IMF: Pakistan’s economic crisis has now reached its peak. The government there had knocked on the doors of many places including IMF, World Bank and Asian Development Bank. But, no one was ready to give him money easily. Now, accepting the conditions of IMF, the Government of Pakistan has taken many big decisions to overcome this crisis. Under this, about 1.5 lakh jobs have been eliminated. Besides, six ministries have also been locked. Also, two ministries have been merged together. With this, the way will be cleared for Pakistan to get a loan of 7 billion dollars. But, the people there will pay a big price for it.
Agreed to impose tax on agriculture and houses also
Bowing to the pressure of the IMF (International Monetary Fund), the Pakistan government has accepted many of its demands. Along with this, IMF has also released the first installment of one billion dollars. Pakistan has also agreed to increase the tax to GDP ratio. Besides, he has also agreed to impose tax on agriculture and real estate. Apart from this, he is also ready to reduce subsidies and put many economic responsibilities on the states. Along with this, the people of Pakistan, which is struggling with inflation, will now have to bear the burden of increased taxes.
No permission to buy property and vehicles if tax is not paid
While talking to the media after returning from America, Finance Minister Mohammad Aurangzeb said that we have accepted all the demands of IMF to improve our economy. This is his last program for us. We have to change our policies. We have started preparations to downsize all the ministries. Also 6 ministries will be closed. About 1.5 lakh posts will also be abolished. We have to increase our tax revenue. This year, about 7.32 lakh taxpayers have been newly added. Now those who do not pay taxes will not be allowed to buy property and vehicles.
Pakistan had reached the level of default in the year 2023
Mohammed Aurangzeb claimed that the economy was moving in the right direction. Inflation has decreased. Foreign exchange reserves have increased. Our exports are also increasing. He also expressed hope that the interest rates in the country will reduce further. Pakistan had reached the level of default in the year 2023. But, the loan of 3 billion dollars received from IMF saved his life. He may be calling it a last-time loan, but the circumstances are indicating that his situation does not seem to be improving at the moment.
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