Sources say that the federal government has sought permission from the IMF to impose a new municipal tax in Islamabad, which will help build a modern medical complex in the federal capital at a cost of Rs213 billion. The completion of the project is proving to be a major challenge for the government as financial resources are limited and the project is targeted to be completed in three years.
According to sources, the government is considering releasing Rs30 billion from the emergency fund for the project immediately, while the Finance Ministry wants to make this medical complex part of the Public Sector Development Program (PSDP).
According to the report, the government has provided Rs3.5 billion for the initial stages of the project, which will be spent on establishing the Jinnah Medical Complex Company and recruiting staff. Moreover, the government is also considering using the potential profits from the $76 million Panda Bonds for the project.
According to sources, the IMF has sought more details on Pakistan’s demand for new taxes, after which progress on the project is likely.
