Petroleum Levy Set To Rise On IMF Demand

ISLAMABAD:
Pakistan was ready to meet the remaining one prior condition of a further increase in the levy on all petroleum products that the International Monetary Fund (IMF) had set for calling the board meeting to revive the programme, said Finance Minister Miftah Ismail on Wednesday.

The minister’s statement should quell speculations that the government might not increase the taxes from August due to the ongoing political crisis. “There is a schedule to gradually increase petroleum levy rates according to which the levy will increase further in the future,” said the finance minister while sticking to the commitments given to the IMF.

The finance minister spoke at a seminar that had been organised under a condition of the foreign lender to qualify for the loan to reform the state-owned enterprises. The seminar was funded through foreign loan proceeds at a time when the country is at the verge of default.

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