ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Pakistan unveils budget targeting 5% economic growth

Islamabad looks to raise taxes on rich, seeking IMF bailout

Supporters of the Pakistan Tehreek-e-Insaf (PTI) political party protest against the fuel price hike in Karachi on June 3.   © Reuters

ISLAMABAD (Reuters) -- Pakistani Finance Minister Miftah Ismail said on Friday the government would raise taxes on the rich and ban government officials from buying new cars, amid pressure to control the fiscal deficit and secure International Monetary Fund bailout money.

The nation of 220 million people is facing a balance of payments crisis, with foreign reserves falling below $10 billion -- hardly enough for 45 days of imports -- and a widening current-account deficit and ballooning fiscal deficit.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more