Pakistan, May 23 -- As negotiations between Pakistan and the International Monetary Fund (IMF) near conclusion, the global lender has conditioned any meaningful tax relief for salaried individuals, property owners, beverage producers, and exporters on substantial reductions in government expenditure. The IMF team, which is wrapping up its visit to Islamabad on Friday, has made it clear that increased tax collection targets by the Federal Board of Revenue (FBR) must be matched by proportional budgetary cuts - excluding defense, which is set for an increase due to regional security concerns.

Prime Minister Shehbaz Sharif and his economic team met with the IMF delegation led by Jihad Azour, Director of the Middle East and Central Asia Depar...