IMF advises Pakistan to tax the rich & help the poor

BusinessIMF advises Pakistan to tax the rich & help the poor

MUNICH, Germany: The International Monetary Fund (IMF) Managing Director Kristalina Georgieva has stressed the need for the Pakistani government to collect higher taxes by withdrawing subsidies to the rich.

Talking to the German State Broadcaster Deutsche Welle on the fringes of the Munich Security Conference 2023, Kristalina Georgieva highlighted the two points that the IMF emphasised vis-a-vis Pakistan, saying “Number 1 – tax revenues. Those who can, those that are making good money, public sector, private sector, they need to contribute to the economy.”

   

“And secondly, to have a fairer distribution of the pressure by moving subsidies only towards the people who really need it. It should not be like the wealthy benefit from subsidies. It should be the poor who benefit from them,” she added.

Kristalina Georgieva told the broadcaster that the IMF had asked Pakistan to take steps to function as a Country and not to get into a “dangerous place” where the country’s debt needed to be restructured.

The IMF Managing Director acknowledged that Pakistan had been ravaged by the unprecedented floods last year, and said that her ‘heart goes out to the people of Pakistan’.

Emphasizing that Pakistan collect taxes from the rich and give benefits to the poor, Georgieva highlighted that the Country did not need debt restructuring.

“There is no debt restructuring for Pakistan. Rather, strict measures are needed to run the Country,” she said.

“We are demanding such measures from Pakistan which were urgently needed” so that “they can run as a country and not reach such a dangerous point where they need to rebuild”.

Earlier in February 2023, the relevant Pakistani officials and the IMF staff concluded the ninth review of the US$ 6.5 billion bailout package without a staff-level agreement.

However, both sides agreed to a set of measures that could still help clinch the deal.

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Interbank Dollar Rate Today in Pakistan – 14 June 2024

0
Interbank Exchange Rates in Pakistan The Interbank Closing Exchange Rate in Pakistan has been issued by the State Bank of Pakistan (SBP) for June 14,...

Mohsin Naqvi visits Maulana Fazlur Rehman’s residence for political engagement

0
ISLAMABAD, Pakistan: A day after Prime Minister Shahbaz Sharif visited the residence of Jamiat Ulema-e-Islam Fazl (JUI-FF) Chief Maulana Fazlur Rehman in Islamabad, the...

Ambassador Tirmizi, UAE Minister agree to address issues related to health insurance for Pakistani...

0
DUBAI, UAE: Pakistan’s Ambassador to the United Arab Emirates (UAE) Faisal Niaz Tirmizi held a meeting with the UAE Minister of Human Resources and...

Pakistan dispatches another consignment of relief goods for Gaza

0
ISLAMABAD, Pakistan: The Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar has said that in solidarity with the besieged people of Gaza, Pakistan...

Pakistan’s foreign reserves surge by $168 million

0
Total reserves: $14.38 billion, up $168.2 million SBP reserves: $9.10 billion, down $6.2 million Commercial Banks reserves: $5.28 billion, up by $174.4 millionKARACHI,...
Advertisement