Protests in Pakistan after regime raise taxes by 40% under IMF bailout

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Protests in Pakistan after regime raise taxes by 40% under IMF bailout - Business Standard

Quick Summary:

In a recent policy note, Moody’s Ratings warned that “a resurgence of social tensions on the back of high cost of living” could make it more difficult for Pakistan to implement reforms agreed upon with the IMF.

In an interview with a local broadcaster, Finance Minister Muhammad Aurangzeb acknowledged “transitional pain” from the IMF bailout.“But if we are to make it the last program,” he said, “then we have to carry out structural reforms.

Though the new taxes will help tame inflation, he said, the economic slowdown will continue.“The misery of the middle and lower middle class is not likely to go away anytime soon,” Khizar said.