IMF stresses Pakistan to mobilise tax revenue

WASHINGTON: The International Monetary Fund (IMF) on Friday said Pakistan needs to increase its tax revenue in order to fund development amid reports of yawning budget deficit.In a press briefing, IMF Director Communications Gerry Rice said, “One of the key elements of the program that the IMF is supporting in Pakistan, Pakistan’s program, is the need to mobilise domestic tax revenue to fund much needed social and development spending while placing debt on a firm downward trend.”Rice further said this was something that was emphasised by acting Managing Director David Lipton during his meeting with Prime Minister Imran Khan in July.The spokesman also confirmed an earlier report of an IMF mission visiting Islamabad to hold talks on fiscal matters with the policymakers.“Let me add that we expect an IMF team to be in Pakistan in the next few days, including our Director for that area, Jihad Azur will be there,” he added.