Prime Minister Shehbaz Sharif welcomed the successful personnel level agreement with the International Monetary Fund (IMF) on Wednesday for a new agreement of $ 1.3 billion, qualifying it as an important milestone on the Pakistan path towards economic stability.
By chairing a meeting of the Cabinet Committee in Islamabad, the Prime Minister applauded the efforts of the Vice Prime Minister, Minister of Finance, Minister of Planning, Minister of Commerce, Minister of Economic Affairs, President of FBR and other senior officials to ensure the agreement.
“Despite the skepticism and the predictions of a mini budget, we ensure this agreement without imposing new taxes,” said Shehbaz Sharif.
He also recognized the load placed in the public during this phase, paying tribute to salaried persons for their key role in tax contributions.
The agreement will bring $ 1.3 billion in FMI funds, raising the foreign reserves of Pakistan to $ 8.3 billion, which the prime minister described a “great achievement.”
Shehbaz Sharif stressed that tax collection had exceeded the expectations of the IMF, achieving a relationship imposed on GDP of 10.6%, the highest in four years, with an annual increase of 26% in fiscal income.
He also described how Pakistan retained a tax target of RS12.3 billion for fiscal year 201024-25, after resisting the IMF recommendations to reduce it.
The prime minister said that the reforms in the sugar sector led to an additional RS12 billion in tax collection, and the model will soon be applied to the sectors of cement, tobacco and textiles.
He added that RS34 billion had been recovered from pending taxes after the processes of the rapid acceleration court.
To support low -income families, he said that Ramadan’s package this year used a digital wallet system for transparent disbursement.
Shehbaz also emphasized the link between peace and economic progress, promising to continue efforts to eliminate terrorism and guarantee security throughout the country.
He welcomed the Nishan-i-Pakistan award conferred to Shaheed Zulfikar Ali Bhutto by President Asif Ali Zardari, qualifying him as a tribute to a “national icon.”
The meeting concluded with condolences for the death of the mother of the head of the Army staff, General Syed also Munir, and a prayer (Fateha) offered in his memory.
