ISLAMABAD – After successfully completed negotiations with Pakistan on the sixth review under the three-year Extended Fund Facility (EFF) in Dubai, the International Monetary Fund (IMF) would release seventh tranche of about $518 million in March this year. It has agreed with Pakistan to revise upward the budget deficit target to 5.4 percent from budgeted 4.9 percent.
The government would spend Rs 150 billion for implementation of the NAP as well as repatriation of IDPs. It also agreed to downward revision of annual tax collection target to Rs 2,691 billion from the budgeted target of Rs 2,810 billion.
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The Federal Board of Revenue (FBR) is facing massive revenue collection shortfall during the current fiscal year, which was Rs 134 billion during seven months (July to January). Pakistan informed the Fund that the country would face revenue shortfall of Rs 40 billion only due to reduction in oil prices though it covered Rs 28 billion by increasing GST on petroleum products, otherwise, it would have been Rs 68 billion.
