The seal of the International Monetary Fund is seen in the headquarters building in Washington, DC. — AFP/File On April 29, 2024, Pakistan successfully concluded a nine-month stand-by arrangement with the International Monetary Fund (IMF). Building on this milestone, the country transitioned to a 37-month Extended Financing Facility (EFF), equivalent to 261.9 percent of Pakistan’s … Read more
A man walks with bags of supplies on his shoulder to deliver them to a nearby store at a market in Karachi, Pakistan, June 11, 2024. — Reuters The IMF forecasts Pakistan’s GDP growth of 4% in 2026. Expects a 2.6% drop in energy commodity prices in 2025. It forecasts a 2.5% increase in the … Read more
IMF Managing Director Kristalina Georgieva speaks during a press briefing during the 2024 Spring Annual Meetings of the IMF and the World Bank in Washington, United States, April 19, 2024. — Reuters Higher interest rates persist, affecting global economic stability. Diverging regional growth trends highlight uneven recovery trajectories. The IMF warns of rising financing costs … Read more
Federal Minister for Energy (Power Division) Awais Leghari gestures during an interview in this undated photo. — X/Government of Pakistan The government is looking at captive and bagasse power plants for cost savings. Domestic electricity rates are already reduced by Rs4 per unit. Minister criticizes K-Electric’s Rs 500 billion profit claim. ISLAMABAD: Federal Minister for … Read more
A woman wearing a mask counts rupee notes as she walks on a street in Islamabad, April 9, 2020. — AFP Pension reforms are needed amid growing future obligations. Center, the provinces’ liability on the pension bill is close to Rs40-45tr. Retirement emoluments to be calculated 24 months before retirement. ISLAMABAD: In line with the … Read more
View of a Pakistan International Airlines (PIA) passenger plane. — APPLICATION/File The IMF waives taxes and shifts debts to help sell PIA. The resumption of European flights strengthens the prospects of privatization. Privatization to restore PIA’s competitiveness and efficiency. ISLAMABAD: Pakistan International Airlines (PIA) is set to be privatized, freed from its existing obligations, in … Read more
A representative image of pylons and power lines. — Reuters/File The Ministry of Energy writes a letter to the Ministry of Finance in this regard. The FY25 budget includes Rs 1,229 billion in energy subsidies. The IMF recommends institutionalizing anti-theft procedures. ISLAMABAD: To avoid slippages due to the escalation of circular debt agreed with the … Read more
Finance Minister Muhammad Aurangzeb addresses a press conference in Islamabad on June 13, 2024. — AFP Strengthening economic stability remains a top priority. Housing and the private sector identified as a key economic driver. The government is committed to politically supporting private companies. ISLAMABAD: Finance Minister Mohammad Aurangzeb has reiterated the government’s commitment to fulfilling … Read more
The seal of the International Monetary Fund is seen in Washington DC, USA. — AFP/File Failed targets include FBR revenue and health and education expenditure. Provinces fail to change their farm tax laws before the October deadline. Some pending responsibilities will be transferred from federal to provincial governments. ISLAMABAD: The Finance Ministry has admitted its … Read more
A pedestrian walks past the International Monetary Fund headquarters in Washington, DC. — AFP/File The IMF suggests strengthening the initial phase of budget preparation. The lender calls for the creation of stronger fiscal institutions. This requires strengthening revenue mobilization and administration. ISLAMABAD: The International Monetary Fund (IMF) has highlighted glaring flaws in Pakistan’s budget formulation … Read more