Austerity plan for revival of IMF package outlined

ISLAMABAD: The government on Monday committed to introducing a supplementary budget as part of an agreement with the International Mone­tary Fund (IMF) for a net fiscal adjustment of almost Rs550 billion during the remaining part of the current fiscal year through a 22 per cent cut in development funds, about Rs300bn increase in tax target and a Rs4 per litre monthly hike in petroleum levy on major petroleum products.