ISLAMABAD: Pakistan has fulfilled another condition set by the World Bank (WB) paving way and making the prospects bright for securing a deal with the international money lender for 450 million dollars loan.
Finance Minister Senator Ishaq Dar will try to convince the World Bank president to hold a board meeting for approval of the loan.
The National Tax Council (NTC) has approved the Place of Service Rules. Officials said all the provinces will inform the federal government by May 1 after getting approval from the respective provincial cabinets. The date of effectiveness for the Place of Provision of Service Rules 2023 will be decided in consultation with the provinces.
The approval of service rules will prove to be a milestone for streamlining the tax collection across the country and will also play a key role in clinching a deal with the WB.
Sources said that Sindh government wanted these rules to be implemented from the next financial year.
However, the federal government was insisting upon implementation on rules from the current month (April) so that the loan could be secured from the WB. Pakistani officials said that this was the only obstacle in way of securing a deal with the WB which has been fulfilled.
Sources said that Finance Minister Ishaq Dar’s meeting with president of the World Bank was expected in next few days. During the meeting, Mr Dar will ask the WB president to convene a board meeting for approval of loan money. They added that Mr Dar could also request the WB chief to approve a loan of 600 million dollar for phase-II of the affordable energy programme.
It merits mentioning here that Pakistan is facing severe hardships to secure a 6 billion dollars deal. So far, only the Saudi Arabia has given assurance to give Pakistan 2 billion dollars loan. However, the UAE government has not given any assurances in this regard.
