International Monetary Fund (IMF) officials held virtual negotiations with the provincial officials of Pakistan for the new loan program. Sources said the IMF officials urged the provincial authorities to slap a tax on agricultural income, which the provinces of Pakistan reportedly agreed upon. The provincial governments of all four provinces of Pakistan sought time to […]
According to sources, Pakistan and the International Monetary Fund held virtual talks on the efforts made in the budget to meet the conditions. The IMF was briefed on Pakistan’s measures to increase gas prices and other economic decisions in the budget, sources added. Sources indicated that negotiations for a new loan program are underway, and […]
The meeting was presided over by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at the Finance Division, according to a press release issued here. The meeting was attended by the Minister for Petroleum Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister of State for Finance & Revenue Ali Pervez […]
Pakistan hopes to secure a new IMF loan program in July as the budget 2024-25 prepared under IMF conditions has also been approved, fulfilling one of the major requirements set by the international lender. Sources indicate that the government is continuing to meet other conditions set by the IMF. Work is underway to increase the […]
The National Assembly (NA) yesterday approved the Federal Budget for the fiscal year 2024-25 with a total outlay of Rs18,870 billion. According to sources, the IMF wants Pakistan to hike the electricity and gas rates from July 1 and immediately implement the NEPRA decision regarding the increase in gas and power tariffs. IMF also demanded […]
Minister for Finance and Revenue Muhammad Aurangzeb moved the motion for consideration of the Finance Bill, 2024 to give effect to the financial proposals of the federal government for the year, commencing on July 1, 2024. The motion was passed with a majority vote which led to the passage of Finance Bill-2024 after clause-by-clause reading […]
The Official Creditor Committee (OCC), led by Japan, France, and India, has requested details of Colombo’s other debt deals, a statement seen by AFP on Thursday read. The grouping agreed in Paris on Wednesday to restructure $5.8 billion in loans. But on the same day, Colombo struck another deal with the Exim Bank of China […]
According to sources, Pakistan and the International Monetary Fund (IMF) have made significant progress in virtual negotiations. Sources revealed that the IMF expressed satisfaction over the tough economic decisions taken in the budget, acknowledging the positive role of political parties in the budget. Sources further added that the monetary fund also appreciated the limitation of […]
The Ministry of Industries and Production has sought a reversal of a proposed hike in sales tax on electric and hybrid vehicles in the new budget, saying that the tax increase is a violation of the government’s policies aimed at promoting new technologies. In a letter written to the Finance Division and the Federal Board […]
The benchmark KSE-100 reached an all-time high of 78,115 from the previous close of 77,213. The KSE-100 index gained 1409 points around 10.55 am. Analysts attributed the upward trajectory to the government’s willingness to unlock a deal with the International Monetary Fund (IMF) after the budget. Analysts expect the budget for the fiscal year to […]
