IMF Mission Arrives in Pakistan for Economic Review Talks

International Monetary Fund (IMF) mission has arrived in Pakistan to commence a series of high-level economic discussions with key financial bodies.

The Ministry of Finance has confirmed the start of the talks, which included an initial session led by the Federal Board of Revenue (FBR). During the meeting, the FBR, headed by its chairman, presented detailed figures indicating a tax collection of Rs. 2,652 billion for the first quarter of the fiscal year, meeting 96.6% of their targets from July to September. September saw a slight overachievement with Rs. 1,098 billion collected against a set target, but a four-month analysis showed a revenue shortfall of Rs. 190 billion from July to October.

The IMF team was also briefed on a notable 76% increase in income tax return filings, reflecting improvements in compliance. The delegation is scheduled to stay until November 15, during which they will assess economic progress and discuss measures to ensure annual revenue goals are met, potentially involving new revenue-boosting strategies.

Furthermore, the IMF will be updated on the progress of implementing agricultural income tax at the provincial level. Reports indicate that provincial legislatures missed their October deadlines for enacting relevant laws. The mission will also receive insights on efforts to bridge a $2.5 billion financing gap, although discussions on the Extended Fund Facility’s first review will not take place until March 2025.