Pakistan receives first portion of $991.4 million released by IMF under the Extended Fund Facility on Wednesday.

According to State Bank of Pakistan (SBP), the first tranche of  $991.4 million has been provided, increasing Pakistan's foreign exchange reserves to $15.0431 billion. Pakistan has imposed new taxes amounting to Rs 733.50 billion in the budget for the year 2019-20. IMF is extending this loan under a three year economic package. 

On the other hand, IMF has issued its report on Pakistan economy and through this report, Pakistan has been asked to enhance its taxes. 

The report said that Pakistan will have to scale up power tariff at the rate of Rs2.5 per unit next month. 

Pakistan has clamped taxes of Rs 733.50 billion while parliament has been told that taxes have been imposed to the tune of Rs 516 billion.  

The report disclosed that Pakistan will have to deposit taxes amounting to Rs 1000 billion till September.