IMF Rejects Several Budget Targets

The International Monetary Fund (IMF) has raised objections to several of the government’s budget targets, including those set under the public sector development program, prominent sources told ProPakistani. A major concern flagged by the IMF is the substantial throw-forward of development projects, which has now exceeded Rs. 10,000 billion. This figure represents the cost of approved but incomplete development schemes. Sources said Prime Minister Shehbaz Sharif has directed the Ministry of Planning to provide detailed reports on 500 ongoing development projects. The majority of these projects are infrastructure-related. The government is also facing challenges in finalizing the development budget for the next fiscal year. Sources said coordination between the Ministry of Finance and the Ministry of Planning remains unresolved, as no budget target has yet been agreed upon. Also, today’s meeting of the Annual Planning Coordination Committee to finalize PSDP targets has been postponed. The committee’s new meeting date will be announced later. It is expected to review the performance of the current fiscal year’s development initiatives while proposing the development strategy for the upcoming fiscal year.