Pakistan has reportedly provided assurances to the International Monetary Fund (IMF) regarding an augmentation of the petroleum levy in the fiscal year 2024–25, aligning with its intentions to embark on a new loan programme.
According to documentation cited by sources within the finance ministry, Pakistan has committed to elevating the petroleum levy to Rs1,065 billion in FY2024–25, anticipating a revision of the current levy target from Rs869 billion to Rs918 billion.
The attainment of the revised target is contingent upon an uptick in the consumption of petroleum products.
The sources additionally revealed that the caretaker government would have implemented a Presidential Ordinance if adjustments were to be made to the current petroleum levy target.
Earlier revelations indicate that Pakistan is poised to secure another financial assistance package from the International Monetary Fund (IMF) subsequent to the conclusion of the existing standby agreement.
The caretaker government has initiated consultations in preparation for the forthcoming IMF programme.
Sources have indicated that talks between the government and the IMF for the new loan programme are likely to commence this month.
Finance ministry officials underscored the commitment of the elected government to advance the measures established by the caretaker government.
