ISTANBUL: The International Monetary Fund (IMF) has, Thursday, approved the third loan installment for Pakistan, despite reservations over the taxation system.
The loan amounting to $840 million will be released to Pakistan after the next IMF executive board meeting approves the decision.
The decision comes after a Pakistani delegation met IMF officials in Turkey. At the meeting, Pakistan assured the IMF that sales tax will be replaced by value added tax in the next fiscal year.
Sources claim the suspension of carbon tax by the Supreme Court also came under discussion in the meeting.
The fund has also agreed to extend its timeframe for eliminating power tariff subsidy.
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