Pakistan raises petroleum tax to secure IMF loan

Pakistan has increased its petroleum development levy by Rs10 to Rs70 per liter. This move aims to meet the International Monetary Fund's requirements before the release of a $1 billion loan installment. The IMF noted that Pakistan is making progress toward receiving the next loan tranche. Discussions will continue virtually following a recent visit by IMF officials to the country. The government has implemented various measures to comply with the loan agreement, including taxing agricultural income and seeking to sell a stake in Pakistan International Airlines. Foreign exchange reserves have improved, and inflation has decreased.