IMF and Pakistan to Hold Second Round of Bailout Talks in Late October

Lahore: The International Monetary Fund (IMF) and Pakistan would hold talks for second tranche of bailout package in the final week of October, the sources said on Saturday.

The sources said that the Fund expressed satisfaction with the FBR's performance, and a comprehensive report on Pakistan's economic progress is expected to be shared with the IMF in the early days of October.

During a recent online meeting between officials from Pakistan's Federal Board of Revenue (FBR) and the IMF, Pakistan made it clear that it does not intend to introduce any new taxes. The FBR expressed its confidence in meeting tax recovery targets without the necessity of imposing additional taxes.

Moreover, taxation data for the first quarter of the current fiscal year, spanning from July to September, is slated to be submitted to the IMF in the upcoming week.

In a significant development, Pakistan has also shared a strategic plan with the IMF aimed at curbing tax evasion.

It's noteworthy that Pakistan is facing pressure from the IMF, which could result in a reduction of approximately Rs 150 to Rs 200 billion in the country's development budget. This information was disclosed during a meeting between Pakistan's Federal Minister of Finance, Dr. Shamshad Akhtar, and provincial finance ministers.