ISLAMABD, AUGUST 6: On Tuesday, Finance Minister Muhammad Aurangzeb reaffirmed that petroleum items will not be subject to a sales tax from the federal government.
In a casual discussion with reporters today, he stated this. Additionally, he mentioned that the Executive Board of the International Monetary Fund (IMF) will convene at the end of this month, obliquely suggesting that Pakistan’s plan for the $7 billion In relation to the energy talks with China, Aurangzeb stated that it is imperative to choose a consultant for the talks about Independent Power Producers (IPPs). He said that
Pakistan had already engaged a Chinese advisor on the Panda Bond. Aurangzeb gave a quick overview of the Federal Board of Revenue’s (FBR) current digitalization project as well as the two-to-three-year conversion of coal-fired power facilities to use local coal.
bailout that was agreed upon last month
According to Aurangzeb, Pakistan is experiencing a $3–$5 billion funding shortfall for the current IMF program. He gave his word that efforts are being made to close the gap and that it is manageable. Although foreign commercial banks have extended loan offers, the minister pointed out that the Finance Ministry is closely examining the interest rates. He gave his word that loans with excessive interest rates would not be approved.
