ISLAMABAD - Pakistan has presented the economic progress report of the first quarter (July-September) of the ongoing financial year 2011-2012 to the International Monetary Fund (IMF) in Dubai during the ongoing technical level talks, it has learnt on Saturday. Finance Ministry officials told TheNation that Pakistans economic progress is being reviewed during the period November 9 to 14 and after that, during November 14 to 17, policy levels dialogue will be held between the participants. According to the officials, Pakistan has presented economic progress report of the first three months of the current fiscal year and still further discussions would continue related to the technical talks in November. Finance Minister Hafeez Shaikh and his economic team including Secretary Finance, Chairman Federal Board of Revenue (FBR), Governor State Bank of Pakistan (SBP), Deputy Chairman Planning Commission and Secretary Economic Affairs would reach Dubai on November 14 to take part in policy levels dialogues. Pakistan is trying to get a Letter of Comfort (LoC) from the IMF during the ongoing talks. However Islamabad is not requesting for any fresh loan programme from IMF, as Secretary Finance Dr Waqar Masood Khan had made it clear few days back that they are not demanding any new loan programme from international donor. It might be mentioned here that Pakistan has to repay $1.2 billion to the IMF during the upcoming year 2012, however Finance Ministry officials believed that they would repay it through its own resources rather than taking new loan for it. According to the Finance Ministry officials, the government had preformed relatively well in the first quarter of the current financial year, as it able to kept fiscal deficit at 1.1 per cent of the GDP during the said period against 1.5 per cent of the last year. Similarly, exports grew by 18 per cent and remittances went up by 24 per cent during the first quarter. The imports also went up by 23 per cent during July-September period mainly due to the higher oil import bill. Meanwhile, the Federal Board of Revenue (FBR)s revenue collection stood at Rs 380 billion in the first quarter mainly due to the steps taken in March 2011 by eliminating tax exemptions on several sectors. Therefore, Finance Ministry officials hoped that IMF might show satisfaction over the current economic situation of the country and issue LoC to Islamabad after the conclusion of current discussions. The LoC is compulsory for Islamabad to initiate discussions with other institutes like World Bank (WB), Asian Development Bank (ADB) and others.