Islamabad: The International Monetary Fund (IMF) has issued a report over Pakistan’s economy and said the coronavirus lockdown is likely to cut down Pakistan’s tax income by Rs 895 billion.
According to media reports the international money lender has said in its report that Pakistan is being affected greatly by the lockdown and feared that its tax income will reduce to Rs 3,908 billion instead of Rs 4,803 billion.
The report further claimed that the pandemic will increase Pakistan’s budget deficit to Rs 687 billion.
It is pertinent to mention that the IMF had earlier approved a $1.386 billion funding for Pakistan to meet the urgent balance of payment needs stemming from the outbreak of the COVID-19 pandemic.
The IMF approved the disbursement of $1.386 billion under the Rapid Financing Instrument in a meeting of its executive board members in Washington DC on Thursday for Pakistan to address the economic impact of the Covid-19 shock.
