The IMF has also questioned Pakistan’s claim that it can still generate Rs800 billion in revenue through the petroleum levy in current fiscal year, against the budget target of Rs855 billion. But the IMF has asked Pakistan to provide month-wise details of petroleum levy and consumption of petroleum products from July to June 2023, according to the sources. However, finance ministry officials were of the view that the petroleum levy collection and oil consumption would improve as business activities had started picking up pace in the post-flood period. The IMF is seeking additional revenue measures to cover shortfall in the Rs855 billion petroleum levy target. In order to seek clarity on the primary budget deficit, the IMF has asked the government to provide details of spending and revenue forecast by the four provinces, according to the sources.

Source: The Express Tribune December 01, 2022 23:29 UTC