• The first review negotiations with the IMF will start on November 2.
• It is likely to increase the levy on diesel from Rs 55 to Rs 60.
• Pakistan is hopeful of successfully completing the first quarter review.

Islamabad: Pakistan has fulfilled all the important conditions for the first review talks with the International Monetary Fund (IMF), Bol News reported.

According to details, Pakistan’s negotiation preparations with the IMF have entered the final stage; the first review negotiations with the IMF will start on November 2, depending on the success of the review, and Pakistan will get an installment of about $70 million.

On the other hand, there is a possibility of increasing the levy on diesel from 55 to 60 rupees; the most important target has also been achieved by increasing gas prices.

Sources said that the success of the review was conditional on satisfying the IMF. The Ministry of Finance must fulfill all the important conditions of the IMF for the first review.

Sources in the Ministry of Finance further said that Pakistan is hopeful of successfully completing the first quarter review.

For the IMF, first quarter performance must be acceptable; all key targets for the first quarter review of the financial year have been achieved.

Moreover, the Finance Ministry has fulfilled the tax collection of the IMF for July–September.

In this regard, the Federal Board of Revenue (FBR) has collected billions of rupees in tax against the target of $78 billion. FBR has not issued any tax amnesty schemes for July and September.

Additionally, 222 billion rupees have been obtained in the form of a levy from July to September, while the basic electricity tariff has been increased up to 7 rupees 50 paisa per unit.

Apart from this, the increase in gas tariff by nearly 200 PC from November 1 and the increase in circular debt of the Ministry of Finance for the power sector also fell short of the IMF target.

The Ministry of Finance said that the IMF permitted an increase in the circular debt to 292 billion rupees for July–September, while the circular debt of the power sector increased by 227 billion to 2537 billion rupees.

The target of spending 465 billion rupees on health and education in the provinces was also achieved.

In addition to that, the IMF target related to the restructuring of sovereign guarantees was achieved, no supplementary grant was released in the first quarter of the financial year, and the petroleum levy on petrol was raised to the upper limit of Rs 60 per liter.

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Earlier, a review mission of the International Monetary Fund (IMF) will visit Pakistan from November 2 and review the economic performance of the first quarter.

According to IMF representative Esther Perez Ruiz , the review mission will be led by Nathan Porter and the review mission will visit Pakistan under the standby agreement.