Pakistan accepts IMF's condition to not establish new SEZs: Report

Pakistan has accepted the IMF condition that it would not establish any new special economic or export processing zone in the country as it waits for the approval of a USD 7 billion bailout package from the international money lender, a media report said on Wednesday.

The Washington-based lender's condition will impact the government's plans to establish an export processing zone (EPZ) on a piece of land belonging to the closed Pakistan Steel Mills, The Express Tribune newspaper reported.

The report quoted government sources as saying that the IMF had asked Pakistan that it would not create any new special economic zone (SEZ) or EPZ and tax incentives already availed by the existing zones will not be extended after expiry.

While the condition will be applicable to both federal and provincial governments, Khyber Pakhtunkhwa has refused to accept it, the report said.

The IMF's conditions underscore how deeply it has captured Pakistan's economic and industrial policies, which could ..