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Thursday, November 30, 2023

Pakistan reviews FY2024 budget to secure IMF stalled package World News


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.

Pakistani Prime Minister Sheikh Baz Sharif. (Reuters)

“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.


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