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Amid the rising inflation in Pakistan, the International Monetary Fund (IMF) has said that the Imran Khan government needs to introduce revenue measures in its annual budget for the next fiscal year to generate additional revenue worth PKR 1.1 trillion to meet the agreed conditions of the loan.
IMF noted that Pakistan will have to increase electricity and gas tariffs to generate extra revenue. Pakistan has assured the international lending agency to increase the electricity and gas tariffs in the next few months. The ruling Imran Khan led-government has also assured the Fund to introduce massive revenue generation measures of Rs 1.1 trillion in the annual budget for next fiscal year, The Nation reported. It further reported that the IMF has asked to fix the annual tax collection target at Rs 7.255 trillion for the fiscal year 2022-23 as against Rs 6.1 trillion of the current financial year. In the petroleum levy, it is recommended to collect Rs 406 billion in next fiscal year from projected Rs 354 billion of the current year. Interest payment and defence budget would also go up in the next financial year. IMF has also asked to fix tax collection target at Rs7.255 trillion for fiscal year 2022-23 as against Rs6.1 trillion of 2021-2022, as per The Nation. Pakistan's problem with inflation continues as the month of January has seen inflation touch 14.6 cent, and is casting an adverse impact on the economy, as well as on the purchasing power of the consumers. The prime reason behind this escalation is the rise in oil and food prices, as noted by Express Tribune. (ANI)
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