ISLAMABAD: An International Monetary Fund (IMF) mission will arrive in last week of October for economic review of standby arrangement agreement, sources reported here.

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 IMF conditions.

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

Visiting IMF officials will also review external financing, circular debt management plan, and issuance of bonds. Team of global lender will review adjustment and re-basing in prices of electricity and gas as per conditions of standby agreement. Ministry of Finance has assured IMF, reduction of 180 billion rupees in circular debt of power sector by June 2024. Mission during its stay in Pakistan will also hold meetings with various political parties and discuss next general elections in country.

Talks for second tranche of IMF bailout will likely to be held in last week of October, sources had reported recently.

Sources said that global lender has expressed its satisfaction with performance of FBR. “IMF will be informed about economic performance of country in first week of October”. “Taxation data of first quarterly of ongoing fiscal year, July to September will likely to be shared with IMF,” sources said. “Plan of crackdown against tax theft has also been shared with IMF,” sources added.

Published in The Daily National Courier, October, 03 2023

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