Pakistan succeeds in fulfilling major IMF conditions in six months

Islamabad: Pakistan has succeeded in fulfilling major conditions of the International Monetary Fund (IMF) in the first six months of the current fiscal year.

The Ministry of Finance has released details of the expenditure and income for the first six months of the current fiscal year, according to which Pakistan has succeeded in fulfilling major conditions of the IMF in the first six months.

The report states that the primary surplus has reached Rs3,600 billion against the target of Rs2,900 billion. Similarly, the four provinces have given a surplus budget of Rs776 billion against the target of Rs750 billion. The provinces have collected Rs442 billion in taxes against the revenue target of Rs376 billion.

Similarly, the implementation of tax on agricultural income is expected to further increase revenue.

According to the Ministry of Finance, the FBR faced a shortfall of Rs384 billion in tax revenue in the first six months. Rs5,624 billion in tax was collected against the target of Rs6,009 billion, and the target of collecting Rs23.4 billion in tax under the Trader-Friendly Scheme could not be met during this period.

The report states that the net income of the federal government was Rs5,887 billion. The federal government’s expenditure exceeded Rs8,200 billion, while the budget deficit was Rs2,313 billion in the first six months.

According to the report of the Ministry of Finance, during the same period, Rs5,141 billion was spent on interest on loans, while only Rs164 billion was spent on federal development projects.