| IMF Pressure: Pakistan to raise taxes sharply

Islamabad: Pakistan to increase taxes following pressure from International Monetary Fund. The effort is to find 17,000 rupees through tax increase. 10 negotiations with the IMF have been completed so far. No final decision. However, the IMF wants to cut subsidies and increase tax revenue. Pakistan’s decision is to implement the proposal.

As part of this, the Pakistan Economic Coordination Committee approved the proposal to increase the electricity rate by Rs 3.39 per unit. Electricity subsidies will be abolished. Electricity subsidy for farmers will not continue after March 1.

But the power subsidy for the military will continue. The government will allocate Rs 45 crore for this. GST Pakistan has agreed to increase the tax by one percent, bringing the total tax to 17 percent.

Sri Lanka

IMF’s attitude towards Sri Lanka has been tightened. IMF Sri Lanka is now holding on with help. Sri Lanka expects an aid of Rs 23930.95 crore. The IMF has said that it will provide assistance only if a clear plan for debt reduction is presented. stance At the same time, Sri Lankan President Renil Wickremesinghe said that the crisis in the country would end within six months. The government has taken unpopular decisions. It will only be for a little while. Everyone’s income will increase by 75 percent in three years. He said that by the end of this year, the salary of the government employees will be increased.

The country’s foreign debt now stands at Rs 420,854.55 crore. Of this, Rs.231,057.40 crore is to be paid within four years. Life is still not back to normal in Sri Lanka. Schools and government offices are functioning normally. Power cuts continue. Fuel regulation is also bothering the people. Another hope of Lanka is the help offered by India, US, France and Britain.

India is also ready to grant concessions on debt repayments. But 10 percent of Lanka’s debt is from China. China is not willing to negotiate on repayment.