ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif said on Thursday his government was working to modernize the country’s revenue collection system to revive the frail $350 billion South Asian economy, describing it as “top priority” of his administration.
Pakistan, which has been facing an economic meltdown, is making efforts to introduce structural reforms under a $3 billion International Monetary Fund (IMF) program that helped it avert a sovereign default last year.
The country this month cleared second and final review of its $3 billion International Monetary Fund (IMF) program which would pave the way for the release of $1.1 billion after helping Islamabad avert a default in last June.
Islamabad has expressed its interest in securing a new loan under the Extended Fund Facility (EFF) program with the IMF, which is expected to come with fiscal tightening measures, including an increase in revenue.
“A plan is underway to modernize revenue collection system,” PM Sharif was quoted as saying by the state-run Radio Pakistan broadcaster.
“The Federal Board of Revenue is being fully digitized and efforts are afoot to increase the tax base.”
He said a “whole-of-government approach” was being adopted to check power theft that was worth billions of rupees, according to the report.
Privatization of government-owned enterprises, institutional reforms, internal and external investment and austerity were also the government’s priorities in this regard, he added.
Pakistan PM says modernizing revenue collection system to revive frail economy
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Pakistan PM says modernizing revenue collection system to revive frail economy
- Pakistan is currently making efforts to introduce economic reforms under an IMF program that helped it avert a default last year
- Islamabad has expressed interest in a new program, expected to come with fiscal tightening measures, including increase in revenue
