non-taxpayers to whom notices will be sent soon and tax audit of taxpayers will also be done by a third party.
The finance minister told the committee members that the IMF’s attitude was not friendly with Pakistan. The IMF wants all targets, including an increase in electricity and gas tariffs, to be met immediately, which would lead to higher inflation, according to the IMF. 13.25% due to which debt servicing was Rs. 3,000 billion.
Confirming that the Sixth Economic Review Negotiations ended inconclusively, the Finance Minister said that the IMF would review the country’s economy again in September, negotiations with the IMF would continue and the performance of the next quarter would be monitored. If negotiations with the IMF fail, the next installment of the loan program will also be delayed.
The Finance Minister said that artificial growth rate was shown in 2118 but now due to government policies the current account deficit has been in surplus for the last eight months and will grow at 6% during the financial year 2022-23, stable for next 25-30 years. Growth is needed. The finance minister told the committee that there was a need to increase the annual tax to GDP by 1%.