IMF 'satisfied' with Pakistan's economic progress

ISLAMABAD: The International Monetary Fund (IMF) has expressed satisfaction with the economic progress made by Pakistan, to secure a $700 million loan tranche under SBA, ARY News reported on Tuesday, citing well-placed sources.

According to sources, the Ministry of Finance presented the economic data from July to September of the current fiscal year, which was agreed by the international lender.

Sources say the IMF has expressed satisfaction with the financial deficit and economic growth rate data provided by Pakistan during talks.

A briefing by the Ministry of Finance stated that on September 23, the volume of the economy reached Rs500,817 billion، and the financial deficit was reduced from the target of Rs 2525 billion to Rs964 billion۔

The Pakistani officials told the IMF officials that from July to September, the federation spent only Rs40 billion in the development budget, which the international lender appreciated.

During the meeting, the International Monetary Fund officials also applauded the performance of the Federal Board of Revenue (FBR) for collecting 25% more in taxes.

The IMF was told that during the July-September period, tax income remained at Rs2,042 billion, while the non-tax income collection was recorded at Rs453 billion.

According to sources, the IMF has expressed satisfaction with the accumulation of Rs 222 billion in the July-September tax under the petroleum levy and the efforts of Islamabad to contain the current account deficit.