Pak loans cannot be written off: IMF

ISLAMABAD: Head of the International Monitory Fund (IMF) mission in Pakistan, Jeffrey Frank said that the IMF cannot write off or restructure Pakistan’s loan.

While speaking to the media, Frank further said that Pakistan has not formally sought a new program, adding that if they did want to seek a new program then their economic strategy must radically change as losses of government institutions had drowned the current economic strategy. Frank told the media that Pakistan was in need of billions of dollars in revenue in expenditure as it was suffering from a current deficit of 16.24 trillion, adding that Pakistan’s foreign exchange reserves had diminished.
The IMF mission chief also said that taxation on agriculture, retail and sales should be made more effective and tax relaxation and concessions should be done away with. He further said that Pakistan’s major issue is power deficiency and power theft was behind the increasing deficit.

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