The International Monetary Fund (IMF) has reportedly asked the Finance Ministry to ‘do more’ before approval of the federal budget for the next fiscal year.
The authorities have been asked to slash expenses, and demanded to withdraw an amnesty scheme introduced in the budget for remitting $100,000 from outside Pakistan without disclosing source of income.
A scheme was introduced in the budget proposals regarding not asking the source of income from those bringing in $100,000 annually to Pakistan.
This move was aimed at shoring up the dwindling foreign exchange reserves of the country.
According to sources in the Finance Ministry, the IMF has sought amendments to the scheme.
The Fund has also demanded giving the authority to increase petroleum levy to the cabinet instead of parliament.
The sources said the IMF has also called for a further reduction in the electricity subsidies. However, it has given a green signal to the subsidy for the Benazir Income Support Program.
Finance Minister Ishaq Dar is likely to announce the amendments to the Finance Bill in his budget speech today.
