IMF Calls for Taxing Wealthy Individuals in Pakistan to Safeguard the Vulnerable
The International Monetary Fund (IMF) has recommended that Pakistan impose taxes on affluent individuals to alleviate the economic burden on the less privileged in society.
IMF Managing Director Kristalina Georgieva, following a meeting with interim Prime Minister Anwaar-ul-Haq Kakar, stressed the importance of Pakistan adhering to IMF program guidelines to revitalize its economy and address past deficiencies through reforms.
Pakistan has entered into a $3 billion bailout agreement with the IMF, which entails restructuring the energy sector, implementing reforms in state-owned enterprises, and enhancing tax collection.
The resulting price hikes in electricity and fuel have contributed to record inflation levels, prompting calls for relief measures. However, the IMF rejected proposals from the interim government, instead advocating for increased taxation of the wealthy to safeguard Pakistan’s less fortunate citizens.
Prime Minister Kakar described the meeting as “constructive” and highlighted the commitment to enhancing economic stability and growth in Pakistan.
The Prime Minister conveyed his appreciation for the IMF’s approval of the loan aimed at bolstering Pakistan’s economy, as per a statement released by the PM Office.
Kakar provided the IMF Managing Director with an overview of the government’s efforts to stabilize and rejuvenate the nation’s economy. He emphasized that these measures were designed to establish a stable and favorable environment conducive to sustainable economic growth and investment, with a particular focus on safeguarding vulnerable segments of the population.
In response, Kristalina Georgieva, the IMF Managing Director, commended Pakistan’s dedicated endeavors in implementing economic policies and reforms to reinvigorate the economy. She affirmed the IMF’s unwavering commitment to ongoing collaboration with Pakistan.
Had a constructive dialogue with Ms. Kristalina Georgieva, Managing Director of the IMF, at the #UNGA78, that emphasized extending our mutual commitment towards bolstering economic stability and growth in Pakistan. pic.twitter.com/u8kJX8Eqga
— Anwaar ul Haq Kakar (@anwaar_kakar) September 20, 2023
I am a dedicated student currently in my seventh semester, pursuing a degree in International Relations. Alongside my academic pursuits, I am actively engaged in the professional field as a content writer at the Rangeinn website.
