<p>Islamabad: Pakistan's Finance Minister Muhammad Aurangzeb on Thursday said that the government was hoping to reach a deal with the IMF this month to secure a fresh bailout package, as he asserted that talks with the global lender were progressing "positively".</p><p>Dollar-starved Pakistan is bending its back to the limits to clinch the International Monetary Fund (IMF) deal of more than $6 billion.</p><p>"The talks with the IMF are progressing positively," the finance minister said while briefing the National Assembly's Standing Committee on Finance.</p><p>He expressed optimism about the positive progress in talks between Islamabad and the Washington-based global lender to reach a staff-level agreement on a new bailout programme in July. </p><p>He said that the IMF is forcing Pakistan to make tough decisions, including new taxes already imposed in the budget.</p><p>"The Fund requires taxation on the actual income, which is fair," the minister said.</p>.Pak court says actions of Imran Khan similar to that of a 'terrorist'.<p>Asserting that no country could run on a 9 per cent tax-to-gross domestic product (GDP) ratio, Aurangzeb pledged to raise the ratio to 13 per cent.</p><p>Last month, the government presented the tax-loaded Rs 18.877 trillion budget for the fiscal year 2024-25 (FY25) aimed at shoring up public revenue to satisfy the IMF.</p><p>However, the IMF is reportedly still not happy and wants to put more tax on the agriculture sector, which was largely allowed to pay a nominal tax in the past. </p><p>The minister, while addressing the standing committee, further stated that some changes were being made in the service structure of the military, asserting that the entire structure needed amendments.</p><p>He said a system of contributory pension for Pakistan's armed forces will be launched.</p><p>The finance minister said the system had been notified for the civil servicemen from July 1, 2024; however, a new pension scheme for the military servicemen will be applicable from July 1, 2025.</p><p>"Those joining service from July 1 will receive their pensions under the new scheme," he added.</p><p>Aurangzeb also said all the economic indicators remained positive during the last fiscal year, while the foreign exchange reserves remained well above $9 billion.</p>
<p>Islamabad: Pakistan's Finance Minister Muhammad Aurangzeb on Thursday said that the government was hoping to reach a deal with the IMF this month to secure a fresh bailout package, as he asserted that talks with the global lender were progressing "positively".</p><p>Dollar-starved Pakistan is bending its back to the limits to clinch the International Monetary Fund (IMF) deal of more than $6 billion.</p><p>"The talks with the IMF are progressing positively," the finance minister said while briefing the National Assembly's Standing Committee on Finance.</p><p>He expressed optimism about the positive progress in talks between Islamabad and the Washington-based global lender to reach a staff-level agreement on a new bailout programme in July. </p><p>He said that the IMF is forcing Pakistan to make tough decisions, including new taxes already imposed in the budget.</p><p>"The Fund requires taxation on the actual income, which is fair," the minister said.</p>.Pak court says actions of Imran Khan similar to that of a 'terrorist'.<p>Asserting that no country could run on a 9 per cent tax-to-gross domestic product (GDP) ratio, Aurangzeb pledged to raise the ratio to 13 per cent.</p><p>Last month, the government presented the tax-loaded Rs 18.877 trillion budget for the fiscal year 2024-25 (FY25) aimed at shoring up public revenue to satisfy the IMF.</p><p>However, the IMF is reportedly still not happy and wants to put more tax on the agriculture sector, which was largely allowed to pay a nominal tax in the past. </p><p>The minister, while addressing the standing committee, further stated that some changes were being made in the service structure of the military, asserting that the entire structure needed amendments.</p><p>He said a system of contributory pension for Pakistan's armed forces will be launched.</p><p>The finance minister said the system had been notified for the civil servicemen from July 1, 2024; however, a new pension scheme for the military servicemen will be applicable from July 1, 2025.</p><p>"Those joining service from July 1 will receive their pensions under the new scheme," he added.</p><p>Aurangzeb also said all the economic indicators remained positive during the last fiscal year, while the foreign exchange reserves remained well above $9 billion.</p>