Pakistan Raises Petroleum Tax as It Eyes Next IMF Loan Tranche

Pakistan raised a tax on petroleum as the government takes steps to meet International Monetary Fund expectations before the financial agency releases the next tranche of a loan package.

The petroleum development levy was increased by 10 rupees to 70 rupees a liter, according to a notification the Oil and Gas Regularity Authority posted on its website. The IMF saidon Saturday that Pakistan is making progress toward receiving the second $1 billion installment of the $7 billion loan agreement it secured last year.

Pakistan increased the levy to bridge falling tax revenue amid the IMF review talks, Mohammad Sohail, ...