Pakistani Prime Minister Shehbaz Sharif
Islamabad: Pakistan is constantly becoming financially poor and the situation is such that if it does not get a loan, it will not be able to run its system for a long time. The latest case is that Pakistan has eliminated 1.5 thousand jobs and also dissolved 6 ministries to reduce economic expenses. Apart from this, the merger of two other ministries has also been announced.
Let us tell you that Pakistan has done this work by getting loan from IMF because it has to show the world that it is limiting its expenses and that is why it should get loan. According to the information received, Pakistan took this step under a US$7 billion loan from the International Monetary Fund.
What is it all about?
In fact, on September 26, the IMF approved Pakistan’s first aid package after Pakistan committed to cutting spending, increasing its tax-to-GDP ratio, and taxing non-traditional sectors such as agriculture and real estate with over US$1 billion issued as a tranche. .
The statement of the Pakistani Finance Minister revealed
Speaking to the media upon his return from America, Pakistani Finance Minister Muhammad Aurangzeb said that the final touches had been put on a program with the International Monetary Fund, which would be the last program for Pakistan. He had said: “We need to implement our policies to prove that this will be the last event.” He stressed that in order to join the G20, the economy would have to be formalized.
The minister said: Work is underway to correct the size of the ministries, and the decision to close six ministries will be implemented, while two ministries will be merged. In addition, 150,000 jobs will be eliminated in various ministries.
He discussed in detail the rise in tax revenues and said there were about 3,000 new taxpayers last year and 732,000 new taxpayers have been registered so far this year, taking the total number of taxpayers in the country from 1.6 million to 3.2 million.
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