Islamabad: The International Monetary Fund (IMF) has demanded that the Federal Board of Revenue (FBR) address the revenue shortfall for the month of September. To secure approval from the IMF Executive Board for a $12 billion loan rollover, the shortfall must be resolved first.
According to sources in the Ministry of Finance, virtual negotiations on external financing took place between the Ministry and the IMF mission. However, Pakistan has not yet received a deadline for IMF Executive Board approval for external financing.
The FBR officials discussed the revenue shortfall during these virtual negotiations, while the Ministry of Finance informed the IMF mission about external financing measures and updates on loan rollovers from friendly countries. A timeline for loan rollover from friendly countries is expected to be provided by next week.
The IMF has emphasized that the $12 billion loan rollover must be completed before seeking Executive Board approval. Additionally, the IMF mission has demanded that the FBR address the revenue shortfall within the month. If the shortfall is not rectified, the IMF plans to request a detailed plan from FBR officials to meet the tax revenue targets.
IMF Demands FBR to Address Revenue Shortfall This Month
