ISLAMABAD: The International Monetary Fund expressed satisfaction over the Value Added Tax legislation in Pakistan, but expressed concern over the rising budget deficit.
In a statement, IMF’s Deputy Director, External Relations Department, Gerry Rice expressed hope that the VAT laws would be passed in all four provincial assemblies in Pakistan.
Rice said that Pakistan had achieved the pre-set targets until December 2009, however, budget deficit had been increased slightly, which would be a real challenge this year.
He added that the Executive Board discussion for the fourth review is being rescheduled for the first half of April in order to allow for the submission of VAT laws to provisional assemblies, which have now been submitted.
He maintained that the board of directors would approve the fifth trench of loan for Pakistan and Disbursement of the funding will take place when the Board completes the review.
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