Pakistan, IMF hold technical talks to review economic performance

ISLAMABAD: Pakistan and International Monetary Fund (IMF) continued technical review meeting for inspecting the economic performance of the government during its first quarter of the fiscal year, ARY News reported.

The visiting IMF delegation continued talks with the economic team on the second day to review the performance of the financial institutions during the first quarter. The delegation discussed the matter during its meeting with the finance adviser Abdul Hafeez Shaikh today, sources told ARY News.

Read: IMF hails Pakistan’s economic reforms, assures continued support

The delegation was briefed that the budget deficit stands at Rs476 billion during the first quarter, whereas, it was reduced following retrieval of non-tax income more than its target. Sources said that the Federal Board of Revenue (FBR) witnesses Rs108 billion deficit in tax collection.

It is told that the financial authorities have taken effective steps for elimination of circular debt, poverty, money laundering and terror-financing. Sources added that the government has not acquired any new loan from the central bank, State Bank of Pakistan (SBP), under the condition placed by the IMF.

Read: Financial adjustment needed in Pakistan’s economy: IMF

The recent visit of the IMF officials was made for the payment of next tranche from the international financial body likely to be dispatched in 2020.

It may be noted here that Pakistan had received $1 billion from the International Monetary Fund (IMF) as the first tranche of a bailout package for balance of payment support on July 10.

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