Pakistan, currently under a bailout program with the International Monetary Fund, aims to complete its next review with the lender by September, according to Finance Minister Shaukat Tarin.
Officials are renegotiating with the IMF to avoid raising income taxes and electricity tariffs, Tarin said at a post-budget news briefing on Saturday. The finance minister said last month that Pakistan is going to propose alternate terms to the IMF to increase revenue and reduce energy debt.
Separately, Saudi Arabia has agreed to extend a facility for Pakistan to import oil on a delayed payment, Tarin said. The facility will help the South Asian nation contain inflationary pressures, he said.
Pakistan is targeting $20 billion in textile exports in the next fiscal year starting July compared with an estimated $15.5 billion in overseas shipments in the current fiscal year, commerce adviser Abdul Razak Dawood said in the joint press briefing. Pakistan aims to increase its exports of goods and services to $35 billion next year from an estimated $30 billion this year, Dawood said.
Pakistan Asks IMF to Relax Terms of Bailout Loan Amid Pandemic
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