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Govt decides to deduct Rs200 billion from PSDP to fulfill IMF's strict demands

Govt decides to deduct Rs200 billion from PSDP to fulfill IMF's strict demands
November 30, 2021 Web Desk

ISLAMABAD (92 News) – The government has decided to deduct Rs200 billion from the Public Sector Development Programme (PSDP) to fulfill the strict demands of the International Monetary Fund (IMF).

As a result, the development projects are likely to be affected by the decision. The government has also decided to get Rs365 billon from the consumers of petroleum products under the head of Petroleum Levy and Rs350 billion by imposing taxes on different sectors.

According to sources, Finance Minister Shaukat Tarin has got approved all steps from the Federal Cabinet. He has convinced the IMF for relaxation on the staff level talks.

The finance adviser and the IMF have jointly decided on IMF's demand for abolition of Rs 750 billion tax exemption. The IMF has demanded to collect Rs 600 billion from masses under the head of Petroleum Levy. He agreed the IMF on receiving Rs365 billion through the Petroleum Levy.

After reciving installement of the IMF programme, other financial instituations will also start issuing funds for Pakistan.