IMF agrees to Pakistan's economic initiatives and budget targets: sources

ISLAMABAD (92 News) - An agreement has reached between the government and the International Monetary Fund (IMF).

According to sources in the Finance Ministry, the IMF has agreed to Pakistan's economic initiatives and budget targets.

Moreover, the IMF has agreed to the government's economic measures as well as budget measures. It has also agreed with the budget targets of Pakistan after which the chances of resumption of IMF loan program have become clear.

Under the loan program, Pakistan will get one billion dollars immediately. A declaration on the agreement will be issued soon

Sources said that in the next budget, it has been agreed to increase the target of tax collection from Rs7,005 billion to Rs7,450 billion and the target of customs collection from Rs950 billion to Rs 1,005 billion.

Sources further said that it has been agreed to increase the levy of Rs5 per liter per month on petroleum products, the target for GST from Rs3,008 billion to Rs3,300 billion and the target for revenue tax collection to Rs55 billion.