Wednesday, June 19, 2024
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No Plan to Impose New Taxes: Ishaq Dar

Dar denies media claims of new taxes on agriculture and real estate.

“I unequivocally declare that there won’t be any new taxes on real estate and agriculture on the floor of the house. The International Monetary Fund (IMF) standards have put us through a lot of problems, but we have faithfully followed all previous instructions, the finance minister stated in a speech to the National Assembly.

The minister went on to say that the reports were completely unfounded and untrue and clarified that the government’s fiscal policies were always taken with the goal of upholding its obligations to the IMF.

Senator Ishaq Dar also stated that he is prepared to give anyone who requests clarity in-depth information on these particular concerns.

The finance minister talked about the economy and said that if the government kept up its current course, the State Bank’s functioning predicted that the inflation rate would drop to 7%.

Senator Dar triumphantly announced that with the government’s efforts, Pakistan has successfully negotiated a deal of $3 billion with the IMF, attributing the nation’s economic difficulties to Pakistan Tehreek-e-Insaf backtracking from commitments.

In order to stabilize the economy, the State Bank of Pakistan was given the initial payment of $1.2 billion.

When discussing the state of the foreign exchange reserves, he said that they were at their highest level since October 2022. Thanks to inflows from Saudi Arabia, the United Arab Emirates (UAE), and the IMF, the central bank held $8,727.2 million of the total US$ 14,065.3 million in liquid foreign reserves, which were estimated to represent the total.

The net foreign reserves held by commercial banks totaled US$ 5,338.1 million after the central bank received $2.0 billion from Saudi Arabia, $1.2 billion from the IMF, and $1.0 billion from the UAE.

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