visioninthedark

http://www.jang-group.com/thenews/se...main/main5.htm

Pakistan ends ties with IMF tomorrow

By Ikram Hoti

ISLAMABAD: Pakistan’s 15 years relationship with the International Monetary Fund ends on Monday (tomorrow).

Launched in 1990, one of the longest exchanges of money and mind, the performance-assessment process by IMF experts concludes with the final collection of figures on government spending and income.

Van Rooden, mission chief of Pakistan Desk, will conclude his aricle-4 consultations for preparing a report on Pakistani economy that "would be of little bearing on the future rating of economy for credit-seeking or judgement of poverty-generating factors," said a senior official. Rooden is accompanied by his team: Temur Beg, Axelschill Mapefcillgen and Herald Finger.

The mission is expected to file its report in a month after departure from Pakistan, during which "no talks of revival of the programme for assisting Islamabad have been convened," said sources.

These talks have been repeatedly made into points of reference in the past couple of years ever since Islamabad made it public that the relationship had been culminating into a "fair end".

Over the past week, the mission has been gathering performance and evaluation data from the federal ministries and divisions.

The Central Board of Revenue told the mission that Rs 519 billion (final figures) were collected in the 2003-04 in taxes and Rs 590 billion would be collected in the current fiscal.

Subsidies (adjusted and obvious) have been removed from all sectors, including the agricultural products while tax rebates have been radically reduced for export sectors.

Import duties’ upper slabs have been drastically scaled down from the 60-65 per cent of the early 90s to 25 per cent in the initial years of the new millennium.

GST has been levied on all extendable services while its rate has been consolidated at 15 per cent to boost deposits through improved administrative methods.

The fast track import clearance (24-hour) system has been introduced to remove delays while all the major and medium tax-depositors have been offered institutionalised services a the LTUs and MTUs of facilitating against the traditional bottlenecks in refund-clearing and dispute settlement. One area that remains to be of vigilant monitoring in Pakistan is deficit financing on which Pakistan has reported "appreciable" improvement over the past half decade, sources said.

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visioninthedark

Good news for Pakistan!

Ray

Good.

We ended our ties with World Bank and IMF a decade ago!

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"Some have learnt many Tricks of sly Evasion, Instead of Truth they use Equivocation, And eke it out with mental Reservation, Which is to good Men an Abomination."

I don't have to attend every argument I'm invited to.

HAKUNA MATATA

Asim Aquil

Awesome!!

So now who wants to mess? :D

Ray

On your marks, get set.......

visioninthedark

LOL ...