The International Monetary Fund (IMF) has expressed serious concerns regarding the widespread smuggling of petroleum products, amounting to approximately 120,000 tons per month or 143 million liters per month. The IMF has demanded immediate action to curb this illegal activity.
The IMF’s concerns extend to the significant financial losses incurred due to this smuggling, estimating that more than 10 billion rupees are lost in customs and levy duties as a result. This rampant smuggling threatens to cause a revenue shortfall, primarily due to a decrease in the import bill.
In response to these concerns, the IMF has called upon the Ministry of Finance and the Federal Board of Revenue (FBR) to submit a detailed report outlining the measures taken thus far to combat petroleum product smuggling. The IMF emphasizes the importance of halting this illicit trade to prevent further revenue shortfalls and urges the FBR and Ministry of Finance to take immediate steps to enhance revenue generation.