The finance minister told The Express Tribune on Monday that the fiscal framework with the IMF had almost been finalised. “Once the MEFP is agreed upon, both the sides will announce a staff level agreement in the next few days,” the finance minister said. Finance Minister Miftah Ismai had already announced a Rs7 trillion tax target in his budget speech, which the government is now willing to increase by another Rs450 billion. The IMF sees major surge in inflation rate but the Finance Ministry is sticking to average inflation rate target of 11.5% for the next fiscal year. Some additional revenue measures will be unveiled to make the new tax target realistic, said the sources, including passing on some burden to the salaried class.

Source: The Express Tribune June 21, 2022 04:36 UTC