Islamabad: Negotiations are underway between the IMF and Pakistan regarding the economic review, in this regard, Finance Minister Muhammad Aurangzeb has briefed the delegation on the country’s economic situation and reform agenda.
The economic performance of the first half of the current fiscal year is being reviewed in the negotiations with the International Monetary Fund (IMF). Sources say that the Green Initiative report presented by the Ministry of Finance and Planning was also considered in the negotiations. The IMF delegation was presented with a report on climate change projects on the Green Initiative.
According to sources, the Finance Ministry had prepared the report on the IMF’s demand. In addition, PSDP spending and cuts are also being reviewed in the negotiations.
Meanwhile, an IMF delegation has met Finance Minister Muhammad Aurangzeb, in which the Finance Minister has been briefed on the economic situation and reform agenda.
The IMF delegation met with Finance Minister Muhammad Aurangzeb, where the Finance Secretary and Chairman FBR also participated. The Finance Minister briefed the IMF on the country’s economic situation and gave a briefing on the economic reform agenda.
It should be noted that technical-level talks are underway with the IMF delegation in the first phase, led by the IMF delegation’s head of the review mission, Nathan Porter.
The Ministry of Finance gave a presentation to the IMF delegation on July-February economic indicators. According to sources, the delegation was presented with details on fiscal deficit, primary balance, provincial surplus, and revenue collection.
In addition, the IMF delegation also discussed the July-January revenue for the current fiscal year. On this occasion, the Economic Wing, Budget Wing, External Finance Wing, Regulations Wing, and DG Det briefed the IMF delegation, in which it was informed that the July-December fiscal deficit was recorded at Rs 1,537 billion.
FBR Chairman Rashid Mahmood Langrial briefed the IMF delegation on revenue collection, in which FBR board members also participated. During the talks, the IMF delegation will give its suggestions for the budget for the next fiscal year.
It should be noted that Pakistan has submitted a report on the implementation of the conditions of the $7 billion loan program. Along with this, a report on the first half of the current fiscal year has also been submitted to the IMF.
The International Monetary Fund delegation has been assured that the government is determined to strictly adhere to the IMF program. Macroeconomic stability has been achieved in the country. Reforms are also underway in the tax and energy sectors.
The delegation was also briefed on the progress in right-sizing and privatization in government institutions. The delegation was informed that the exchange rate and foreign exchange reserves are stable. The IMF mission was also briefed on the economic indicators for July to February.
The IMF delegation was informed that there has been improvement in fiscal deficit, primary balance, provincial surplus, and revenue collection. The IMF delegation also discussed revenue for the current fiscal year from July to January.
The IMF delegation in Pakistan will also meet officials from other ministries.
