ISLAMABAD: The Federal Board of Revenue (FBR) said on Tuesday it surpassed its revenue collection target for January by Rs4 billion ($15 million), as finance minister Ishaq Dar briefed an International Monetary Fund (IMF) delegation over the measures taken by the government to bridge the fiscal gap.

Pakistan is desperately trying to secure external financing, amid a dollar liquidity crunch, national currency depreciation and a massive rise in inflation.

The government is currently holding talks with the IMF for the resumption of a $7 billion loan program which has been stalled since last September.

“FBR has demonstrated commendable revenue collection performance by not only achieving the Jan 2023 target of Rs. 533 billion but [surpassing] it by Rs. 4 billion,” said the tax collection body in a Twitter post. “Overall, FBR has collected Rs. 3965 billion in the first 7 months of [the current fiscal year] compared to Rs. 3367 billion last year.”

The social media post maintained direct tax collection had grown by 48 percent in Pakistan while expressing the resolve of FBR officials to meet their annual revenue target.

According to a statement issued by Pakistan’s finance division, Dar and his team held an important meeting with an IMF delegation led by Nathan Porter to discuss the government’s economic reform agenda as part of the ninth review under the international lender’s bailout program.

The two sides have been discussing a wide range of economic issues, including petroleum prices, power tariffs and the central bank’s key policy rate.

Some local media reports suggest the IMF mission expressed concern over the fiscal gap while emphasizing the need for further tax collection.

The FBR said, however, it met its target in the first month of the new calendar year while working to generate the required amount during the ongoing fiscal year.