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Adverse effect of IMF conditions, Pakistan loses tax revenue of Rs3bn

By News Desk

March 31, 2024 02:32 PM


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The adverse effects of implementing the International Monetary Fund's (IMF) stringent conditions on revenue sectors have begun to surface.
According to the 24News HD TV channel, during the recent fiscal year, there has been an approximate decrease of $3 billion in annual tax revenues.
The sources said in the fiscal year 2022, tax revenues recorded stood at $19.3 billion, while in 2023, they declined to $16.5 billion.
Concerns persist regarding a further potential decrease of $1 billion in tax revenues in the upcoming year, despite government efforts. Notably, despite the government's endeavors, the revenue sector has not been provided electricity and gas at competitive rates as demanded by the IMF.
The sources said despite the efforts of the caretaker government, the export sector was not given electricity and gas at competitive rates and at the request of the IMF, the competitive rates of energy for the export sector were abolished.
The sources said SIFC had approved to supply of electricity to industries at 9 cents, adding that at the request of the IMF, the supply of electricity and gas at competitive rates was terminated and exports were affected by stopping the supply of electricity to the export sector at 9 cents.
The sources also said that exports were also affected by stopping the supply of LNG at 9 dollars per MMBU.
The sources said this year too, there is a fear of another one billion dollars shortfall in textile exports.

Reporter: Waqas Azeem


News Desk


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