Pakistan reviews FY2024 budget as last ditch effort to clinch IMF deal

Pakistan launched various adjustments to its fiscal 2024 price range on Saturday, mentioned Finance Minister Ishaq Dar, in a last-ditch effort to clinch a stalled rescue bundle with the Worldwide Financial Fund.

“Pakistan and IMF had detailed negotiations as a final effort to finish the pending overview,” he advised parliament.

For the fiscal 12 months beginning subsequent month, Pakistan will elevate an extra 215 billion rupees ($752 million) in new tax and reduce 85 billion rupees ($300 million) in spending, in addition to various different measures to shrink fiscal deficit, he mentioned.

The overview got here a day after Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva on the sidelines of the International Financing Summit in Paris.

A couple of week stays earlier than the IMF’s Prolonged Fund Facility agreed in 2019 expires on June 30.

Underneath the $6.5 billion facility’s ninth overview, negotiated earlier this 12 months, Pakistan has been making an attempt to safe $1.1 billion of funding stalled since November.