Pakistan is working on the possibility of restructuring its bilateral debt regardless of whether it successfully completes its IMF review, Finance Minister Ishaq Dar said on Saturday, but reiterated it would not approach Paris club nation creditors or seek haircuts. Dar said there was no more room in the budget to reduce the fiscal deficit target by any further. Finance Minister Senator Mohammad Ishaq Dar addressed a Post Budget 2023-24 press conference in Islamabad. The finance minister proposed tax reduction for the Information Technology sector, listed companies, overseas Pakistanis, young entrepreneurs and giving relief to the builders and traders. Interestingly, the government showed $2.4 billion IMF loan receipts in the next fiscal year, despite the programme ending on June 30.

Source: The Express Tribune June 10, 2023 20:45 UTC