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Thursday, February 29, 2024  
18 Shaban 1445  

IMF demands report on smuggled oil in Pakistan: sources

Fund says smuggling could increase revenue shortfall in the country
File photo.
File photo.

The International Monetary Fund has expressed ‘concerns’ over the increase in the sale of smuggled oil in Pakistan and has asked authorities to submit a report on the topic, sources said on Tuesday.

The sources added that IMF has asked the Federal Board of Revenue and the Ministry of Finance to submit a report on the issue and explain the steps being taken to curb the smuggling.

Sources said that almost 120,000 tons of oil are smuggled into Pakistan every month. The smuggling causes a loss of Rs10 billion in missed custom duties and levy every month.

The IMF reportedly told the government that the revenue shortfall Pakistan is facing could be increased if steps are not taken to curb the smuggling.

Among the steps suggested by the Fund, are an increase the number and capacity of customs and intelligence officials posted on the country’s borders.

The development comes days after petrol prices were increased to a record high Rs331 in the country.

A report submitted to the Prime Minister Office by a civil intellignece agency had revealed that not only does the smuggling cause a loss of Rs60 billion to the economy but the money is often funnelled into terror operations.

The report had also revealed that 90 government officials and 29 politicians were involved in the trade. It also added that Pakistan State Oil vehicles are involved in the smuggling operations.

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