ISLAMABAD: Keeping in view losses to the national economy in the wake of the coronavirus pandemic, the International Monetary Fund (IMF) has agreed with Pakistan to give tax concessions to businesses affected by the lethal virus, a local newspaper reported.
Soon after the coronavirus outbreak, the IMF announced $50 billion package for the economies being hit by the contagion. The IMF approved a three-year bailout package worth $6 billion for Pakistan in 2019 to revive “sustainable growth to the country’s economy and improve the standards of living”.
The IMF board released $1 billion to Pakistan immediately and said in a statement that the programme aims to “support the authorities’ economic reform program” and to help “reduce economic vulnerabilities and generate sustainable and balanced growth.”Islamabad will receive $2bn annually under an extended fund facility (EFF).
Talking to the media, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh confirmed that the IMF has agreed to give tax concessions to industries and individuals hit by the virus.