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IMF releases first tranche of $991.4 million under the under Extended Fund Facility

ISLAMABAD:      International Monetary Fund (IMF) has provided first tranche of loan of $991.4 million under the under Extended Fund Facility
Out of approved a three-year bailout package worth $6 billion, IMF had announced to provide one billion dollars forthwith and under this package first tranche has been released to Pakistan.

According to State Bank of Pakistan (SBP) first tranche of $991.4 million has been provided increasing Pakistan foreign exchange reserves to $15.0431 billion
Pakistan has imposed new taxes amounting to Rs 733.50 billon in the budget for the year 2019-20 IMF is extending this loan under 3-year economic package.

On the other hand IMF has issued its report on Pakistan economy and through this report, Pakistan has been asked to enhance its taxes.

The report said that Pakistan will have to scale up power tariff at the rate of Rs2.5 per unit next month .

Pakistan has clamped taxes of Rs 733.50 billion while parliament has been told that taxes have been imposed to the tune of Rs 516 billions.

The report disclosed that Pakistan will have to deposit taxes amounting to Rs 1000 billion till September.

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