Fingers crossed as govt assures IMF no new tax amnesty on the cards
Prime Minister Shehbaz Sharif on Wednesday expressed the hope that the $3 billion short-term bailout for the country would be given final approval by the International Monetary Fund board when it meets on July 12 and vowed to fulfil all commitments made to the lender. Speaking at a ceremony in Islamabad to commemorate 10 years of the China-Pakistan Economic Corridor (CPEC), the premier pointed out that a staff-level agreement had already been finalised. After eight months of negotiations, both sides signed the staff-level deal on Friday. Finance Minister Ishaq Dar has said Pakistan will receive a first instalment of $1.1 billion, but the IMF board’s approval is needed before funds can be disbursed. “The agreement will go through, God willing,” the prime minister said. Meanwhile, Pakistan has submitted a letter of intent to the IMF, assuring the lender that no new tax amnesty will be introduced in the next nine months. Speaking at the ceremony, Mr Sharif said he was grateful to IMF Managing Director Kristalina Georgieva and her team, adding that this was Pakistan’s opportunity to move towards progress.