Pakistan is likely to receive an installment of 71 million dollars from the IMF in December

Pakistan is likely to receive the installment of $710 million in December after approval from the Executive Board of the International Fund (IMF).

According to sources, it is the last day of talks between Pakistan and the IMF and the economic review talks with the IMF mission are close to success.

In this regard, the sources say that the IMF mission and the economic team have completed discussions in all sectors, caretaker finance minister Shamsmad Akhtar completed the policy level negotiations with the IMF mission.

According to sources, the MEFP draft is likely to be prepared by the IMF mission and economic team today.

It has been agreed with the IMF to impose a windfall tax of up to 55 billion rupees on bank profits.

Sources say that a decision has been taken to impose a windfall tax of up to 40% on bank profits on the condition of the IMF.

According to the sources of the Ministry of Finance, the windfall tax on the profits of banks will be levied for the financial year 2021 and 2022, the windfall tax on the profits of banks will be collected next month.

According to the sources, there is no need to amend the Finance Bill to impose windfall tax on banks, the approval of the federal cabinet is necessary for imposing windfall tax.

According to the sources of the Ministry of Finance, the parties have also agreed not to increase the interest rate further.

The IMF mission will send its recommendations to the IMF Executive Board, after the approval of the Executive Board, Pakistan is likely to receive the $710 million installment in December.