IMF unsatisfied with revenue plan

The International Monetary Fund (IMF) has remained unsatisfied with the revenue and spending plans shared by Pakistan and has sought additional information, including details of shelved development projects that have now been taken up again as a top priority of the government. The global lender’s demands came amid frustration in Pakistani camp over the IMF’s insistence to share information of the full current fiscal year, going beyond the ninth review period of July-September 2022, according to sources in the Ministry of Finance. The last meeting between senior Pakistani and IMF officials was not very pleasant due to the latter’s call to comply with actions that were not even due during the ninth review period, said the sources. The IMF has also questioned Pakistan’s claim that it can still generate Rs800 billion in revenue through the petroleum levy in current fiscal year, against the budget target of Rs855 billion. The collection in the first quarter remained at only Rs47 billion which, according to a finance ministry official, crossed Rs80 billion by the end of October.