Provinces asked to raise Rs400bn more to meet IMF goals |
Provinces asked to raise Rs400bn more to meet IMF goals
ISLAMABAD: The federal government asked the provinces on Monday to increase their revenue contribution by at least Rs400 billion, nearly 40 per cent of their existing share, in the coming fiscal year through more effective collection strategies in agriculture, property and services to remain in the good books of the International Monetary Fund (IMF).
At a consultative meeting with provincial finance ministers, Finance Minister Muhammad Aurangzeb conveyed the IMF’s deep satisfaction over the robust fiscal performance of both the four provinces and the Centre during the current fiscal year.
Speaking to provincial ministers via video link, Mr Aurangzeb said the IMF mission currently visiting Islamabad, as well as the federal government, expected the federating units to remain equally prudent in their fiscal operations for the remainder of the current year and to perform even better next year, a senior Ministry of Finance official who attended the meeting told Dawn.
The IMF staff mission, led by mission chief Iva Petrova, has been in Islamabad since May 13 to finalise, in consultation with government authorities, next year’s budget targets and strategies for achieving them.
Aurangzeb praises fiscal discipline, seeks stronger tax collection in property, services and agriculture
Aurangzeb praises fiscal discipline, seeks stronger tax collection in property, services and agriculture
Provinces told to revise revenue targets
The provinces were asked to review their revenue targets and collection strategies for next year to increase their contribution to the country’s overall tax-to-GDP ratio. The two major revenue-generating provinces of Sindh and Punjab were specifically asked to improve their revenue contribution by around 40pc compared to this........