KARACHI: The International Monetary Fund (IMF) has raised objections on supplementary grants demanding that the parliament should not approve the supplementary grants, Bol News reported quoting sources from the Ministry of Finance on Thursday, Bol News reported.

The IMF recommended that Pakistan should increase the tax revenue to escape from the deficits. The IMF pointed out that share of taxes in Pakistan’s economy was 10 per cent which was the lowest in the world, the sources said.

The IMF recommended to increase the tax share in economy to 13 per cent. Pakistan should boost the number of tax payers, the IMF demanded.

The sources said the IMF suggested that opening up imports in new fiscal year could boost tax revenue. Pakistan did not need debt restructuring, the IMF suggested as per the sources.

“IMF suggests that existing standby arrangements should be implemented continuously by the current, caretaker and newly elected governments,” said the sources.