According to recent developments, a select group of representatives from the International Monetary Fund (IMF) has arrived in Islamabad to extend their assistance to the finance ministry in the finalization of the budget for the fiscal year 2024-2025. These IMF delegates are slated to stay in Pakistan for an extended period, exceeding a duration of 10 days, as per sources familiar with the matter. Additional members of the IMF mission are anticipated to join their counterparts in Pakistan by the night of May 16, as per reports from the same sources.
The primary objective of this IMF mission is to engage in discussions with officials in Islamabad regarding the formulation of a new loan program. Preparations for the forthcoming budget targets have been accelerated by the government ahead of the IMF mission’s arrival, according to earlier reports. To this end, the Ministry of Finance has issued directives to pertinent ministries, urging them to expedite the completion of the specified targets.
Sources indicate that a comprehensive framework encompassing all significant budgetary objectives will be meticulously devised and subsequently forwarded to the IMF for review and evaluation. Moreover, prior to the arrival of the IMF mission, the federal cabinet is expected to deliberate and grant approval for a strategic paper delineating the budgetary framework for the fiscal year 2024-2025.
Furthermore, preparatory efforts are underway to compile an initial assessment encompassing various financial aspects, including loan repayments, government expenditures, pensions, and salaries. The Federal Board of Revenue (FBR) is tasked with the responsibility of determining defense expenditures and establishing ambitious targets for tax collection, as outlined by sources privy to the ongoing deliberations.
