Overview
- Technical talks in Islamabad for the second review tied to a roughly $1 billion EFF tranche and $220 million RSF continued as the IMF flagged a Rs1.2 trillion FBR shortfall and urged swift resolution of Rs170–250 billion in pending tax cases, especially super-tax disputes.
- Tax authorities told the mission the July–September collection will miss the Rs3.08 trillion goal, with hopes of partial offset later through enforcement and higher receipts from taxed solar imports.
- The IMF requested proposals to reduce electricity theft, line losses and capacity charges, while the government detailed a Rs1.225 trillion bank-financed plan to address circular debt via a Rs3.23 per unit surcharge.
- Officials reported the circular-debt stock at Rs397 billion and briefed on talks with IPPs, planned privatisation of three profitable distribution companies, and potential uses of surplus power including industry and cryptocurrency mining.
- Islamabad cited a Rs2.4 trillion primary surplus and a 5.4% of GDP fiscal deficit, but provinces fell about Rs280 billion short of agreed cash surpluses, prompting IMF questions and a scheduled Khyber Pakhtunkhwa briefing.