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 …
ISLAMABAD: In a significant development, the Executive Board of the International Monetary Fund (IMF) announced on Thursday that it had successfully concluded the first review of Pakistan’s economic reform programme, backed by the Stand-By Arrangement (SBA), paving the way for an immediate disbursement of SDR 528 million, equivalent to approximately $700m. This latest disbursement brings the cumulative total under the arrangement to …
BEIJING, China (China Economic Net) – Chinese Premier Li Keqiang Tuesday said China will promote higher-standard opening-up, attract more foreign investment, and encourage more Chinese companies to go global, so as to achieve more win-win outcomes. Li made the remarks at the fifth “1+6” Roundtable which was held via video link and attended by World Bank Group President David Malpass, …