IMF director Lipton tells PM Khan: Pakistan needs to mobilize tax revenue, cut debt for economic development

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Islamabad, July 22: The International Monetary Funds (IMF) has on Sunday said Pakistan requires to mobilize its domestic tax revenue in order to ensure funds for development and social programs while simultaneously deducting hefty debt, after holding a meeting with Prime Minister Imran Khan in the United States.

David Lipton, the acting managing director of the IMF, said he was pleased meeting Khan where both sides agreed to work closely together to advance the ambitious reform programme of the Pakistani government, especially efforts to mobilize revenues that would generate funds needs for development.

In a tweet, Lipton wrote: “I was pleased to meet Prime Minister @ImranKhanPTIof #Pakistan today. We agreed to work together to advance the government’s ambitious reform program, especially the effort to mobilize revenues that will fund much needed social and development spending.”

Both leaders held discussions related to recent economic development, and also implementation of Islamabad’s IMF-backed economic reforms aimed at stabilizing Pakistan’s economy, paving ways for balanced and sustained growth, and bolstering institutions, Lipton said in an official statement.

He said the IMF along with other universal partners were cooperating closely with the government of Khan to help to implement the reforms.

After concluding the meeting with Khan, in the statement, the director said: “I highlighted the need to mobilize domestic tax revenue now and on into the future to provide reliably for needed social and development spending, while placing debt on a firm downward trend.”

Khan also met with David Malpass, the president of World Bank, according to Dawn news reports.

In his official Twitter account, Malpass stated they discussed Khan’s “important ideas on transformational policies to accelerate equitable growth and job creation for Pakistanis”.

Khan has arrived in Washington DC on Sunday for an official three-day maiden visit to hold a meeting with President Donald Trump due on Monday.

 

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