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Possible IMF deal still weeks away: Shaukat Tarin – SUCH TV

Possible IMF deal still weeks away: Shaukat Tarin – SUCH TV

PTI leader and former finance minister Shaukat Tarin said on Wednesday that a potential deal with the International Monetary Fund (IMF) to revive the expanded fund base (EFF) was still weeks away when he announced the stimulate the current coalition government on its economics. policies.

Speaking to the media in Islamabad, Tarin said: “We pray [an agreement is reached]. Because the country is ours and we are nothing without the country. We pray that they (the government) agree on a deal [with the IMF] not burden the people. “

However, the former banker insists that this is currently a work in progress.

“Their statement (the IMF) says that this is a work in progress and some progress has been made […] they said they would hand out a memorandum on economic and financial policy (MEFP) on Friday. When that has not been received, how can it be said that an agreement has been reached? “

Tarin says the MEFP will be an extensive and detailed document, which will be considered and discussed “line by line”. After that, a technical agreement is signed and delivered to the IMF’s board in Washington, he said, predicting that the agreement will materialize by the end of July.

“But as I’ve said before, we want an indication that an agreement has been reached on broad issues as financial markets are tense.” He showed how the stock market plunged after initially hitting a profit on Wednesday.

He went on to say that over a 10-12 week period, the government made a number of mistakes and changed its narrative, which affected their credibility in the financial markets.

Tarin’s comments come after it was reported that Pakistan and the Foundation had reached an agreement on Tuesday night on the federal budget for the period 2022-23, leading to the revival of the EFF after the authorities. committed to increase tax by Rs 3436 billion and gradually increase gasoline tax collection up to Rs50 per liter.

According to sources, the government has agreed to levy a poverty tax of 1pc for companies earning Rs 150 million, 2pc for those earning Rs200m, 3pc for those with income over 250m Rs and 4pc for businesses with an income of Rs 300 million. In the original budget, the government set a poverty tax of just 2 percent for those with incomes of Rs 300 million or more.

The government also agreed to remove regulations on supplementary wages and pensions, for which Rs200 billion has been set aside for block allocation. Instead, a separate provisioning allocation has been made but that will be entirely for emergencies like floods and earthquakes so the money remains unspent.

Pakistan also pledged to run a primary budget surplus of Rs 152 billion, meaning the revenue will finance all expenditures – aside from interest payments – and still leave a surplus of Rs 152 billion in the national kitty. family.

During the press conference, the former minister criticized the government’s policies and warned that the country was heading towards a “serious economic crisis”.

Speaking about the government’s negotiations with the IMF, Tarin said that the current rulers have scrapped the economic policies of the PTI government that are progressive and involved in expanding the tax base.

The PTI government has committed to collect more taxes from retailers through vending machines, he said. Now, the government has imposed a flat tax rate on retailers because that is their “constituency”, he added.

He talked about how PTI had required retailers to require a person’s ID card for certain purchases, and lamented that this requirement had also been removed by the new government.

“They have gone back to (old) Pakistani purana. This means we will never move towards a value-added tax (VAT) regime. They have massively protected retailers.”

He also questioned how, under its commitment to the IMF, the government would collect more than Rs 400 billion in taxes. “They’re definitely going to do what they’ve done before. They’re going to tax more people who already pay taxes.”

He called on the government to focus on expanding the tax base, adding that the PTI government has identified 43 million taxpayers. “Improvement!”

PTI leaders said that the imposition of petrol tax to Rs 50, which has never happened in the history of this country, will lead to an inflationary storm. He predicts that inflation will rise to 35-40pc while economic growth will be between 1-2pc.

“So we’re heading towards a serious economic crisis. They (the government) took one step forward and then two steps back.” He said the government’s goal behind coming to power was to repeal electoral laws and accountability, not fight rising inflation as claimed.

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Teja
Teja
I am passionate about journalism and using new technology to spread news. I am also interested in politics and economics, and I am always looking for ways to make a difference in the world. I am the CEO of Janaseva News, and I am 24 years old.
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