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Articles for tag: billion, faces, FBR, gap, months, revenue, shortfall, widens

January 1, 2026

News Desk

Revenue gap widens as FBR faces Rs 336 billion shortfall in first six months

A policeman walks past the Federal Board of Revenue (FBR) office building in Islamabad, Pakistan, on August 29, 2018. — Reuters Earlier estimates warned that the gap could widen by as much as Rs 500 billion. FBR revised annual tax collection target to Rs 13,979 billion. FBR collected Rs 1,421 billion against a set target of Rs 1,446 billion in December. The Federal Board of Revenue (FBR) has missed its International Monetary Fund (IMF)-linked revenue target for the first half of the current financial year, falling short by Rs336 billion. The News reported on Thursday. Against the agreed target of

January 21, 2025

News Desk

FBR shares plan with IMF to address revenue shortfall

Listen to the article The Federal Board of Revenue (FBR) has shared its plan with the International Monetary Fund (IMF) to address a major revenue shortfall as the country prepares for an upcoming IMF delegation visit. According to Express News, FBR’s strategy includes expediting container clearances at ports, auctioning contraband goods and improving enforcement capacity. Tax collection from under-taxed sectors and expediting court cases are also prioritized to achieve revenue targets. For January, the FBR faces an ambitious tax target of Rs 960 billion. When adjusted for the existing shortfall of Rs 385 billion, the total collection requirement rises to

August 3, 2024

News Desk

The government will import expensive urea to meet the shortfall

Islamabad: The government on Friday approved the import of 100,000 metric tonnes of fertilizer at $359 a tonne, but rejected a proposal for a subsidy of Rs 5.9 billion to match local urea prices – in a move that will bridge the deficit but disrupt the market prices. The Economic Coordination Committee (ECC) of the cabinet took the decision to import urea while rejecting the subsidy request of the Industries Ministry. Finance Minister Muhammad Aurangzeb presided over the ECC meeting. “The ministerial committee approved the proposal of the Ministry of Industries and Production to import 100,000 tons of urea,” the

June 12, 2024

News Desk

The agriculture sector faces a funding shortfall in the 2024-2025 budget

LAHORE: The savior of Pakistan’s economy for FY-24, the agriculture sector, has managed to attract only Rs 5 billion for the next financial year from the existing government. In his budget speech on Wednesday, Finance Minister Muhammad Aurangzeb said agriculture is the main pillar of Pakistan’s economy, contributing 24% to GDP and 37.4% to employment generation. The country’s food security and manufacturing depend on this sector, which also has huge export potential. The prime minister announced the Kissan package in 2022, which included a labeling and risk-sharing scheme for farm mechanization. “For the next financial year, Rs 5 billion has

May 11, 2024

News Desk

IMF urges Rs163bn spending cuts amid revenue shortfall

Islamabad: The International Monetary Fund (IMF) on Friday asked Pakistan to immediately cut its spending from 163 billion to 183 billion rupees as it is not ready to compromise on its target of achieving a primary budget surplus this year despite a significant revenue shortfall. The development came amid the government’s decision to appoint Ali Pervez Malik, a member of the National Assembly, as the minister of state for finance and revenue. Ali Malik belongs to a political family and is considered an unorthodox lawmaker. Sources told The Express Tribune that during the first day of interactions, the IMF reiterated

April 24, 2024

News Desk

SBP buys dollars to cover shortfall

Islamabad: Pakistan received $9.7 billion in foreign loans, or just over half of the annual estimate, in the first nine months of the current fiscal year as the government failed to convince international credit rating agencies to upgrade its junk rating country. The current financial year may end without any significant issuance of sovereign international bonds in Western markets and the acquisition of new commercial loans from abroad due to poor creditworthiness despite the “successful” completion of the International Monetary Fund (IMF) program. Data from the Department of Economic Affairs and the State Bank of Pakistan (SBP) showed that Pakistan

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