Govt meets IMF fiscal conditions

Pakistan fulfilled three of four IMF fiscal benchmarks for July-September, The Express Tribune reported, while provincial governments fell short of their tax-collection goal. The federal government exceeded its quarterly primary-surplus benchmark, and the FBR also collected more than its three-month revenue target. Provinces together achieved the required cash-surplus result, but their tax receipts were Rs88 billion below the IMF threshold.

Provincial cash transfers to the Centre were only Rs57.5 billion in the quarter, around 6% of the Rs1.035 trillion pledged for the full year. The federal surplus reached Rs2.97 trillion against a Rs1.95 trillion target, supported by recording the central bank’s full-year profit early; that profit had fallen 20% to slightly above Rs1.9 trillion. The IMF board is expected to consider $1.2 billion in loan disbursements next month, according to Finance Minister Muhammad Aurangzeb.