Impoverished Pakistan has eliminated nearly 1.5 lakh government jobs and closed half a dozen ministries, accepting the IMF's conditionality. In fact, the government has taken these measures to reduce administrative costs. Some conditions were placed by the International Monetary Fund before making such an announcement. After which Pakistan government had to take these steps. Let us also tell you what steps the Pakistan government has taken by accepting the terms of the IMF.
These were the terms of the IMF
Cash-strapped Pakistan on Sunday accepted a 7 billion US dollar loan agreement from the IMF. According to the terms of this agreement, the Government of Pakistan has eliminated about 150,000 government posts. Six ministries have been announced to be closed and two others have been merged.
On September 26, the IMF approved the aid package. Under which Pakistan has received a fund of more than one billion dollars. Several conditions have been placed by the IMF in return for this fund. These include Pakistan reducing spending, increasing the tax-to-GDP ratio, taxing non-traditional sectors such as agriculture and real estate, limiting subsidies, and transferring some fiscal responsibilities to the provinces. In which many conditions have also been applied.
Taxpayers in Pakistan have increased
Addressing the media after his return from America, Finance Minister Mohammad Aurangzeb said that the relief package has been finalized with the IMF, which will be the last package for Pakistan. The minister said that work is underway to improve the size of the ministries. The decision to close 6 ministries will be implemented, while two ministries will be merged.
He elaborated on the growing tax revenue and said that there were about 300,000 new taxpayers last year and 732,000 new taxpayers have registered so far this year, taking the total number of taxpayers in the country from 1.6 million to 3.2 million.
People who do not pay taxes cannot buy houses
Aurangzeb also said that the category of people who did not pay taxes would be eliminated and such people would not be able to buy property or vehicles. The minister claimed that the economy is moving in the right direction and the foreign exchange reserves of the country have increased to its highest level.
He highlighted the significant growth in both national exports and IT exports and said investor confidence in the strength of the economy was a major breakthrough. Aurangzeb said that the government has cut the policy rate by 4.5 per cent since coming to power and hoped that the exchange rate and the policy rate would remain as expected.
Also Read: Due to heavy rains, crops in the fields are ruined, farmers are exposed to dust, watch video
. Source
