QUETTA: Emphasising the need for reforms, Prime Minister Shehbaz Sharif declared on Monday that if Pakistan did not take “hard decisions”, the country would have to knock on the doors of the International Monetary Fund (IMF) once again. “If we do not introduce reforms and take hard decisions, we will have to approach the IMF again after three years when the new …
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has called a public hearing on July 8 on the question of passing on more than Rs700 billion additional burden to electricity consumers during the current fiscal year by jacking up the average national tariff by around Rs5.72 per unit. The increase would significantly impact the sale rate for poor protected consumers …
ISLAMABAD: Pakistan is looking to clinch a staff-level agreement (SLA) on an International Monetary Fund (IMF) bailout of more than $6 billion this month after addressing all of the lender’s requirements in its annual budget, state minister for finance told Reuters. The country has set challenging revenue targets in its annual budget to help it win approval from the IMF for a loan to stave …
ISLAMABAD: The government has extended exemptions in specific sectors while announcing new tax measures in several areas to generate additional revenue in the coming fiscal year to meet the International Monetary Fund’s criteria. Finance Minister Muhammad Aurangzeb announced the new measures in the National Assembly on Friday. These include introducing a capital value tax on property in Islamabad and implementing new tax measures on …
ISLAMABAD: Finance Minister Muhammad Aurangzeb on Wednesday presented his first federal budget with a total outlay of Rs18.9 trillion, which analysts say is broadly “in line with IMF guidelines”. Pakistan’s budget for the upcoming year aims for a modest 3.6 per cent GDP growth, and sets an ambitious Rs13tr tax collection target, raising taxes on salaried classes and removing tax …
KARACHI: The State Bank of Pakistan (SBP) announced on Monday that it had decided to cut the interest rate by 150 basis points (bps) to 20.5 per cent. The decision to cut the key rate to 20.5pc comes ahead of the annual budget and a week after data showed inflation slowed to a 30-month low of 11.8pc in May. In a statement, …
ISLAMABAD: An International Monetary Fund (IMF) mission will meet Pakistani authorities next week to discuss the “next phase of engagement”, an official from the international money lender said on Sunday. Esther Perez Ruiz, the Fund’s resident representative for Pakistan, said: “A mission team led by Nathan Porter, IMF’s mission chief to Pakistan, will meet with authorities next week to discuss …
KARACHI: The State Bank of Pakistan (SBP) on Tuesday said it had received the final $1.1 billion tranche from the International Monetary Fund under the stand-by arrangement. On Monday, the Fund had approved the immediate disbursement of approximately $1.1bn to Pakistan. Its executive board met in Washington and completed the second review under the SBA, bringing total disbursements under the arrangement to …
RIYADH: Prime Minister Shehbaz Sharif informed the International Monetary Fund (IMF) Managing Director (MD) Kristalina Georgieva in a meeting on Sunday that his government was fully committed to putting Pakistan’s economy “back on track”. In a meeting on the sidelines of the World Economic Forum (WEF) Special Meeting in Riyadh, the premier thanked Georgieva for her support to Pakistan in …
WASHINGTON: Finance Minister Muhammad Aurangzeb has stated that the process of privatising PIA will be finalised by the end of June or early July, with Islamabad airport potentially following suit shortly after. “The government has no business being in business,” the minister declared at a Saturday afternoon news briefing, explaining the government’s plan to divest from state-owned enterprises (SOEs). “We …