IMF WANTS PAKISTAN TO HIKE ELECTRICITY TARIFF

[FOOLS_NIGHTMARE]

The International Monetary Fund (IMF) has demanded of Pakistan to increase electricity tariff, ARY News reported, citing sources.

The demand was made during the virtual talks between the IMF officials and Pakistan for the release of $1 billion loan installment.

“Electricity tariff should be jacked up by Rs1.40 per unit,” the IMF recommended during the talks as it will help Pakistan in controlling the circular debt.

The fund has asked for more steps to increase income tax, sales tax, and regulatory duties collection and urged the Federal Board of Revenue to take steps in this context.

The IMF has asked Pakistan to increase FBR’s yearly collection to Rs63 trillion from Rs58 trillion, the well-informed sources said.

It must be noted that today is the third day of virtual talks between Pakistan with the International Monetary Fund (IMF) in Islamabad.

Negotiations are underway with the fund for a $1 billion loan installment. Negotiations with IMF officials will continue this week.

It is to be mentioned that a loan agreement worth $6 billion was delayed between the IMF and Pakistan.

On August 24, Pakistan received $2.75 billion from the International Monetary Fund.

As per the State Bank of Pakistan (SBP), the country has received 2.75 billion US dollars from the IMF as part of the SDR allocation.

With the transfer of $2.75 billion, the country’s foreign exchange reserves have jumped to $27.4 billion.

IMF wants Pakistan to hike electricity tariff

ISLAMABAD: The International Monetary Fund (IMF) has demanded of Pakistan to increase electricity tariff, ARY News reported, citing sources. The demand

arynews.tv

 

[FOOLS_NIGHTMARE]

• IMF demands raise in income tax, sales tax, regulatory duty.
• Demand aims to help pull up annual tax collection target from Rs5.8 trillion to Rs6.3 trillion.
• FBR Chairperson Dr Mohammad Ashfaque says IMF is satisfied with the collection of the board.

ISLAMABAD: Pakistan has been asked by the International Monetary Fund (IMF) to take additional taxation measures in the shape of income and sales taxes and regulatory duty (RD) to pull up the annual tax collection target from Rs5.8 trillion to Rs6.3 trillion.

This new demand by the IMF comes during the ongoing virtual talks in the context of losses incurring on the account of non-collection of petroleum levy of over Rs600 billion during the current fiscal year, The News reported. The government will have to take additional revenue measures on the FBR front to bridge the gap that surfaced on account of non-collection of petroleum levy, an official was quoted as saying by the publication.
What else has the IMF suggested Pakistan do?
Another recommendation by the IMF is to increase the base price of the electricity tariff to the tune of Rs1.40 per unit to curtail the surge in circular debt.
Pakistani authorities have made quarterly adjustments to the power tariff, but if the base price is not increased, it is feared that the pace of accumulation envisaged under the Circular Debt Management Plan (CDMP) won't be materialised, the publication reported.
“Talks are underway and both sides may evolve a consensus on a staff-level agreement whereby the FBR’s target may be jacked up from Rs5.8 trillion to Rs6-6.1 trillion for the current fiscal year in the wake of FBR’s increased collection at import stage,” top official sources confirmed to the publication.
IMF has also made a suggestion to increase the rate of personal income tax by adjusting the higher income bracket earning Rs75 million on an annual basis, the officials said. There are different proposals under consideration to adjust the rate of personal income tax to fetch an additional Rs100 billion to Rs150 billion.
There is another proposal to withdraw more GST exemptions within the current fiscal year. The FBR has also prepared a list of a few dozen items where the RD will be jacked up for getting additional revenues. The withdrawal of Additional Customs Duty recommended by the National Tariff Commission might be delayed but the final decision was expected on the eve of the upcoming budget.
The publication reported that the IMF wants to amend the NEPRA law where automatic adjustments both downward or upward adjustments on a quarterly basis should be done without the intervention of the government.
The IMF reportedly considers the existing pace of FBR’s revenue collection as "unsustainable", so additional revenue measures are imperative to achieve fiscal sustainability. There are two major outstanding issues, including fiscal sustainability and fixing the cash bleeding energy sector.
“We are hopeful that the staff-level agreement will be achieved till October 15, 2021, as Minister for Finance Shaukat Tarin will be visiting Washington D.C from coming Tuesday for finalising review talks for clubbing both sixth and seventh reviews under the $6 billion Extended Fund Facility (EFF)” said the official sources.
If all goes well, the IMF’s Executive Board will grant approval of $1 billion by the end of November 2021, the official added.
IMF satisfied so far with collection: FBR chairperson
So far, the IMF is satisfied with the collection of the board, says FBR Chairperson Dr Mohammad Ashfaque.
He was speaking to journalists after attending the Senate Standing Committee on Finance at the Parliament House.
He said that the ongoing talks with the IMF have not concluded so far, but that the Fund staff was satisfied with the collection of the board. He said that the FBR exceeded its target by Rs186 billion in the first quarter as the revenue collection stood at Rs1,395 billion in the first three months of the current fiscal year.
The FBR’s annual tax target, he said, would be achieved. Senior FBR officials briefed the IMF on direct and indirect taxes.

IMF asks Pakistan to increase income and sales tax, regulatory duty

IMF demands raise in income tax, sales tax, regulatory duty.Demand aims to help pull up annual tax collection target from Rs5.8 trillion to Rs6.3 trillion.FBR Chairperson Dr Mohammad Ashfaque says IMF is satisfied with the collection of the...

www.geo.tv

 

[fitpOsitive]

Very nice. I never had any doubt that IMF is here to destroy economies. This news has just reconfirmed that.

 

[FOOLS_NIGHTMARE]

I never had any doubt that IMF is here to destroy economies.

Our country is deliberately being DESTROYED by some international and local vested interests, one main reason is to strip us of our Nuclear assets.

 

[Norwegian]

Very nice. I never had any doubt that IMF is here to destroy economies. This news has just reconfirmed that.

Lol. IMF is the only one there to help after your country fail to pay its own bills. Blame those that bankrupted the economy and forced the country to IMF begging bowl over and over again, not IMF.

Our country is deliberately being DESTROYED by some international and local vested interests, one main reason is to strip us of our Nuclear assets.

Yes, your Mian Mafroor left Pakistan in the land flowing with milk and honey.

Why Is Pakistan Going Bankrupt?

To put it simply, in Pakistan - debt is soaring, the Current Account Deficit is widening, reserves are dangerously low, and the currency has been devalued four times in just eight months.

www.thequint.com

 

[Norwegian]

The International Monetary Fund (IMF) has demanded of Pakistan to increase electricity tariff, ARY News reported, citing sources.

The demand was made during the virtual talks between the IMF officials and Pakistan for the release of $1 billion loan installment.

“Electricity tariff should be jacked up by Rs1.40 per unit,” the IMF recommended during the talks as it will help Pakistan in controlling the circular debt.

The fund has asked for more steps to increase income tax, sales tax, and regulatory duties collection and urged the Federal Board of Revenue to take steps in this context.

The IMF has asked Pakistan to increase FBR’s yearly collection to Rs63 trillion from Rs58 trillion, the well-informed sources said.

It must be noted that today is the third day of virtual talks between Pakistan with the International Monetary Fund (IMF) in Islamabad.

Negotiations are underway with the fund for a $1 billion loan installment. Negotiations with IMF officials will continue this week.

It is to be mentioned that a loan agreement worth $6 billion was delayed between the IMF and Pakistan.

On August 24, Pakistan received $2.75 billion from the International Monetary Fund.

As per the State Bank of Pakistan (SBP), the country has received 2.75 billion US dollars from the IMF as part of the SDR allocation.

With the transfer of $2.75 billion, the country’s foreign exchange reserves have jumped to $27.4 billion.

IMF wants Pakistan to hike electricity tariff

ISLAMABAD: The International Monetary Fund (IMF) has demanded of Pakistan to increase electricity tariff, ARY News reported, citing sources. The demand

arynews.tv

More good news. No more subsidies.

 

[Goenitz]

I don't like subsidy even, but it is a good talk.

https://www.facebook.com/video.php?v=3025369091112965

 

[Nasr]

The International Monetary Fund (IMF) has demanded of Pakistan to increase electricity tariff, ARY News reported, citing sources.

The demand was made during the virtual talks between the IMF officials and Pakistan for the release of $1 billion loan installment.

“Electricity tariff should be jacked up by Rs1.40 per unit,” the IMF recommended during the talks as it will help Pakistan in controlling the circular debt.

The fund has asked for more steps to increase income tax, sales tax, and regulatory duties collection and urged the Federal Board of Revenue to take steps in this context.

The IMF has asked Pakistan to increase FBR’s yearly collection to Rs63 trillion from Rs58 trillion, the well-informed sources said.

It must be noted that today is the third day of virtual talks between Pakistan with the International Monetary Fund (IMF) in Islamabad.

Negotiations are underway with the fund for a $1 billion loan installment. Negotiations with IMF officials will continue this week.

It is to be mentioned that a loan agreement worth $6 billion was delayed between the IMF and Pakistan.

On August 24, Pakistan received $2.75 billion from the International Monetary Fund.

As per the State Bank of Pakistan (SBP), the country has received 2.75 billion US dollars from the IMF as part of the SDR allocation.

With the transfer of $2.75 billion, the country’s foreign exchange reserves have jumped to $27.4 billion.

IMF wants Pakistan to hike electricity tariff

ISLAMABAD: The International Monetary Fund (IMF) has demanded of Pakistan to increase electricity tariff, ARY News reported, citing sources. The demand

arynews.tv

Ah the IMF, the West's "Economic Mafia" to force nations to submit.

Pakistan must extricate itself from the IMF, for it does, Pakistan will find itself for the first time in history, free of any economic terrorism by the West.

Pay off their loans and tell them to eff off!!

 

[Norwegian]

Ah the IMF, the West's "Economic Mafia" to force nations to submit.

Pakistan must extricate itself from the IMF, for it does, Pakistan will find itself for the first time in history, free of any economic terrorism by the West.

Pay off their loans and tell them to eff off!!

Lol. IMF didn't force Pakistan to go broke 22 times. Pakistani leaders did this themselves. IMF doesn't need Pakistan. It is Pakistan that needs IMF when country goes broke.

 

[VCheng]

More good news. No more subsidies.

Actually, the news is that the government cannot afford to give subsidies. It has no money to do so. So IMF advice is the correct course of action. IMF is not the villain here, but the savior. The government here is not a protector of the people, but a bunch of financial nincompoops, who keep running the economy into the proverbial ditch every so often.

 

[Norwegian]

the government here is not a protector of the people

So govt that doesn't give subsidies it doesn't have is not protector of the people? That's new

 

[VCheng]

So govt that doesn't give subsidies it doesn't have is not protector of the people? That's new

But it likes to pretend to protect the people from the big bad IMF, when the reality is totally different.

 

[fitpOsitive]

Lol. IMF is the only one there to help after your country fail to pay its own bills. Blame those that bankrupted the economy and forced the country to IMF begging bowl over and over again, not IMF.
View attachment 782925

Imran Khan is one of them.

 

[Norwegian]

Imran Khan is one of them.

Imran Khan is ruling Pakistan for the past 30 years when country started to go broke?

 

[Turingsage]

Ah the IMF, the West's "Economic Mafia" to force nations to submit.

Pakistan must extricate itself from the IMF, for it does, Pakistan will find itself for the first time in history, free of any economic terrorism by the West.

Pay off their loans and tell them to eff off!!

Pakistan has "extricated" itself from the IMF 22 times before. It always then returns after a splurge back to the IMF to help fix the mess after Extrication.