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Thursday, June 13, 2024

Pakistan Should Tax the Rich to Protect the Poor, Says IMF

Pakistan has been encouraged by the International Monetary Fund (IMF) to tax the wealthiest in order to lessen the financial burden on the less well-off members of society.

IMF Managing Director Kristalina Georgieva said after a meeting with Pakistan’s acting Prime Minister Anwaar-ul-Haq Kakar, “It’s undoubtedly challenging, but Pakistan needs to do this in accordance with the IMF program as we support the people of Pakistan.”

When questioned about this, she highlighted that it is in the best interests of the people of Pakistan to revive the economy and solve historical “shortcomings” through reforms.

A $3 billion bailout deal has been reached between Pakistan and the IMF. Pakistan has agreed to overhaul state-owned businesses, restructure the faltering energy industry, and increase tax collection as part of this accord.

However, the government’s actions have made life more difficult for the average person, with major increases in the cost of gasoline and electricity adding to record-high inflation.

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