Pakistan fails to meet three major targets in the first IMF program review

The federal government has failed to achieve three major targets in the first review of the IMF program, as reported by national media on Tuesday.

According to a report by Geo News, the targets for net tax revenue, education and health expenditures, and local currency debt securities maturity were not met.

The tax revenue target of 2.652 trillion rupees was not achieved, resulting in a shortfall of 85 billion rupees, and the implementation of 22 structural benchmarks will continue until July 2025.

The IMF has set 22 structural benchmarks for Pakistan to meet, 18 of which are related to the federal government and 4 to the State Bank of Pakistan.

According to documents, three major targets set with the IMF by the end of September 2024 were not met. These include the failure to achieve the net tax revenue target of 2.652 trillion rupees, resulting in an 85 billion rupee shortfall.

Additionally, the target of 685 billion rupees in education and health sector spending was not met, and the maturity of local currency debt securities stock was not achieved by September 2024.