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

An IMF crew will come in the last week of October to conduct an economic review of the standby agreement.

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

The IMF mission will meet with economic managers for more than a week to discuss the review. The circular debt in the energy industry, FBR revenue generation, and market-based currency exchange rate will be focal points of the economic review.

The visiting IMF officials will also look into external financing, the circular debt management plan, and bond issuance.

The global lender’s team will assess the adjustment and re-basing of electricity and gas prices in accordance with the terms of the standby agreement.

The Ministry of Finance has informed the IMF that the electricity sector’s circular debt will be reduced by 180 billion rupees by June 2024.

During its stay in Pakistan, the mission will also meet with major political parties and discuss the country’s upcoming general elections.

The second tranche of the IMF bailout is expected to be discussed in the last week of October.

According to sources, the global lender is pleased with the FBR’s performance. “The IMF will be informed about the 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 be shared with the IMF,” according to sources.

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

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