The federal government has dismissed rumours of a mini-budget following the visit by the International Monetary Fund (IMF) to Pakistan for unscheduled talks on a $7 billion bailout package.

“The Rs12,970 billion tax collection target will be achieved,” Finance Minister Muhammad Aurangzeb said in an informal conversation with reporters in Islamabad on Saturday.

His clarification came after the IMF mission wrapped up its staff visit from November 12 to 15. There were reports that the government would present a mini-budget after failing to meet the tax target.

But not everyone has a similar view. Former Federal Board of Revenue chairman Shabbar Zaidi said that the FBR missing Rs100 billion or Rs120 billion in meeting the quarterly tax collection target should not be taken negatively, saying that the Rs13,000 billion target is huge.

“I think, FBR’s performance this quarter is not bad,” he said while appearing on News Insight with Amir Zia which was aired on Aaj News on Tuesday. He added that “target” was a wrong word because such an amount would not improve the country’s economy.

The finance minister stated that the discussions with the IMF were both “constructive and productive.” He noted that while in-person negotiations concluded, virtual talks were still ongoing to address specific points that require further discussion.

Aurangzeb added that the dialogue with the IMF was “open and fact-based” and the delegation appeared attentive to Pakistan’s stance and expressed satisfaction with the outcome of the discussions.

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The IMF’s recent visit to Pakistan was focused on building confidence rather than conducting an economic review, he said.

Aurangzeb also referred to the unsuccessful privatisation attempt of Pakistan International Airlines as a “setback” for the government but reassured that the IMF was receptive to the government’s position.

He confirmed that the privatisation of state-owned enterprises would move forward, stating: “We will not only focus on PIA but also gradually privatize other state entities like Gencos, DISCOs, and airports.”