IMF's formula for prosperity: Taxing wealthy to aid needy people

Khalid Umar Malik
22 Sep 2023, 17:20 GMT+10

NEW YORK, USA The International Monetary Fund (IMF) advised Pakistan on Wednesday to tax the wealthy to relieve the poor.
IMF Managing Director Kristalina Georgieva told Geo News in an exclusive interview after meeting with caretaker Prime Minister Anwaar-ul-Haq Kakar, "Of course, it is difficult, but Paki ...
In response to a question, she stated that it is in the best interests of the people of Pakistan that the country revitalizes its economy and addresses some of the "shortcomings" of the ...

NEW YORK, USA The International Monetary Fund (IMF) advised Pakistan on Wednesday to tax the wealthy to relieve the poor.

IMF Managing Director Kristalina Georgieva told Geo News in an exclusive interview after meeting with caretaker Prime Minister Anwaar-ul-Haq Kakar, "Of course, it is difficult, but Pakistan has to do it in line with the IMF program as we stand by the people of Pakistan."

In response to a question, she stated that it is in the best interests of the people of Pakistan that the country revitalizes its economy and addresses some of the "shortcomings" of the past, referring to the reforms that the lender is requesting.

Pakistan has agreed to a $3 billion bailout package with the IMF, as part of which it will restructure its ailing energy sector, implement reforms in state-owned enterprises, and increase tax collection.

However, the government's actions have made life difficult for the masses, as a massive increase in electricity and petrol prices has pushed inflation to a record high.

The IMF has rejected the caretaker government's proposals for relief in the face of skyrocketing food and energy prices.

"Please allow me to send a simple message to Pakistan's people." "What we are asking in our program is that you collect more taxes from the wealthy and protect Pakistan's poor people," Kristalina Georgieva stated.

"I believe it is in line with what the people of Pakistan want to see for the country."

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