IMF Urges Pakistan for Updated Fiscal Data, Fresh SOE Loss Report Due by December

Pakistan’s Finance Ministry to Provide Updated SOE Loss Report to IMF

As part of ongoing discussions with the International Monetary Fund (IMF), Pakistan’s Finance Ministry has been instructed to submit an updated report on the losses incurred by state-owned enterprises (SOEs) by December 2023. The IMF emphasized the necessity of accurate and current data for a relevant assessment, having dismissed a preliminary report due to its outdated information.

The Central Monitoring Unit (CMU), which is responsible for assessing the losses of national institutions, has come under scrutiny in a broader effort to improve the accuracy of financial data. The CMU is currently analyzing newly acquired information on SOEs and is expected to provide an initial report soon.

Additionally, the IMF has requested a comprehensive forecast of potential tax revenues across all sectors. The Federal Board of Revenue (FBR) reaffirmed its commitment to achieving its ambitious tax collection target of Rs. 9,415 billion for the current financial year, highlighting the importance of fiscal responsibility.

These developments underscore the critical need for up-to-date financial information to assess the fiscal health and performance of Pakistan’s SOEs. The IMF also advised Pakistan to transition its primary deficit into a surplus, stressing the importance of improved revenue collection to meet the targets set in July’s Staff-Level Agreement.

This article was generated with AI assistance and reviewed by an editor.