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ISLAMABAD – Pakistan has briefed the International Monetary Fund (IMF) on its economic situation as the visiting delegation met Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Tuesday.
The IMF team led by mission chief Nathan Porter on Tuesday arrived at the office of the Ministry of Finance. Finance Minister Muhammad Aurangzeb welcomed the IMF team. Minister of State for Revenue Ali Pervez Malik, Federal Board of Revenue (FBR) chairman Rashid Mehmood Langrial and State Bank of Pakistan (SBP) Governor Jameel Ahmad also accompanied the finance minister.
The meeting discussed progress on the Extended Fund Facility (EFF) worth $7 billion by the global lender.
Aurangzeb briefed the IMF mission on targets achieved by the government in the first quarter of the ongoing fiscal year and expressed confidence in implementing the measures suggested by the IMF in letter and spirit.
The government assured the visiting mission to continue economic reforms in line with the directives given by the IMF in terms of achieving the targets.
The Fund’s staff is currently visiting Pakistan to discuss recent developments and Extended Fund Facility (EFF) programme performance to date. This mission was not part of the first review under the $7 billion EFF, which will be no earlier than the first quarter of 2025.
Earlier, the Federal Board of Revenue (FBR), Monday, briefed the International Monetary Fund (IMF) on the revenue collection position for the fiscal year (2024-25), Tajir Dost Scheme and the strategy to overcome the expected shortfall of Rs230 billion in the second quarter (October-December) of the current fiscal year.
The FBR collected Rs877 billion during October 2024 against the assigned target of Rs980 billion, a shortfall of Rs103 billion. The FBR collected Rs3,440 billion during first four months of 2024-25 against the assigned target of Rs3,636 billion set for July-October of current fiscal year, reflecting a shortfall of Rs196 billion.
Reports indicate that measures aimed at curtailing expenditure and increasing tax collection are to be high on the agenda of the IMF-Pakistan meetings.