NEW YORK: Prime Minister Shehbaz Sharif announced that Pakistan has successfully met the stringent conditions set by the International Monetary Fund (IMF). Speaking at a discussion on the Sustainable Development Goals (SDG) movement in the United States, PM Shehbaz also expressed his gratitude to friendly nations, including China, Saudi Arabia, and the United Arab Emirates, for their invaluable support in …
ISLAMABAD: The Federal Ministry of Economic Affairs has released significant data revealing which political party’s government in Pakistan borrowed the most from the International Monetary Fund (IMF) and which repaid the most loans and interest. In a briefing to the National Assembly’s Standing Committee on Saturday, officials from the Ministry of Economic Affairs disclosed that the Pakistan Peoples Party (PPP) …
ISLAMABAD: Federal Minister for Information and Broadcasting, Attaullah Tarar accused Jamaat-e-Islami (JI) of breaching the agreement with the government about concluding their protest against inflation with a rally at Liaquat Bagh. However, the government remains open to dialogue, he added. “When it was agreed to hold the rally at Liaquat Bagh, the march towards Islamabad is incomprehensible,” he said while …
ISLAMABAD: Claiming completion of almost all prior action before time and reaching an agreement, in principle, with all provinces over agricultural income tax, Finance Minister Muhammad Aurangzeb sounded hopeful on Thursday that talks with the International Monetary Fund (IMF) would yield a deal on a $6bn Extended Fund Facility (EFF) this month. The government will subsequently request the lender to augment the …
ISLAMABAD: Finance Minister Muhammad Aurangzeb on Thursday stated that the military’s pension structure is unique, requiring a complete overhaul of its service structure, and announced one year for implementing new pension regulations. He stated that their unique structure necessitates a comprehensive change in their service system, with a one-year timeframe to adopt new pension laws. He said this at the …
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 …