A delegation of International Monetary Fund (IMF) arrived in Pakistan on Monday to review the government’s measures before approving the next installment of the $6 billion loan.
The IMF Review Mission, headed by Ernesto Ramirez Rigo, has arrived for its first quarterly review (July-September) of the economic targets Pakistan is required to achieve as part of the $ 6 billion Extended Fund Facility (EFF).
The delegation met with Federal Board of Revenue (FBR) Chairman Shabbar Zaidi. The delegation reviewed the progress on tax reform in the meeting which last almost two hours.
Chairman FBR briefed the delegation on FBR’s first-quarter goals and receivables. He also briefed the domestic revenue growth in the first quarter and reviewed progress on tax reform. As per reports, revenue shortfall was also discussed due to reduction in imports. The Iinternational monitoring Fund(IMF) delegation will join the talks with FBR officials again.
The mission would evaluate implementation of economic targets agreed by Pakistan for $ 6 billion facility. On July 3, 2019, the IMF Executive Board had approved the $ 6 billion for Pakistan for 39 months.
According to reports, Pakistan is expecting completion of first review and release of second tranche worth around $ 451 million or 328 million SDRs (Special Drawing Rights) by December this year with subject to acceptance of the Fund’s Executive Board. The deliberations between the two sides are likely to continue from October 28 to November 11, 2019.