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The IMF requests Pakistan to stop providing subsidies to the wealthy and aid the underprivileged

Crisis struck A common citizen in Pakistan has been suffering greatly from the country’s severe economic crisis as a result of increasing prices

Crisis struck The common man in Pakistan has been suffering greatly from the severe economic crisis, with many people skipping meals and the government resorting to drastic measures put out by the international lender in an effort to revive the economy.

International Monetary Fund (IMF) president Kristalina Georgieva expressed her opinions amid the deteriorating circumstances in the world’s fifth most populated country, stating her “heart goes out to Pakistani people.” In a recent conversation with a global news organisation, she suggested to Islamabad that it should help the poor and tax the wealthy more heavily.

In-depth, the economist from Bulgaria said that those with high incomes should contribute to the nation’s economy and urged for a more equitable distribution of the burden by allocating subsidies only to those who actually require them.

A consensus on the fiscal framework appears to have been reached between Pakistan and the US-based lender, which is another step towards the release of the blocked loan tranche. The change occurs as the coalition government implements crucial recommendations made by the major banks as it implemented taxes to raise Rs170 billion.

Written by Aly Bukshi

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