IMF Raises Alarm Over FBR’s Track and Trace System Deficiencies

News Desk1 week ago

The Washington-based loan agency brought up these issues in its recent tax structure and administration conversations with FBR authorities.

According to sources, the IMF has established a deadline for the full adoption of the track and trace system throughout the nation’s five main sectors and requested a comprehensive implementation report on the system.

By the upcoming fiscal year, the lender has insisted that the track and trace system be completely functional. The two sides have decided to quicken reforms to widen the tax net and curb tax evasion, even if policy talks are still ongoing.

Read more:IMF Urges Pakistan to Implement Urgent Reforms in Energy Sector

In order to solve its financial difficulties, Pakistan is asking the international lender for a $6–$8 billion rescue package that would last for three–four years.

The IMF recognized Pakistan’s economic progress in its staff report earlier this week, but it also cautioned that the outlook is still difficult and that there are still a lot of negative risks.

After the latest IMF program ended, the nation’s $350 billion economy stabilized, and inflation dropped from a record-breaking 38% in May of last year to about 17% in April. The government almost missed defaulting last summer.

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