BUSINESS/FINANCE
Islamabad Faces New Municipal Tax Proposal to Fund Rs. 213 Billion Jinnah Medical Complex
The government of Pakistan has approached the IMF for permission to impose a new municipal tax in Islamabad through a possible mini-budget. The revenue would be directed toward constructing the Rs. 213 billion Jinnah Medical Complex, a project expected to be completed in three years.
Sources confirmed that the government is considering releasing Rs. 30 billion from emergency funds and exploring alternatives such as supplementary grants or reallocating funds from other projects. Finance authorities are also weighing the option of using potential returns from Panda Bonds to support the scheme.
So far, Rs. 3.5 billion has been allocated to establish the Jinnah Medical Complex company and recruit staff. The IMF, however, has requested further details before granting approval.