The IMF Program The Provincial Governments must be induced to develop the urban immoveable property tax. Fortunately, the FBR has completed a comprehensive market valuation of property in urban neighborhoods throughout the country. This information should be used to assess the level of property taxation on individual properties. The next major step is the development of the agricultural income tax following an improvement in the performance of the sector. 19.3. Quantitative Performance Criteria and Indicative Targets The IMF program has included quantitative performance criteria and indicative targets, following agreement with the Government, for the end of the first and second quarters of 2021-22. Performance in relation to these targets will determine the success or failure in implementing the reform agenda. The key targets are listed in Table 19.2. the likelihood of meeting each target is discussed below. Table 19.2: Performance Criteria and Indicative Targets in the IMF Program for 1 st and 2 nd Quarters of 2021 FY 2020-21 End-June FY 2021-22 End-September End-December Performance Criteria • Floor on International Net Reserves ($ million) • Ceiling on Net Domestic Assets of SBR (Billion Rs) • Ceiling on Government Budget Primary Deficit (Billion Rs) • Ceiling on Government Guarantees (Billion Rs) • Indicative Targets • Net Revenues of FBR (Billion Rs) • Net Refund Arrears (Billion Rs) • Power Sector Payment Arrears (Billion Rs) in Flows Source: IMF, Second to Fifth Review. -8,676 10,173 -246 2,715 4,691 65 354 -8,618 9,947 130 2,735 1,181 0 -166 -7,677 10,190 96 2,765 2,585 0 -154 187