On the recommendation of IMF and World Bank, it has also been decided to stop funding for provincial projects
Islamabad (Urdu Point News Latest. 01 June 2024) The International Monetary Fund (IMF) has proposed to end the funds of members of parliament for development schemes. According to media reports, the sources say that due to the election year, schemes worth 61 billion rupees have been given to the members of parliament in the current financial year, but now the federal government has given the IMF and the World Bank in the budget for the next financial year 2024/25. It has also been decided to stop funding on provincial projects on the proposal of
It has been told by the sources that in the budget of the next financial year, it has been proposed to allocate 173 billion rupees from the development budget of roads, highways and highways from 245 billion rupees, the development budget of health has been reduced from 26 billion rupees to 17 billion rupees. It is proposed to allocate 32 billion rupees from the development budget of education sector of 83 billion rupees.
In addition, the IMF has declared measures to increase the tax net as inevitable. After negotiations with Pakistan, the International Monetary Fund issued a statement, in which the IMF says that Pakistan has formally requested a new loan program from the IMF. , on which a delegation led by IMF Mission Chief Nathan Porter visited Pakistan, during the visit long negotiations were held from May 13 to 23 for the improvement of Pakistan's economy.
The statement said that Pakistan has fully implemented the targets under the Standby Arrangement Agreement, the implementation of the current program and targets will support the future new loan program, the government of Pakistan is making serious efforts to increase revenue. However, there should be a fair collection of tax from the privileged class in Pakistan, the economy will be stabilized with the IMF Extended Fund Facility program with Pakistan.
The IMF has said in the declaration that measures to increase the tax net are indispensable for growth and stability in the country's economy, policy and exchange rate must be kept at an appropriate level to control inflation, energy reforms are the most important need in Pakistan, energy There is a need for privatization of state-owned corporations, including improving the efficiency of state-owned corporations while reducing production costs and using tight monetary policy until inflation is controlled.
