Pakistan is on the verge of getting bankrupt and urgently needs the International Monterey Fund’s (IMF) help to come out of this chaos. Both the parties are holding talks to reach an agreement for $1.1Bn.
IMF Managing Director, Kristalina Georgieva has asked Pakistan to tax the rich, subsidise the poor.
She further said that if Pakistan wants to stay as a country, it must make its rich pay taxes and give subsidies to the poor
She said in an interview, “My heart goes to the people of Pakistan. They have been devastated by the floods that affected one-third of the population of the country.”
She added, “What we are asking for are steps Pakistan needs to take to be able to function as a country and not to get into a dangerous place where its debt needs to be restructured. I want to stress that we are emphasising two things. Number one, tax revenues. Those who can, those that are making good money [in the] public or private sector need to contribute to the economy. Secondly, to have a fairer distribution of the pressures by moving subsidies only towards the people who really need it.”
“It shouldn’t be that the wealthy benefit from subsidies. It should be the poor [who] benefit from them.” she further said.
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