ISLAMABAD: The IMF executive board is expected to meet in Washington on Dec 12 to finalise the fourth disbursement of $1.2 billion under the Pakistan’s Stand-by Arrangement, official sources revealed here on Wednesday.
Prior to giving approval to the 4th disbursement, the IMF board will have before it an in-depth review of Pakistan’s economy to be submitted by the IMF staff mission, which completed its talks with Pakistani authorities in Dubai on Nov 12.
The Dubai meeting spreading over five working days was highly successful and IMF is expected to release funds to Pakistan before the end of December, a senior official of the ministry of finance said.
The Dubai talks focused on country’s recent economic performance, the outlook for the rest of current fiscal year and policies needed to consolidate macro-economic stability and reduce poverty.
Meanwhile, the ministry of finance and the FBR have started work on finalising the bill on Value Added Tax (VAT). Before submitting to the parliament, the bill will first go to the ministry of law for a review and later to the federal cabinet for approval. The federal government plans to enforce VAT from fiscal year 2010-11.
The finance ministry official expects that VAT would generate revenue by three times as compared to GST.
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