Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Pakistan’s economy is at a “critical juncture” where it needs an ambitious and bold set of reforms, the IMF has said, days after the global lender agreed to give a $6 billion bailout package to the cash-strapped country.
“Pakistan is facing significant economic challenges on the back of large fiscal and financial needs and weak and unbalanced growth,” David Lipton, First Deputy Managing Director and Acting Chair of the IMF Executive Board, said.
A decisive fiscal consolidation is key to reducing the large public debt and building resilience, and the adoption of the fiscal year 2020 budget is an important initial step, Mr. Lipton said. Achieving the fiscal objectives will require a multi-year revenue mobilisation strategy to broaden the tax base and raise tax revenue in a well-balanced and equitable manner, he added.
