ISLAMABAD, Oct. 23 -- The government has reached an agreement with the International Monetary Fund (IMF) to reduce Pakistan's tax collection target by Rs150 billion, official sources confirmed on Thursday.

According to Federal Board of Revenue (FBR) officials, the target has been revised down from Rs14.131 trillion to Rs13.981 trillion for the current fiscal year. The IMF, however, has sought a globally verified report on flood-related damages before considering any further adjustments.

Read More: IMF Agreement Reached with Pakistan on Loan and Climate Facility Reviews

Sources revealed that under the revised economic framework, Pakistan is now expected to achieve a GDP growth rate of 3.5% and a tax-to-GDP ratio of 11%, though the gover...