Pakistan made several changes to its fiscal 2024 budget, Finance Minister Ishaq Dar said on Saturday, as part of efforts to finalize a stalled rescue package with the International Monetary Fund (IMF). Last effort.
“Pakistan and the IMF have engaged in detailed negotiations as a last-ditch effort to complete the pending review,” he told parliament.
Pakistan will raise another 215 billion rupiah ($752 million) in new taxes, cut spending by 85 billion rupiah ($300 million) and take a host of other steps to narrow the fiscal deficit in the fiscal year starting next month, he said . .
The review comes a day after Prime Minister Sheikh Baz Sharif met IMF Managing Director Kristalina Georgieva on the sidelines of the Paris Global Finance Summit.
There is about a week until the IMF’s 2019-agreed extended funding arrangement expires on June 30.
Pakistan has struggled to secure $1.1 billion in funding that has stalled since November, according to the ninth review of a $6.5 billion loan negotiated earlier this year.