IMF Rejects Tax Exemption on Imported Sugar, Government May Revoke Import Decision
Islamabad: The International Monetary Fund (IMF) has raised objections to the government’s decision to grant tax exemptions on sugar imports.
According to sources, the IMF expressed concerns that such measures could jeopardize the ongoing $7 billion loan program. In response, the Pakistani government explained that the sugar imports were being made under a food emergency. However, the IMF rejected this justification, stating that the tax exemption on sugar imports is a clear violation of the IMF agreement.
It is noteworthy that sugar prices in Pakistan have, for the first time in history, surpassed Rs. 200 per kilogram. To stabilize the market, the government had exempted all duties on the import of 500,000 metric tons of sugar.
The Trading Corporation of Pakistan (TCP) has already issued a tender for the import of 300,000 metric tons of sugar, with the deadline for bid submission set for July 18.
What’s your Reaction?
+1
+1
+1
+1
+1
+1
