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International press giving this news now every day.
Last month, dozens of countries and international institutions at a U.N.backed conference in Geneva had pledged more than $9 billion to help Pakistan recover and rebuild from devastating summer floods, but economists and Pakistani officials say those funds will be given for the projects, and not in cash.
Since then, Pakistani Finance Minister Ishaq Dar has said that his experts were preparing to impose additional taxes and slash subsidies on electricity, gas and more to meet the deal’s terms.
“The imposition of more taxes means tough days are ahead for the majority of the people in Pakistan who are already facing higher food and energy costs, but there is no other way out if Pakistan needs the IMF loans, and Pakistan desperately needs it," said Ehtisham-ul-Haq, a veteran economist.
The stalemate in talks between IMF and Pakistan was seen as a blow to the government of Prime Minister Shahbaz Sharif who is struggling to avoid a default amid a worsening economic crisis amid a surge in militant violence. Pakistan already is struggling with the recovery from record-breaking floods, which killed 1,739 people last summer and destroyed 2 million homes.
Last month, dozens of countries and international institutions at a U.N.backed conference in Geneva had pledged more than $9 billion to help Pakistan recover and rebuild from devastating summer floods, but economists and Pakistani officials say those funds will be given for the projects, and not in cash.
Since then, Pakistani Finance Minister Ishaq Dar has said that his experts were preparing to impose additional taxes and slash subsidies on electricity, gas and more to meet the deal’s terms.
“The imposition of more taxes means tough days are ahead for the majority of the people in Pakistan who are already facing higher food and energy costs, but there is no other way out if Pakistan needs the IMF loans, and Pakistan desperately needs it," said Ehtisham-ul-Haq, a veteran economist.
The stalemate in talks between IMF and Pakistan was seen as a blow to the government of Prime Minister Shahbaz Sharif who is struggling to avoid a default amid a worsening economic crisis amid a surge in militant violence. Pakistan already is struggling with the recovery from record-breaking floods, which killed 1,739 people last summer and destroyed 2 million homes.
Last month, dozens of countries and international institutions at a U.N.backed conference in Geneva had pledged more than $9 billion to help Pakistan recover and rebuild from devastating summer floods, but economists and Pakistani officials say those funds will be given for the projects, and not in cash.
Since then, Pakistani Finance Minister Ishaq Dar has said that his experts were preparing to impose additional taxes and slash subsidies on electricity, gas and more to meet the deal’s terms.
“The imposition of more taxes means tough days are ahead for the majority of the people in Pakistan who are already facing higher food and energy costs, but there is no other way out if Pakistan needs the IMF loans, and Pakistan desperately needs it," said Ehtisham-ul-Haq, a veteran economist.
The stalemate in talks between IMF and Pakistan was seen as a blow to the government of Prime Minister Shahbaz Sharif who is struggling to avoid a default amid a worsening economic crisis amid a surge in militant violence. Pakistan already is struggling with the recovery from record-breaking floods, which killed 1,739 people last summer and destroyed 2 million homes.
Last month, dozens of countries and international institutions at a U.N.backed conference in Geneva had pledged more than $9 billion to help Pakistan recover and rebuild from devastating summer floods, but economists and Pakistani officials say those funds will be given for the projects, and not in cash.
Since then, Pakistani Finance Minister Ishaq Dar has said that his experts were preparing to impose additional taxes and slash subsidies on electricity, gas and more to meet the deal’s terms.
Pakistan set for tax hikes in return for massive IMF bailout
Officials and analysts say cash-strapped Pakistan will impose billions in new taxes to help secure a massive bailout, but they warned the move could cause inflation to escalate
abcnews.go.com
Last month, dozens of countries and international institutions at a U.N.backed conference in Geneva had pledged more than $9 billion to help Pakistan recover and rebuild from devastating summer floods, but economists and Pakistani officials say those funds will be given for the projects, and not in cash.
Since then, Pakistani Finance Minister Ishaq Dar has said that his experts were preparing to impose additional taxes and slash subsidies on electricity, gas and more to meet the deal’s terms.
“The imposition of more taxes means tough days are ahead for the majority of the people in Pakistan who are already facing higher food and energy costs, but there is no other way out if Pakistan needs the IMF loans, and Pakistan desperately needs it," said Ehtisham-ul-Haq, a veteran economist.
The stalemate in talks between IMF and Pakistan was seen as a blow to the government of Prime Minister Shahbaz Sharif who is struggling to avoid a default amid a worsening economic crisis amid a surge in militant violence. Pakistan already is struggling with the recovery from record-breaking floods, which killed 1,739 people last summer and destroyed 2 million homes.
Last month, dozens of countries and international institutions at a U.N.backed conference in Geneva had pledged more than $9 billion to help Pakistan recover and rebuild from devastating summer floods, but economists and Pakistani officials say those funds will be given for the projects, and not in cash.
Since then, Pakistani Finance Minister Ishaq Dar has said that his experts were preparing to impose additional taxes and slash subsidies on electricity, gas and more to meet the deal’s terms.
“The imposition of more taxes means tough days are ahead for the majority of the people in Pakistan who are already facing higher food and energy costs, but there is no other way out if Pakistan needs the IMF loans, and Pakistan desperately needs it," said Ehtisham-ul-Haq, a veteran economist.
The stalemate in talks between IMF and Pakistan was seen as a blow to the government of Prime Minister Shahbaz Sharif who is struggling to avoid a default amid a worsening economic crisis amid a surge in militant violence. Pakistan already is struggling with the recovery from record-breaking floods, which killed 1,739 people last summer and destroyed 2 million homes.
Last month, dozens of countries and international institutions at a U.N.backed conference in Geneva had pledged more than $9 billion to help Pakistan recover and rebuild from devastating summer floods, but economists and Pakistani officials say those funds will be given for the projects, and not in cash.
Since then, Pakistani Finance Minister Ishaq Dar has said that his experts were preparing to impose additional taxes and slash subsidies on electricity, gas and more to meet the deal’s terms.
“The imposition of more taxes means tough days are ahead for the majority of the people in Pakistan who are already facing higher food and energy costs, but there is no other way out if Pakistan needs the IMF loans, and Pakistan desperately needs it," said Ehtisham-ul-Haq, a veteran economist.
The stalemate in talks between IMF and Pakistan was seen as a blow to the government of Prime Minister Shahbaz Sharif who is struggling to avoid a default amid a worsening economic crisis amid a surge in militant violence. Pakistan already is struggling with the recovery from record-breaking floods, which killed 1,739 people last summer and destroyed 2 million homes.
Last month, dozens of countries and international institutions at a U.N.backed conference in Geneva had pledged more than $9 billion to help Pakistan recover and rebuild from devastating summer floods, but economists and Pakistani officials say those funds will be given for the projects, and not in cash.
Since then, Pakistani Finance Minister Ishaq Dar has said that his experts were preparing to impose additional taxes and slash subsidies on electricity, gas and more to meet the deal’s terms.
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