IMF tells FBR to meet Rs15,264 billion target, no room for shortfall

BANGKOK (Atemad Desk): Finance Minister Muhammad Aurangzeb met IMF Managing Director Kristalina Georgieva during the annual meetings of the IMF and the World Bank in Bangkok. They discussed Pakistan’s economy, ongoing reforms and progress on the agreed targets.

According to sources in the Ministry of Finance, the finance minister briefed IMF officials on the current state of the economy and the steps taken to reach the targets. In reply, the head of the IMF said that, to sustain the pace of stable and lasting growth, Pakistan must fully comply with the conditions of the loan programme, meet the tax targets set in the budget and continue reforms.

The sources said the IMF also asked for more steps to keep foreign exchange reserves at an adequate level and to increase tax collection. The fund’s Deputy Managing Director said bluntly that the FBR will have to collect Rs15,264 billion in the current fiscal year and that no room will be given for a shortfall in collections.

The finance minister assured the IMF that the government will continue its efforts to meet the set targets, raise tax revenue and comply with the conditions of the programme.