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Pakistan complied last Previous Actions After Oil Tax Increase: IMF

IMF building – Reuters
  • Pakistan meets last previous action for combined seventh and eighth reviews of IMF.
  • Permanent Representative of the IMF for Pakistan confirms last preliminary action in statement.
  • IMF meeting conditionally on guarantees of $4.2 billion in Pakistan-friendly funding countries: sources.

Pakistan completed last precondition for The combined seventh and eighth reviews, the International Monetary Fund (IMF) said on Tuesday, adding that board meeting is pre-scheduled for at the end of August, once the guarantees of adequate funding have been confirmed.

Esther Perez Ruiz, IMF Resident Representative for Pakistan, confirmed last preliminary action in application sent to media.

“Pakistan fulfilled the preconditions for seventh and eighth joint review by increasing PDL (petroleum development collection) on July 31,” the statement said.

“The meeting of the IMF Executive Board will be held at the end of of August if adequate funding is provided to Pakistan,” the IMF said in a statement.

According to sources, the meeting of the IMF is conditional. on guarantees of $4.2 billion in Pakistan-friendly funding countries.

Application received two days after government announced doubling the oil tax on gasoline from 10 to 20 rupees per liter and diesel from 5 to 10 rupees per liter for in first half of August 2022.

price of gasoline was brought down at 3.05 rubles per liter.

After changes in prices, gasoline now available for 227.19 rupees per litre. They used to sell petrol. in country for 230.34 rubles per liter.

At the same time, there was an increase of Rs 8.95 in in price of high-speed diesel, then new price will cost 244.95 rupees per liter.

On Monday the Federal Minister for Finance and income Miftah Ismail said Pakistan could come out of this is current economic crisis, without sinking to default, as progress was made on suspended loan from the International Monetary Fund (IMF), as well as spending cuts, Bloomberg reported.

In a telephone interview, a financial minister said: “With the commodity supercycle and the war between Russia and Ukraine, oil prices have skyrocketed and gas prices are as high as ever. in historyPakistan and other emerging countries Was facing worst crisis.

However, Pakistan weather storm through the IMF rescue program, an introduction of significant difficulty budget by pushing demand for import”.

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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