Economic Review: IMF team to visit Pakistan in October end week

ISLAMABAD: An IMF mission will arrive in the last week of October for economic review of the standby arrangement agreement, ARY News reported on Monday.

The Federal Board of Revenue (FBR), Ministry of Energy, State Bank of Pakistan, National Electric Power Regulatory Authority (NEPRA) and Oil and Gas Regulatory Authority (OGRA), have been instructed to prepare their implementation reports on the IMF conditions.

The IMF mission will hold talks on the review with the economic managers for over one week. The energy sector’s circular debt, FBR revenue generation and market-based currency exchange rate will be key points of the economic review.

The visiting IMF officials will also review external financing, circular debt management plan, and issuance of bonds.

The team of global lender will review the adjustment and re-basing in the prices of electricity and gas as per the conditions of the standby agreement.

The Ministry of Finance has assured the IMF, a reduction of 180 bln rupees in circular debt of the power sector by June 2024.

The mission during its stay in Pakistan will also hold meetings with various political parties and discuss the next general elections in the country.

The talks for the second tranche of the IMF bailout will likely to be held in the last week of October, ARY News had reported recently.

Sources said that the global lender has expressed its satisfaction with performance of the FBR. “The IMF will be informed about economic performance of the country in the first week of October”.

“Taxation data of the first quarterly of the ongoing fiscal year, July to September, will likely to be shared with the IMF,” sources said.

“A plan of crackdown against tax theft has also been shared with the IMF,” sources added.