Tuesday, July 23, 2024

IMF Wants Pakistan to Tax the Rich to Protect Poor

The International Monetary Fund (IMF) has advised Pakistan to impose taxes on wealthy individuals to help alleviate the financial burden on the less affluent members of society.

Following a meeting with Pakistan’s caretaker Prime Minister Anwaar-ul-Haq Kakar, IMF Managing Director Kristalina Georgieva stated, “It’s undoubtedly challenging, but Pakistan needs to do this in accordance with the IMF program as we support the people of Pakistan.”

When asked about this, she emphasized that revitalizing Pakistan’s economy and addressing past “shortcomings” through reforms is in the best interest of the country’s citizens.

Pakistan has entered into a $3 billion bailout agreement with the IMF. As part of this agreement, Pakistan has committed to restructuring the struggling energy sector, implementing reforms in state-owned enterprises, and improving tax collection.

However, the measures taken by the government have led to increased hardships for the general population, with significant hikes in electricity and petrol prices contributing to record-high inflation.

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