Islamabad, Mar 6, 2025: The Federal Board of Revenue (FBR) has assured the International Monetary Fund (IMF) that there will be no introduction of a mini budget to bridge the Rs. 600 billion-plus tax deficits.
Instead, the government is prioritizing the swift resolution of tax-related court cases.
The Chief Justice of Pakistan has granted approval for the expedited hearing of these cases to facilitate quicker outcomes.
As of the July-February period, the tax collection shortfall has reached Rs. 601 billion, prompting the government to implement immediate corrective measures.
In a remarkable achievement, the FBR successfully collected Rs. 23 billion in windfall taxes from banks within a single day.
These developments are occurring amid broader economic challenges, including stock market fluctuations, a slight increase in the US dollar’s exchange rate, and persistent instability in commodity prices.
Since Monday, Pakistan has been engaged in critical negotiations with the IMF for the release of the second $1.1 billion installment under the ongoing $7 billion financial assistance program.
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These discussions involve key representatives from the IMF, FBR, and the Benazir Income Support Program (BISP).
Pakistani authorities remain optimistic that the IMF will complete its first review successfully and recommend the release of the next loan tranche to its Executive Board.
The outcome of these talks is crucial for stabilizing Pakistan’s economy and ensuring fiscal sustainability in the months ahead.
