The International Monetary Fund (IMF) has expressed significant concerns regarding the ongoing issue of petroleum product smuggling in Pakistan. This concern has prompted the IMF to request a detailed report from the country’s finance ministry and the Federal Board of Revenue (FBR) regarding the actions and measures that have been taken to address this critical issue.
It has been reported that the smuggling of petroleum products in Pakistan has become a persistent problem, with an estimated 143 million liters of these products being smuggled each month. This widespread smuggling activity has had adverse consequences, particularly in terms of causing a substantial revenue shortfall for the government. It is estimated that the country is losing approximately Rs10 billion in revenue due to customs and levies that cannot be collected as a result of this smuggling.
In light of these alarming figures, the IMF has called upon Pakistan to take immediate and effective measures to combat and curtail the smuggling of petroleum products within its borders. This call to action reflects the IMF’s concerns over the negative fiscal impact of this illegal activity and its potential to further strain the country’s financial resources.
Addressing the issue of petroleum product smuggling is not only crucial for revenue generation but also for maintaining the integrity of the country’s customs and taxation systems. To meet the IMF’s expectations and safeguard its fiscal stability, Pakistan must work diligently to combat this illicit trade and prevent further financial losses. By doing so, the country can ensure that its resources are utilized more efficiently and effectively for the benefit of its citizens and overall economic stability.
Latest posts by News Desk (see all)
- World Bank emphasize Sustainable Economic Reforms - October 4, 2023
- Petroleum Sales decline 31 percent YoY in September 2023 - October 4, 2023
- Cement sales rises 23 percent in 1QFY2024 - October 4, 2023
