To secure the loan from the International Monetary Fund, Pakistan has assured the global lender that it will tax the construction industry, will let go of supplementary grants and reduce subsidies in energy sector, reported 24NewsHD TV channel on Thursday.

The government has accepted the strict conditions of the Fund to reach a staff-level agreement on a short-term Stand-By Arrangement through which the forex-starved Pakistan would get $3 billion.

As per the IMF conditions, Pakistan will have to secure $6 billion from friendly countries.

Sources said that the government has assured the IMF to tax the construction industry.

The government will also bring the agricultural sector and vendors in the tax net.

Under the IMF programme, the government will not issue any supplementary grants. It will also reduce subsidies in energy sector, they divulged.

Prime Minister Shehbaz Sharif said Wednesday that Pakistan would fulfill its commitments made to the IMF to secure a short-term financing deal.

A staff-level agreement on the $3 billion stand-by agreement (SBA) was reached between the local authorities and the IMF team, with the lender's executive board to give final approval on July 12.

Reporter Waqas Azeem