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The International Monetary Fund (IMF) Executive Board will meet today to review Pakistan’s request for a 37-month, $7 billion Extended Fund Facility. This crucial step comes after Pakistan successfully met all prior conditions set by the IMF. As a result, the approval of this bailout is highly anticipated. Pakistan’s economy has faced significant challenges in …
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KARACHI – The Pakistani rupee appreciated by 0.03% against the US dollar in the inter-bank market on Friday, closing at 277.84. This marks a small gain of Re0.07 from Thursday’s closing rate of 277.91, as reported by the State Bank of Pakistan (SBP). The rupee’s movement comes ahead of the International Monetary Fund (IMF) Executive …
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The International Monetary Fund (IMF) is expected to approve a new loan program for Pakistan during its Executive Board meeting on September 25, news reported on Thursday. Julie Kozek, IMF’s Director of Communication, confirmed the meeting in a press briefing, stating that negotiations for the $7 billion loan program were finalized in July. Pakistan’s Finance …
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Imran Khan, the founding leader of Pakistan Tehreek-e-Insaf (PTI), has come out in defense of Ali Amin Gandapur, the Chief Minister of Khyber Pakhtunkhwa (K-P), following a series of controversial remarks that have sparked significant backlash. Speaking informally to journalists at Adiala Jail, Khan dismissed criticisms of Gandapur’s comments, claiming that the Chief Minister was …
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Prime Minister Shehbaz Sharif announced that his government is committed to implementing the International Monetary Fund’s (IMF) conditions to complete the $7 billion loan program. He expressed hope that this will be the country’s last borrowing from the IMF. In July, Pakistan and the IMF agreed on a 37-month loan program. However, the program requires …
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Moody’s Ratings has upgraded Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa2 from Caa3. The improvement in macroeconomic conditions prompted the upgrade, Moody’s said on Tuesday. Moody’s also upgraded the rating for Pakistan’s senior unsecured MTN programme to (P)Caa2 from (P)Caa3. The outlook for the Government of Pakistan has shifted …
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The International Monetary Fund (IMF) has released its Executive Board meeting schedule up to September 4, 2024, with Pakistan, despite its severe financial struggles, notably absent from the agenda. This omission has raised concerns, as Pakistan is in dire need of financial support to stabilize its economy. However, sources indicate that the Pakistani government remains …
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In March, Pakistan experienced a staggering increase in monthly inflation that exceeded expectations, reaching a near-record high of 35.4% compared to the previous year. This has resulted in individuals experiencing greater financial strain as they struggle to cope with rapidly increasing consumer prices, while their average incomes fail to keep up with the cost of …
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ISLAMABAD: The government of Pakistan has increased the price of petrol just days before Ramadan, raising it to Rs272 per litre. This price hike is likely to add pressure on the already inflation-weary people of the country. The new prices will be in effect from 12am on March 16 and will remain in place until …
Islamabad: The World Bank has urged Pakistan to end the annual subsidies of Rs340 billion that benefit the wealthy, as Finance Minister Ishaq Dar was unable to provide a clear timeline for the staff level agreement with the International Monetary Fund. However, the Ministry of Finance believes that Pakistan will remain in the Fund’s program …
Continue reading “World Bank Economist Suggests Ways to Fix Pakistan’s Economy”
IMF’s new demands weigh on Pakistani rupee. The Pakistani rupee faced a significant drop during Wednesday’s trade as the market reacted nervously to news that the International Monetary Fund (IMF) had made “new demands” of the federal government. The currency fell 4.61 or 1.73% against the US dollar to close at 266.11 in the interbank …
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Pakistan’s weekly inflation, measured by the Sensitive Price Indicator (SPI), has jumped to 41.54% on a year-on-year basis for the week ended on Feb 23. This is the first time inflation has crossed the 40% mark in over five months. The previous week saw an increase of 2.89% to reach 38.42%. The increase was mainly …
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The Pakistani rupee had been going up for five days in a row, but on Tuesday, it lost 0.24% on the interbank market. On the interbank market, the local unit ended the day at 262.51 against the US dollar. This was down Rs0.63 from Monday’s close, when it was at 261.88. Pakistan’s real effective exchange …
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Pakistan received a significant boost to its foreign exchange reserves after the China Development Bank approved a $700 million loan facility. Finance Minister Ishaq Dar announced the news on Twitter, stating that the loan is expected to be received by the State Bank of Pakistan this week. The loan will help bolster Pakistan’s forex reserves, …
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State Bank of Pakistan (SBP) and the International Monetary Fund (IMF) held a round of talks to discuss the possibility of increasing foreign exchange reserves and tightening monetary policy by the end of June 2023. The country’s foreign exchange reserves held by the State Bank currently stand at $3.1 billion, after an increase of $276 …
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Government of Pakistan Introduces New Tax Measures to Appease IMF. In an effort to revive its bailout program, the Shehbaz Sharif government has introduced new taxation measures worth Rs115 billion, according to a notification issued by the Federal Board of Revenue (FBR). The government quickly got the money bill approved by the federal cabinet after …
Continue reading “IMF demands hike in GST, cigarette duty hiked by 1%”
On Tuesday, President Dr Arif Alvi rejected a request by the federal government to approve an ordinance that would impose new taxes to generate additional revenue in line with the conditions of the International Monetary Fund (IMF) and revive a stalled $6.5 billion bailout package. According to an official statement released by the President House, …
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The Federal Cabinet has approved a new policy that aims to increase power tariffs and eliminate subsidies. This decision comes ahead of the virtual talks with the International Monetary Fund (IMF) regarding the Memorandum of Economic and Financial Policies (MEFP). The cabinet has also approved a revised circular debt management plan that will be circulated. …
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Pakistan’s Finance Minister, Ishaq Dar, announced that the country’s recent talks with the International Monetary Fund (IMF) have ended “positively” and that the government will need to impose Rs170 billion in taxes through a mini-budget to revive the loan program. Dar stated that the agreement is the same one signed by former Prime Minister Imran …
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An extremely critical level of $5.82 billion was reached by the State Bank of Pakistan’s (SBP) foreign exchange reserves on Thursday, according to statistics. This represents a further $294 million decline. SBP-held reserves are at their lowest level since April 2014. The nation’s total holdings of liquid foreign exchange were $11.71 billion. There were $5.89 …
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KARACHI: Pakistan rupee, on Wednesday, continued to lose ground against the US dollar in the interbank market, falling by Rs1.3 to conclude the day’s trade around a two-week low of Rs172.93 per US dollar. Over the previous five days, the local currency has shed roughly 1.71 percent. Interbank closing #ExchangeRate for today:https://t.co/Vq2BLWpi7F pic.twitter.com/7wWQYfKSoR — SBP …
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Islamabad: In the coming fiscal year, the government intends to borrow roughly $16 billion in gross foreign loans to cover maturing external public debt and finance the budget deficit. According to Ministry of Finance sources, the expected $15.7 billion borrowings in fiscal year 2021-22 are roughly 10% higher than this year’s revised estimates of foreign …
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ISLAMABAD: Asim Ahmed, on Friday, has been appointed as Federal Board of Revenue (FBR) new chairman as a notification from the Establishment Division mentioned. The federal government on Friday appointed Asim Ahmed, as he is from the Inland Revenue. Following the retirement of incumbent chairman Javed Ghani, he was given charge of the tax regulatory …
