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Reading: IMF Suggests Pakistan Tax the Wealthy Amid Rising Inflation
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IMF Pakistan inflation advice
PhotoNews Pakistan > Business > IMF Suggests Pakistan Tax the Wealthy Amid Rising Inflation
BusinessTop News

IMF Suggests Pakistan Tax the Wealthy Amid Rising Inflation

Web Desk
By Web Desk Published September 21, 2023 1 Min Read
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In light of a significant surge in inflation, which rose to 27.4% in August, and public unrest due to high electricity bills, IMF’s Managing Director, Kristalina Georgieva, advised Pakistan to impose higher taxes on the affluent while safeguarding the underprivileged. This discussion followed Pakistan’s last-minute bailout in July. Georgieva expressed her views during her conversation with caretaker Prime Minister Anwaarul Haq Kakar at the United Nations General Assembly. Echoing her sentiments on X (previously Twitter), she emphasized the importance of sound policies for the vulnerable’s stability, growth, and protection. PM Kakar highlighted their mutual commitment to economic stability.

Caretaker Prime Minister Anwaar-ul-Haq Kakar held a meeting with Managing Director of International Monetary Fund (IMF) Kristalina Georgieva on 20 September , 2023 in New York on the sidelines of 78th UNGA session on Wednesday afternoon.

The Prime Minister expressed gratitude… pic.twitter.com/gbs3LDbOUc

— Prime Minister's Office (@PakPMO) September 21, 2023

On July 12, the IMF approved a $3 billion bailout for Pakistan, with an immediate release of $1.2 billion. This followed a Standby Arrangement in June to address the nation’s financial distress. This approval came from Saudi Arabia and UAE’s contributions, amounting to $3 billion combined, bolstering Pakistan’s foreign reserves. This new funding, higher than anticipated, follows the expiration of a $6.5bn bailout package in June.

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