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Pakistan Accepts 11 IMF Conditions

Posted by yourpakistan on June 4, 2010

The Pakistan government has agreed to gradually impose the Central Excise Duty (CED) on services and agriculture sectors at the rate of eight to 18 per cent in place of the General Sales Tax (GST)

-the Pakistani currency will also be devalued after slight changes in the discount rate and exchange rate will be decreased officially by six to seven per cent

-the release of 60 per cent funds for the next three quarters of the current financial year, under the Public Sector Development Programme (PSDP), would be reviewed downward to 45 per cent.

-freezing of non-development expenditure under the defence budget for the last three quarters of the current financial year

-non-provision of supplementary grants to government departments

-ending subsidy on gas and electricity

-20 per cent reduction in non-development expenditure of civil departments and federal ministries

-increase in markup rate of banks and on inter-bank transactions

-uniformity in the inter-bank and open market dollar exchange rate

-stoppage of government financial intervention in stock markets.

-the IMF will be informed at the time of the issuance of credit line by any international financial institution, including the World Bank

Source: The News


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