ISLAMABAD – The federal government has fallen short on three critical targets outlined in the first review of the International Monetary Fund (IMF) program including net tax revenue, allocated spending on education and health, and the maturity of domestic currency debt securities.
The net tax revenue target of Rs2,652 billion was not met, resulting in an Rs85 billion shortfall.
Additionally, implementation of 22 structural benchmarks set by the IMF is pending until July 2025.
According to the IMF’s program documents, Pakistan must achieve 22 structural benchmarks—18 related to the federal government and 4 to the State Bank of Pakistan (SBP).
By the end of September 2024, three key benchmarks were missed:
Net Tax Revenue: The target of Rs2,652billion fell short, with a Rs85 billion deficit.
Education and health expenditures: The goal of Rs685 billion in spending on these sectors was not achieved.
Maturity of Domestic Currency Debt Securities: The target for maturing stock was also unmet by the September 2024 deadline.
The shortfalls highlighted major challenges for Pakistan in meeting its commitments under the IMF program.
