Pakistan agrees to IMF’s condition on power tariff

ISLAMABAD: Pakistan has agreed to a condition from the International Monetary Fund (IMF) to raise electricity tariff.Geo quoted a source as saying that Pakistan and IMF have come to agreement on two of the four points for a bailout package.Pakistan, however, turned down the IMF’s demand regarding revenue gathering targets.Pakistan put forth its stance saying that the current year the tax collection target will not be raised from Rs4400 billion. Sources said that the IMF had asked Pakistan to raise the target to Rs4700 billion.Pakistan has also turned down the demand to raise the interest rate up to 13 per cent on bank loans, saying that it could be detrimental to its economy.

from The News International - National http://bit.ly/2PWHFSx