Finance Minister Ishaq Dar revealed on Saturday that the federal government has made various revisions to its fiscal year 2023-2024 budget in a final bid to negotiate a stalled bailout package with the International Monetary Fund (IMF).
These adjustments have been implemented in the hopes of achieving an agreement with the IMF and addressing the issues that have stymied progress thus far. This will assist Pakistan in obtaining the long-awaited IMF loan.
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The Finance Minister told the National Assembly that “Pakistan and IMF had detailed negotiations as a last effort to complete the pending review.”
The federal government intends to implement a range of steps to resolve the fiscal imbalance for the upcoming fiscal year, including raising Rs. 215 billion through additional taxes.
Similarly, FBR revenue has increased from Rs. 9,200 billion to Rs. 9,415 billion. The overall fiscal deficit will be lowered by Rs. 300 billion as well.
He emphasised the necessity of reassuring the public about the success of the ninth review with the International Monetary Fund (IMF), noting that there had been fears and uncertainty about the review’s outcome.
Finally, he stated that conversations with the IMF have been ongoing for three days and that the outcome will be posted on the Finance Ministry’s website once finalised.
In addition, Prime Minister Shehbaz Sharif met with IMF Managing Director Kristalina Georgieva before departing for London.
The meeting took place before the Prime Minister left for London. Shehbaz Sharif met with representatives from the IMF three times during his visit to Paris.
The Prime Minister emphasised Pakistan’s steadfast commitment to complete the IMF programme successfully. He appreciated the IMF’s position on understanding Pakistan’s economic reality. The prime minister emphasised Pakistan’s resolve to implement all of its obligations in order to overcome the country’s grave economic challenges.
