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The International Monetary Fund (IMF) is set to provide Pakistan with $1 billion in climate financing next week, local media reported on Thursday
Pakistan’s Finance Minister Muhammad Aurangzeb informed a senate committee briefing that the IMF’s mission on climate financing would arrive in Islamabad next week, according to a report by Geo TV.
Pakistan, currently under a $7 billion IMF bailout program, is facing significant economic challenges. Minister Aurangzeb emphasized the importance of incorporating the undocumented economy into the tax system, saying that the nation cannot sustain “free riders.”
“We cannot keep returning for more. The manufacturing industry, certain services sectors, and the salaried class are bearing an unequal burden,” Aurangzeb remarked. He noted that the formal sector is paying taxes and, to some extent, subsidizing those who evade taxes, which is unsustainable.
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Aurangzeb also highlighted the resumption of petroleum smuggling from Iran and urged the federal government to establish a legal agreement with Iran to curb it.
He criticized Musadik Malik for neglecting the concerns of petroleum dealers and argued that deregulation would not result in cheaper petrol for the public.
