A team of the International Monetary Fund has rejected a report submitted by Pakistan regarding losses in state-owned enterprises, sources said on Monday.

According to reports, technical level talks between the Pakistan government and a team of the IMF are still in progress. The Fund has asked the government to increase its revenues to meet targets outlined in the Staff-Level Agreement in July.

The Fund’s team has reportedly asked the government to raise revenue collection to Rs6,670 billion by June 2024.

The Federal Board of Revenue has also been asked to submit a sector-wise breakdown of the revenue collection so far.

However, the Fund rejected a report submitted by the government on losses by SOEs. The IMF team reportedly rejected the report on basis of figures being outdated and asked for a fresh report on losses incurred during the first quarter of the current financial year.

The Pakistan delegation has asked for time to submit the updated report and hopes to submit it by December.