Pakistan Nears IMF Bailout Pact After Tax Plan Approved
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Pakistan is inching closer to reviving a $6.5 billion bailout from the International Monetary Fund after the parliament approved on Monday the plan to roll out higher taxes.
An agreement is expected to be finalized within three days after most issues were resolved, ARY News reported, citing Hamed Yaqoob Sheikh, secretary at the finance ministry. A bill that will increase the general levy to 18% from 17% and boost tax on imports of luxury items such as mobile phones to 25% from 17% was approved by the parliament.