The Federal Board of Revenue (FBR) has communicated to the International Monetary Fund (IMF) that there will be no mini-budget implemented to cover the over Rs. 600 billion tax shortfall, well-informed sources told Raised By Numbers.

Instead, the government is prioritizing the expedited resolution of pending tax cases in courts. The Chief Justice of Pakistan has approved a request to fast-track these hearings, aiming to address the backlog efficiently.

As of the July-February period, the tax shortfall has reached Rs. 601 billion, necessitating urgent measures. In a notable development, the FBR successfully collected Rs. 23 billion in windfall tax from banks in just one day.

These discussions occur against a backdrop of broader economic concerns, including fluctuations in the stock market, a slight increase in the dollar’s value, and ongoing volatility in commodity prices.

Negotiations between Pakistan and the IMF are currently underway for the second $1.1 billion loan tranche of the $7 billion program, which began on Monday. Officials from the IMF, FBR, and the Benazir Income Support Program (BISP) are actively participating in these discussions.