ISLAMABAD: The International Monetary Fund (IMF) on Saturday appreciated Pakistan’s tough economic decisions in budget 2024-25.

According to sources, Pakistan and the Washington-based lender have made significant progress in their virtual negotiations.

Sources revealed that the IMF expressed satisfaction over the tough economic decisions taken in the budget, acknowledging the positive role of political parties in the budget.

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Sources further added that the limitation of tax exemptions to improve the economy was also appreciated by the monetary fund. The IMF delegation is expected to arrive in Pakistan for the new loan program in the last week of June, as the country has fulfilled the prior conditions, the source added.

Moreover, the IMF expects the budget for the next financial year to be approved by June 28 or 29, sources said.

The International Monetary Fund (IMF) had demanded more tax collection from provinces and imposition of tax on agriculture, stationery items, monthly pensions, increase gas, electricity prices and general sales tax to 18 percent.