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Islamabad: Finance Minister Senator Muhammad Aurangzeb has stated that two provinces have already implemented the agricultural tax, while discussions are ongoing with the remaining two. He added that negotiations with the International Monetary Fund (IMF) on this matter are also in progress. Talking to the media at the Parliament House, the finance minister said that …
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ISLAMABAD: The International Monetary Fund (IMF) has advised Pakistan to present a mini-budget following a revenue shortfall of Rs385 billion recorded between July and December 2024, according to sources. Prime Minister rejected the IMF’s recommendation, instructing the Federal Board of Revenue (FBR) to address the deficit through alternative measures. The FBR has already shared a …
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Pakistan has finalized a $1 billion loan agreement with two Middle Eastern banks to stabilize its financial position and support ongoing reforms. The finance minister, Muhammad Aurangzeb, announced the deal on Tuesday during the World Economic Forum in Davos, emphasizing the critical role of foreign financing in addressing the country’s economic challenges. Key Details of …
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The International Monetary Fund (IMF) has downgraded Pakistan’s GDP growth projection for 2025 to 3%. The previous forecast, made three months ago, projected a growth rate of 3.2%. The revision was part of the IMF’s “World Economic Outlook Update.” The report focused on global growth trends and uncertainties. The IMF did not specify reasons for …
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The federal government has yet to make a final decision regarding the proposed increase in gas tariffs for Captive Power Plants (CPPs). The delay comes despite pressure from various quarters, including the International Monetary Fund (IMF). Petroleum Division Suggests Gas Supply Disconnection The Petroleum Division had initially recommended disconnecting gas supplies to CPPs as an …
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Federal Minister for Energy, Awais Leghari, announced significant progress in reducing electricity rates, with ongoing discussions with the International Monetary Fund (IMF) potentially lowering tariffs by Rs10 to 12 per unit. Speaking at the Parliament House, he revealed that renegotiations with Independent Power Producers (IPPs) have already saved the country Rs1,100 billion, directly benefiting consumers. …
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Pakistan is set to receive a $20 billion loan from the World Bank over the next decade, focusing on critical sectors like health, education, and climate resilience. However,This financial assistance, part of the World Bank’s Country Partnership Framework 2025-35, aims to address long-neglected areas and drive sustainable economic growth in the country, sources revealed on …
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Prime Minister Shehbaz Sharif announced on Wednesday that Pakistan successfully met its December tax target set by the International Monetary Fund (IMF), despite political unrest and economic challenges. This milestone highlights Pakistan’s commitment to fiscal stability and economic resilience, achieved through coordinated governance and strategic measures. Achieving Fiscal Targets During a federal cabinet meeting, PM …
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Defense Minister Khawaja Muhammad Asif stated that Pakistan would not need the International Monetary Fund (IMF) if half the country’s corruption ended. He made this statement while addressing the Sialkot Chamber of Commerce. Khawaja Asif assured the industrial community that he understands their challenges. He acknowledged that the country is in a tough economic phase. …
Continue reading “Economic Indicators Improving, Corruption Must Be Curbed: Khawaja Asif”
The International Monetary Fund (IMF) will send a mission to Pakistan next week, four months ahead of the planned review. The IMF aims to assess Pakistan’s performance in implementing conditions linked to the $7 billion bailout package approved earlier this year. Diplomatic sources say this early visit underscores the program’s importance for the IMF, especially …
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Karachi: The Pakistan Business Forum (PBF) has urged the government to take swift and comprehensive measures for economic reform. The forum emphasized that these changes are crucial for achieving stability and long-term growth. Malik Khuda Baksh, President of PBF Karachi, highlighted the urgent need for steady economic management to steer Pakistan’s economy out of crisis. …
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ISLAMABAD: Pakistan faces new financial challenges as the International Monetary Fund (IMF) has urged the government to adopt more stringent revenue-boosting measures. The IMF’s demand follows Pakistan’s revenue shortfall during the first four months of the fiscal year. IMF Rejects Request to Lower Tax Target The Federal Board of Revenue (FBR) confirmed that Pakistan had …
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Islamabad: The International Monetary Fund (IMF) has called on Pakistan to introduce additional revenue-raising measures after the Federal Board of Revenue (FBR) fell short of its tax collection targets for the first four months of the fiscal year. This development follows the IMF’s refusal to adjust the FBR’s tax collection goals downward, despite requests from …
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Pakistan’s economic plan, agreed with the International Monetary Fund (IMF), is under strain. Shifting targets, like growth and inflation rates, have prompted Islamabad to seek IMF adjustments on the eve of its first review under the $7 billion Extended Fund Facility (EFF). Major changes in economic indicators are affecting Pakistan’s fiscal performance. The Federal Board …
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ISLAMABAD: A Pakistani delegation briefed the International Monetary Fund (IMF) on Tuesday about the steps taken to expand fiscal space through tax and energy reforms. The delegation, currently in Washington, met with IMF’s Deputy Managing Director Kenji Okamura to highlight key measures aimed at improving the economy. According to a notification from the finance ministry, …
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ISLAMABAD: The International Monetary Fund (IMF) has raised concerns over the deeply entrenched nexus between Pakistan’s government, the central bank, and the banking sector, warning that it poses significant risks to the country’s economy and financial system. According to the IMF, this relationship can lead to conflicting policies, regulatory challenges, and a harmful trade-off between …
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The State Bank of Pakistan (SBP) witnessed a significant increase in its foreign exchange reserves this week. According to data released on Thursday, the reserves surged by over $1.1 billion in just seven days. This boost raised SBP’s reserves to $10.7 billion, marking the highest level since April 2022. The main driver of this increase …
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A year Israel’s bombardment of Palestine has severely impacted the economy of Gaza, according to the International Monetary Fund (IMF). The IMF reported a nearly 90% drop in Gaza’s Gross Domestic Product (GDP) in the first half of 2024 due to the ongoing bombardment. IMF communications chief Julie Kozack stated, “Preliminary official estimates indicate an …
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KARACHI: The Pakistan Banks’ Association (PBA) has praised the Government of Pakistan and the Ministry of Finance. They secured a US $7 billion loan from the International Monetary Fund (IMF). This 37-month agreement followed successful negotiations. The PBA also highlighted the strong commitment of Prime Minister Shehbaz Sharif and Finance Minister Senator Muhammad Aurangzeb to …
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The federal government, along with three provincial governments, has conditionally agreed on a new National Fiscal Pact (NFP). This pact fulfills a crucial requirement set by the International Monetary Fund (IMF). The agreement came after the Centre significantly modified the terms to address concerns raised by the provinces. However, as of Monday night, the finance …
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The State Bank of Pakistan (SBP) has received the first loan tranche of around $1.027 billion from the International Monetary Fund (IMF). This will provide a significant boost to Pakistan’s economic recovery efforts by releasing its first loan tranche. Pakistan received the funds on Friday, following the IMF Executive Board’s approval. The State Bank of …
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ISLAMABAD: Electricity demand in Pakistan has officially crashed, signaling a significant challenge for the energy sector. This drop will likely outweigh a nominal decline in fuel costs next month, resulting in a substantial increase in quarterly tariff adjustments. This situation arises despite the addition of 21,000 MW of generation capacity over the past six years, …
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ISLAMABAD: The International Monetary Fund (IMF) approved a $7 billion bailout package for Pakistan on Wednesday. This came after Pakistan pledged to reform its agriculture income tax, transfer fiscal responsibilities to the provinces, and limit subsidies. The Prime Minister’s Office announced that the IMF’s Executive Board had given the green light to a 37-month Extended …
Continue reading “IMF Approves $7 Billion Bailout for Pakistan with Tough Reforms”
