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Pakistan to get $506 mn tranche from IMF next month

ISLAMABAD: Finance Minister Ishaq Dar on Monday said International Monetary Fund (IMF) will release next tranche of 506 million dollars to Pakistan by June this year, after successful completion of 7th review of the extended fund facility between the two sides, ARY News reported.    

He was briefing media along with IMF Mission Chief Harald Finger in Islamabad.

The Finance Minister said revenue collection by FBR (Federal Bureau of Revenue) in first ten months of the current financial year is 1,969 billion, which is 12.8% increase over 1,745 billion rupees of comparable period last year.

He said Pakistan is determined to achieve the fiscal deficit target of 4.9% this year and next year’s target has been kept at 4.3% in view of expenditure on Operation Zarb-e-Azb and rehabilitation of internally displaced persons.

The Finance Minister said foreign exchange reserves with State Bank of Pakistan were 17.6 billion dollar and the Government has a target of crossing the level of reserves above 18.5 billion dollars in coming Ramazan.

Mr. Dar said National Identity Card number would be the tax number from next financial year.

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