Finance Minister Muhammad Aurangzeb during an informal talk with media confirmed that no sales tax is being imposed on petroleum products.
He stated that Pakistan is facing a financing gap of $3 to $5 billion during the IMF program. He emphasized that this gap is not big and the government is actively working to reduce it.
The Finance Minister mentioned that there are offers from global commercial banks for loans. The Ministry of Finance is currently considering the interest rates on these loans. He assured that loans will not be taken at high-interest rates.
Regarding Independent Power Producers (IPPs), the Finance Minister highlighted the need to appoint a consultant in China to facilitate discussions. Pakistan has already hired a consultant in China for the Panda Bond.
The Finance Minister further added that the Federal Board of Revenue (FBR) is working on digitalization, and the Minister of State for Finance has been tasked with overseeing this project.
He also mentioned that the conversion of coal power plants to local coal will take approximately 2 to 3 years.
The Finance Minister stated that the IMF Executive Board meeting is scheduled for the end of this month. He added that daily discussions are ongoing with the IMF.
