ISLAMABAD, Aug 19: The government has assured the IMF that all the budgetary targets will be maintained during 2002-03 but without imposing any new tax.

According to official sources, Pakistan and the visiting IMF review mission have completed the review of the economy under article for consultation here on Monday. The Pakistani side was led by Finance Minister Shaukat Aziz.

The sources said the government declined to introduce any new tax to achieve Rs460 billion target set for the current financial year. The mission was told revenue target will be achieved through reform and better tax administration.

The Govt also assured IMF that 4.5 per cent GDP growth target will be met. The IMF mission expressed satisfaction over improved foreign exchange reserve, balance of payment position, fiscal management and exchange rate mechanism.

The sources said the mission leader Klaus Enders said improvement in the economy will reduce vulnerability against external shocks. The mission was also told that foreign remittance worth $307m were received in July this year which was an all time high.

The finance minister when contacted said that he was pleased with the successful review of the economy with IMF mission. To a question he said that all economy targets will be met, which were agreed with the IMF.

He said former IMF Middle East director Paul Chabrier and at present adviser to the IMF managing director has also arrived in Islamabad and will hold detailed discussion with him. He will also meet President General Pervez Musharraf on Tuesday. Aziz expressed hope that the IMF board will meet in October to approve fourth instalment of 120 Million dollars, out of 1.3 billion dollars PRGF programme.