Islamabad (Web Desk): The International Monetary Fund (IMF) has asked Pakistan for a plan to impose taxes on the real estate and agricultural sectors.
According to the sources, the IMF said the property and agriculture sectors should be taxed to generate more revenue. The sources added that the Washington-based lender believes Pakistan has the potential to increase revenue from these two sectors. The sources further said that assistance would be taken from the World Bank to levy taxes on the two sectors.
Last week, Pakistan received the first installment of $1.2 billion from the IMF. In this regard, IMF officials say that Pakistan will have to implement the conditions of the agreement for economic stability.
The globla lender approved the package under a 9-month Stand-By Arrangement (SBA) for Pakistan.
“Today, the Executive Board of the International Monetary Fund (IMF) approved a 9-month Stand-By Arrangement (SBA) for Pakistan for an amount of SDR2,250 million (about $3 billion, or 111 percent of quota) to support the authorities’ economic stabilization program,” the IMF said in a statement.
Prime Minister Shehbaz Sharif has also assured IMF MD that agreement would be implemented in letter and spirit.