ISLAMABAD

Pakistani delegation led by Finance Minister Senator Mohammad Ishaq Dar and the IMF team led by Harald Finger on Saturday completed detailed deliberations for the IMF 7th review at Dubai.

Both Dar and Harald Finger would arrive in Islamabad late Sunday for the final round of review on pending policy matters, which is scheduled to be held on Monday, the 11th of May. Finance Minister Dar had proposed that final round of discussions be held at Islamabad to which IMF authorities agreed.

Pakistan and IMF held talks for the seventh quarterly review of Extended Fund Facility (EFF) in Dubai from May 1 to 9. The successful conclusion of the seventh review would enable Pakistan to qualify for the eighth tranche worth of $550 million of EFF by end June 2015.

Pakistan had received $3.5 billion so far from the Fund in six tranches since September 4, 2013, when the Executive Board approved the three-year extended arrangement under the EFF in the amount of SDR 4.393 billion (about US$6.12 billion, or 425 percent of Pakistan's quota at the IMF).

Sources aware of the development informed that Pakistan and IMF focused on budgetary targets for next fiscal year, especially fiscal deficit, revenue collection and power sector subsidies. They were informed that Pakistan also gave briefing on withdrawing concessionary SROs in the next fiscal year's budget and the measures to broaden the extremely low tax base of the country.

The government will finalize the draft of Budget Strategy Paper (BSP) after getting the input from the IMF. The government would present the (BSP) in the next cabinet meeting for final approval.