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IMF rules out writing off or restructuring heavily in debt Pakistan's loans

Islamabad, Jan. 19 (ANI): The International Monetory Fund (IMF) cannot write off or restructure Pakistan's loan, the head of the organization has said.

While speaking to the media, Jeffrey Frank further said that Pakistan has not formally sought a new program.

He added that that if they did want to seek a new program then their economic strategy must radically change as losses of government institutions had drowned the current economic strategy, the News International reports.

Frank said that Pakistan was in need of billions of dollars in revenue in expenditure as it was suffering from a current deficit of 16.24 trillion, adding that Pakistan's foreign exchange reserves had diminished.

The IMF mission chief also said that taxation on agriculture, retail and sales should be made more effective and tax relaxations and concessions should be done away with, the report said.

He further said that Pakistan's major issue is power deficiency and power theft was behind the increasing deficit, it added. (ANI)