"There is the matter of disparity in data shared with the International Monetary Fund (IMF) during negotiations that accounted for the agreement on 12 May... so one month and a bit less than three weeks before the end of the year and our Team simply could not accurately project any macroeconomic indicators for the year!"
"The budget was presented on 11 June - 19 days before the end of the year and finance ministry never bothered to update the data!"
"I see, but the Fund people are coming next week and while government sources insist it's a routine visit I would be surprised if there is no readjustment to some budgetary figures..."
"Hey the tax target is unrealistic as it is and..."
"And the Advisor on Finance Hafeez Sheikh has said he will generate 800 billion rupees additional non tax revenue - 300 from sale of RLNG plants, which is doable though maybe ten months remaining in the year may not be enough time, 200 billion rupees from renewing cellular licenses, again doable. And the rise in State Bank profit to generate 300 billion rupees now that is dicey to begin with because in the budget Sheikh projected profit would be 400 billion rupees and scaling it down to 300 billion rupees would mean loss of non tax revenue under this head of 100 billion rupees so..."
"So actual increase of non-tax revenue would be 500 billion rupees you reckon."
"Right, but anyway that's not what I reckon is the most pressing issue today. That is the ongoing discussions with Financial Action Task Force and the possibility of downgrading Pakistan from grey to black list which would mean "hot money" is not likely to come - money that the new economic team is giving incentives to attract and I am referring to Sheikh and Baqir team, which would raise our debt equity and which could leave the country over night..."
"So?"
"First, Sheikh sends the Governor and now the demoted Hammad Azhar..."
"Don't be facetious."
