Saturday, July 20, 2024

Budget 2024 Approval ‘Not Enough,’ IMF Demands Pakistan to ‘Do More’

The International Monetary Fund (IMF) has stated that the approval of Pakistan’s 2024-25 budget is not sufficient and has demanded additional measures from the country.

On the previous day, the National Assembly approved the Federal Budget for the fiscal year 2024-25, amounting to Rs18,870 billion. However, the IMF believes that more needs to be done to address the country’s economic challenges.

According to sources, the IMF is urging Pakistan to increase electricity and gas rates starting from July 1. Additionally, the IMF wants Pakistan to quickly implement the National Electric Power Regulatory Authority’s (NEPRA) decision regarding tariff adjustments.

The IMF has also emphasized the need to remove tax exemptions and subsidies, considering them essential for Pakistan’s economic recovery. They believe that eliminating these financial breaks will help stabilize the economy and improve the country’s financial health.

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