IMF and Ministry of Finance to hold technical talks today

ISLAMABAD: Technical level talks between officials from the International Monetary Fund (IMF) and Ministry of Finance are set to take place today, with a focus on the government’s revenue collection plan.

IMF had sought report on the ministry’s plan to collect Rs 6,670 billion by June 2024. IMF had also requested a progress report from the Federal Board of Revenue (FBR) on pending tax cases.

In today’s discussions, a projection report is expected to be presented by the Ministry of Finance, detailing revenue reports from all sectors. The report will play a pivotal role in addressing the IMF’s concerns and ensuring a comprehensive overview of the revenue collection strategy.

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According to latest reports, Pakistan has shared the details of one million 10 lakh new taxpayers who have been added to the tax net with the IMF. The IMF has consistently stressed the significance of expanding the taxpayer base as a means of increasing revenue collection.

Furthermore, the Ministry of Finance has been tasked with providing a report on the losses incurred by government-owned enterprises during the first quarter of the current financial year. The Ministry has sought an extension from the IMF, committing to deliver the report by December. However, the IMF mission has declined to accept reports based on old statistics, emphasising the need for accurate and up-to-date data.

The IMF delegation also examined the Central Monitoring Unit team responsible for assessing government-owned enterprise losses. The IMF mission has urged the team to provide a preliminary assessment report, further indicating the importance of transparent and current data in decision-making.

Sources have confirmed that the Ministry of Finance is diligently working on compiling the new data related to government-owned enterprise losses, with the intention of finalising the report promptly. The Ministry of Finance has committed to providing the detailed report to the IMF by next month.