Pakistan's National Assembly passed the Finance Supplementary Bill introduced on Feb. 15, which will implement higher taxes. The bill proposes a general sales tax increase from 17% to 18%, a luxury imports tax increase from 17% to 25% and higher fares for air travel.

Pakistani Finance Minister Ishaq Dar said Islamabad had agreed to the International Monetary Fund's (IMF) demands for economic reforms after the fund's 10-day visit to Pakistan. These reforms will bring Pakistan closer to unlocking funds from the IMF's bailout program, which Pakistan needs in order to prop up its depleted foreign exchange reserves and avoid default.