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International Monetary Fund (IMF) Managing Director Kristalina Georgieva has urged Pakistan to \u201ccollect more taxes from the wealthy and protect the poor people\u201d amidst soaring inflation following the nation\u2019s securing<\/a> of a last-minute bailout in July.<\/p>\n Pakistan\u2019s year-on-year inflation for the month of August leapt to 27.4pc<\/a>, contracting household budgets. That same month, exorbitant electricity bills led to a protests across the country<\/a>. The rattled government had initially promised some relief<\/a> for the public, but later ruled it out<\/a> citing Pakistan\u2019s commitments with the IMF.<\/p>\n Speaking<\/a> to Geo News<\/em> after meeting caretaker Prime Minister Anwaarul Haq Kakar on the sidelines of the United Nations General Assembly<\/a> on Wednesday, Georgieva said that she believed this was in line with what the people of Pakistan would like to see for the country.<\/p>\n \u201cWhat we are asking in our programme is that please collect more taxes from the wealthy and please protect the poor people of Pakistan,\u201d she said. \u201cI do believe this is in line with what people in Pakistan would like to see for the country.\u201d<\/p>\n Later in a post on X (formerly Twitter), the IMF chief said she had a good meeting with the Pakistani premier on the country\u2019s economic prospects.<\/p>\n \u201cWe agreed on the vital need for strong policies to ensure stability, foster sustainable and inclusive growth, prioritise revenue collection, and protection for the most vulnerable in Pakistan,\u201d Georgieva added.<\/p>\n Meanwhile, interim PM Kakar also posted on X about the meeting. He said he held a constructive dialogue with the Fund\u2019s director that \u201cemphasised extending our mutual commitment towards bolstering economic stability and growth in Pakistan\u201d.<\/p>\n An official handout<\/a> released by the Prime Minister\u2019s Office said that Kakar expressed gratitude for the IMF\u2019s approval of the $3 billion standby agreement to support Pakistan\u2019s economy.<\/p>\n It said the premier briefed Georgieva on the various measures taken by the government to \u201cstabilise and revive the country\u2019s economy\u201d.<\/p>\n \u201cThe prime minister affirmed that these initiatives aim to create a stable and conducive environment for sustainable economic growth and investment. Additionally, a strong focus had been placed on protecting the vulnerable segments of society,\u201d the PMO statement said.<\/p>\n It further said that the IMF chief \u201cappreciated Pakistan\u2019s concerted efforts in implementing policies and reforms to revive the economy\u201d. She assured that the IMF remained committed to continued engagement with Pakistan, the statement added.<\/p>\n On July 12, the Fund\u2019s executive board had approved<\/a> a $3 billion bailout programme for Pakistan which will immediately disburse about $1.2 billion to help the country.<\/p>\n On June 29, the IMF and Pakistan had reached<\/a> a Standby Arrangement to ease the country\u2019s financial crisis.<\/p>\n The IMF in a press release had said that the executive board approval allowed for an immediate disbursement of $1.2bn, with the rest to be phased over the programme\u2019s duration \u2014 subject to two quarterly reviews.<\/p>\n IMF\u2019s approval had come after Saudi Arabia and the United Arab Emirates (UAE) deposited $2 billion<\/a> and $1 billion<\/a>, respectively, with the State Bank of Pakistan, boosting the foreign exchange reserves.<\/p>\n The $3bn funding, spread over nine months, is higher than expected for Pakistan. Earlier, the country was awaiting the release of the remaining $2.5bn from a $6.5bn bailout package agreed in 2019, which had expired in June.<\/p>\n<\/p><\/div>\n