The Federal Board of Revenue (FBR) has submitted a comprehensive plan to the International Monetary Fund (IMF) to address revenue shortfalls, sources said on Tuesday.
In September, the IMF’s Executive Board approved a new $7 billion, 37-month loan agreement for Pakistan that requires “sound policies and reforms” to strengthen macroeconomic stability. The approval released an immediate $1 billion disbursement to Islamabad.
The crisis-wracked South Asian country has had 22 previous IMF bailout programs since 1958.
Sources added that key initiatives in the plan include the clearance of containers at ports, auctioning of smuggled goods, and enhancements to enforcement capabilities.
Progress on such measures would be prioritized ahead of the upcoming visit from the IMF delegation.
The FBR has targeted a tax collection of approximately Rs960 billion. Due to an existing revenue shortfall of Rs385 billion, the overall tax target for January has been adjusted to Rs1,340 billion.
