What Is This Condition Of The IMF? Pakistan Shed 1.5 Lakh Jobs, Closed 6 Ministries

Poor Pakistan, by accepting the IMF condition, has abolished around 1.5 lakh government jobs and closed half a dozen ministries. In fact, the government has taken these measures to reduce administrative expenses. Before making such an announcement, the International Monetary Fund established some conditions. After which the Government of Pakistan had to take these measures. Let us also tell you what kind of measures the Government of Pakistan has taken by accepting the conditions of the IMF.

These were the conditions of the IMF

Pakistan, which is facing a liquidity crisis, accepted a $7 billion loan deal from the IMF on Sunday. Furthermore, under the terms of this agreement, the Government of Pakistan has abolished around 150,000 government jobs. Six ministries have been announced to close and two other ministries have been merged. On September 26, the IMF had approved the aid package. Under which Pakistan has received funds worth more than $1 billion. The IMF has set many conditions in exchange for this fund. This includes things like Pakistan reducing spending, increasing the tax-to-GDP ratio, taxing non-traditional sectors like agriculture and real estate, limiting subsidies, and transferring some financial responsibilities to the provinces. In which many conditions have also been implemented.

Taxpayers have increased in Pakistan

Returning from the United States, Finance Minister Mohammad Aurangzeb told the media that a relief package has been finalized with the IMF, which will be the last package for Pakistan. The minister said that work is being done to correct the size of the ministries. The decision to close six ministries will be implemented and two ministries will be merged. He discussed the increase in tax collection in detail and said that last year there were around 300,000 new taxpayers and so far this year 732,000 new taxpayers have been registered, raising the total number of taxpayers in the country from 1.6 million to 3.2 million.

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Those who do not pay taxes will not be able to buy houses

Aurangzeb also said that the category of those who do not pay taxes will be abolished and such people will not be able to purchase property or vehicles. The minister stated that the economy is moving in the right direction and the country’s foreign exchange reserves have increased to their highest level. He highlighted the significant growth in both domestic exports and IT exports and said investor confidence regarding the strength of the economy is an important development. Aurangzeb said the government reduced the policy rate by 4.5 percent after coming to power and expressed hope that the exchange rate and policy rate would remain as expected.