Islamabad, June 24, 2023 (PPI-OT): Finance Minister Ishaq Dar has expressed the confidence that the ninth review with the International Monetary Fund under the extended fund facility will soon be concluded. Winding up discussion on the budget 2023-24 in the National Assembly today, he recalled that the country demonstrated complete compliance on all prior actions but due to the gap on external financing, it could not be materialized. He, however, said Prime Minister Shehbaz Sharif held two meetings with the Managing Director of IMF in Paris recently during which it was agreed that both the sides will make a last ditch effort to complete the pending review.

The Finance Minister said both sides held consultations over the last three days. He said we have agreed to take additional taxation measures of 215 billion rupees, clarifying that it will not burden the poor people. Similarly, he said we have agreed to reduce current expenditures by 85 billion rupees. He made it clear that this reduction will not affect the annual development plan as well as salaries and pensions of government employees. He said the IMF has agreed to our stand.

The Finance Minister said we believe in complete transparency and that is why the details of the meetings with the IMF are being shared with the public. He said once the agreement is reached with the IMF, it will also be uploaded on the website of the finance ministry. Ishaq Dar said as a result of the understanding reached with the IMF, he said the annual FBR tax collection target is being enhanced from 9200 billion rupees to 9415 billion rupees. The total outlay of the budget will now be 14480 billion rupees. He was confident that these measures will also help reduce the fiscal deficit.

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