HomeBusinessEconomyIMF to dispatch Letter of Intent 'anytime soon'

IMF to dispatch Letter of Intent ‘anytime soon’

The Letter of Intent (LoI) from the International Monetary Fund (IMF) may arrive in a few days, signalling that the deal between Pakistan and the IMF to release two tranches totalling $1.17 billion as part of a loan facility that was stalled is about to be finalised.

According to The News, Pakistan is anticipated to receive the letter of intent (LoI), which will be jointly signed by Miftah Ismail, the finance minister, and the governor of the State Bank of Pakistan (SBP).

According to senior officials at the Finance Ministry, the IMF mission chief had to travel to Australia for a personal engagement, therefore the Fund was expected to submit the LoI “anytime soon.”

At its meeting on August 24, the IMF board would also debate adding $1 billion to a $6 billion programme approved in 2019.

To placate the IMF, the government may impose greater taxes on cigarettes, tobacco leaves, fertiliser, and other goods.

A number of areas are being evaluated for additional taxes. Taxes on cigarettes and the processing of tobacco leaves may be raised through a Presidential Ordinance.

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