As Pakistan and the International Monetary Fund (IMF) continue to be engaged in negotiations for a new bailout package, the discussions also focus on extending poverty alleviation and social security programs to address the needs of vulnerable segments of society. The IMF has demanded an expansion of coverage for poverty alleviation programs such as the Benazir Income Support Program (BISP), …

In an important announcement has been made by the Power Division, the news of an increase in electricity tariff is not true. Power Division has clarified that there was no talk of raising electricity prices with the International Monitory Fund (IMF). Power Division said the news in this regard was baseless and wasn’t true. The power division declared that the …

Negotiations between Pakistan and the International Monetary Fund (IMF) have intensified as the IMF has called for significant changes in the country’s tax regime. Sources reveal that the IMF has demanded an end to tax exemptions, incentives, and privileges, with a focus on increasing taxes on privileged sectors. Among the proposals put forward by the IMF are increases in taxes …

The introductory session for a new loan program between Pakistan and the International Monetary Fund (IMF) concluded on Monday, marking the beginning of negotiations aimed at securing a bailout package to support the country’s economic reforms. Following the introductory meeting, the IMF delegation departed from the Ministry of Finance, where discussions were held regarding a new loan program and the …

Finance Minister Muhammad Aurangzeb has said that the government will provide all facilities but not back down from expanding the tax net. “We are moving towards complete digitalization; it will increase revenues and also bring transparency,” he said further. Addressing a pre-budget conference in Lahore, the minister said there was a need for structural reforms, adding that a lot of …

The International Monetary Fund (IMF) has raised concerns over persistent political uncertainty in Pakistan despite the February 8 elections, emphasizing potential implications for economic reforms. Despite the formation of a new government, the IMF highlighted challenges in implementing policy reforms amidst a complex political landscape. According to the IMF, the new government has pledged to uphold policies outlined in the …

The International Monetary Fund (IMF) has demanded Pakistan further increase gas prices on a half-yearly basis starting in June. According to documents obtained, the government has assured the IMF of timely increases in electricity and gas tariffs as part of its agreement with the international financial institution. A comprehensive plan for full cost recovery from consumers has been drafted to …

The technical experts’ team of the International Monetary Fund (IMF) has landed in Pakistan for talks on a fresh loan programme and budget preparations. As per details, a few members of the IMF’s mission have reached Islamabad to assist finane ministry in finalising the FY2024-25 budget. The team will stay in Pakistan for more than 10 days, while other members …

The Federal Board of Revenue (FBR) has announced its intention to pursue legal action against the non-blocking of SIMs belonging to over 500,000 tax non-filers. Concerned about the disruption caused by the failure to enforce SIM closure, the FBR is exploring alternative measures to address the issue, including the proposal of imposing a 2.5% additional withholding tax on mobile phone …

BEIJING: China’s total goods imports and exports expanded 5.7 percent year on year in yuan terms in the first four months of this year, official data showed Thursday. The country’s exports rose 4.9 percent year on year in the January-April period, while imports climbed 6.8 percent, according to the General Administration of Customs (GAC). From January to April, the country’s …

An International Monetary Fund (IMF) mission is set to visit Pakistan this month to discuss policies and reforms. According to details, the IMF mission will visit Pakistan this month in connection with a new loan program. Policies and reforms will be discussed, while the federal budget for the new financial year will also be discussed. The visit coincides with the financial …

The prices of gas and electricity are likely to increase in the upcoming budget for FY2024-25 which would leave a significant impact on consumers. According to sources, the government is considering taxation on the real estate sector to increase revenue, as well as taking action against benami transactions in the real estate sector. Additionally, the government will also take action …

The Special Investment Facilitation Council (SIFC) has worked hard at the policy level to put Pakistan’s economy back on track, and the results are showing that the country’s economy getting better. According to the recent reports of the Asian Development Bank, State Bank of Pakistan and Bureau of Statistics Pakistan, Pakistan’s economy has been moving in the right direction in …

ISLAMABAD: In a move to enhance tax compliance, Pakistan’s Federal Board of Revenue (FBR) decided on Tuesday to block the SIM cards of over 0.5 million people involved in tax evasion. “The FBR has taken decisive action by issuing an order to disable mobile phone SIMs associated with 506,671 individuals … who are not appearing on the active taxpayer list …

The Ministry of Energy has started work on drafting a new solarization policy aimed at bolstering renewable energy adoption in the country. Among the proposed measures is a significant reduction of net metering electricity rates by 50%, alongside adjustments in buyback power rates and capital return timelines for net metering customers. Sources reveal that under the new policy, the rate …

The Ministry of Finance has claimed improvements in the economic growth rate and a reduction in inflation. According to the monthly economic update outlook report of the economy, inflation falls between 18.5% and 19.5% this month, while it is expected to further decrease to 17.5% in May. The growth rate was 2.5% and 1% in the first and second quarters, respectively. …

ISLAMABAD: The monetary policy committee of the State Bank of Pakistan (SBP) has decided to keep the policy rate unchanged at 22 percent, the central bank said on Monday. The committee noted that the macroeconomic stabilization measures are contributing to considerable improvement in both inflation and external position, amidst moderate economic recovery, the SBP said in a statement. However, the …

The wheat import has caused a $1 billion loss to the national kitty. According to information received by Internews from sources, it has been revealed that private sectors have been favored in wheat imports in Pakistan, and these wrong decisions have resulted in a loss of $1 billion to the national exchequer. According to sources, despite the abundance of wheat, the …

Finance Minister Muhammad Aurangzeb said on Sunday that Pakistan was considering moving towards the digital currency. Expressing his thoughts during the World Economic Forum (WEF) session in Riyadh, Aurangzeb said: “The government is providing cash to the poor women of Pakistan. Women say that the male family members take cash from them.” “The women want to get the cash through …

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said on Sunday that Pakistan and Egypt were still facing economic hardships. Expressing her thoughts during the World Economic Forum (WEF) session, Georgieva said: “The global economy had suffered $3 trillion in losses due to the coronavirus pandemic. The less developed countries had to face more losses due to the coronavirus pandemic.” …

The Power Division on Saturday refuted reports regarding the imposition of a fixed tax on solar power, terming them as baseless and misleading, it was learnt on Saturday. In a statement, the Power Division clarified that no such summary has been sent to the government regarding the imposition of a fixed tax on solar power. The Power Division stated that …

The affordability of cars for common consumers in Pakistan has become increasingly difficult. Reports indicate a significant decline in vehicle sales by almost 40% in the current financial year. Some reasons attributed by industry players to this decline in sales are economic conditions, including the depreciation of the Pakistani rupee against the dollar, soaring inflation rates, and the burden of …

The country has witnessed a reduction in the inflation rate for the second consecutive week, signalling a positive trend in the country’s economic landscape. According to data released by the Pakistan Bureau of Statistics, the inflation rate has decreased by 1.10% within a week. The overall annual inflation rate now stands at 26.94%, showcasing a steady decline from previous levels. …

Federal Finance Minister Muhammad Aurangzeb has expressed confidence in the government’s efforts to improve the economy, citing increased tax collection through these measures and a reduction in the current account deficit as signs of progress. Speaking at the Business Summit 2024 in Islamabad, the minister stressed that apart from the IMF, no plan B could be imagined, with the new …

Minister for Finance Muhammad Aurangzeb has said that our direction regarding revival of Pakistan’s economy is quite clear. Addressing a news conference in Washington along with Pakistan Ambassador to the United States Masood Khan, he said that the mechanism regarding tax collection is being improved through reforms. The Finance Minister said that despite difficulties and challenges, we have to move …

In its recent report on the Middle East and Central Asian countries, the International Monetary Fund (IMF) has highlighted that the Palestinian-Israeli conflict may enhance problems for the region. The report forecasts that Pakistan’s growth rate in 2024 is expected to surpass that of 2023, indicating a positive trajectory for the country’s economy. It also indicates that weak fiscal policies …

ISLAMABAD: Pakistan has earned 12.444 billion U.S. dollars through textile products exports in the first nine months of the current fiscal year starting from July 2023 to June 2024, the Pakistan Bureau of Statistics (PBS) said on Thursday. The exports of textile products, however, witnessed a nominal decline of 0.26 percent during July-March of the current fiscal year as against …

A high-powered Saudi Arabian delegation recently engaged in fruitful discussions at the Pakistan-Saudi Arabia Investment Conference. Hosted by the Special Investment Facilitation Council (SIFC), the event saw both nations explore promising investment avenues across various sectors. Led by their respective Foreign Ministers, accompanied by Federal Ministers overseeing pertinent ministries, the delegations delved into multifaceted investment opportunities. Notably, Saudi Arabia expressed …

Three major oil refineries Attock Oil Refinery, National Oil Refinery, and Pakistan Oil Refinery are expected to sign pivotal agreements with the Oil and Gas Regulatory Authority (OGRA). This landmark agreement, crafted under Pakistan’s Oil Refineries Policy Brownfield Refineries Upgradation 2023, signals a substantial leap towards enhancing the efficiency and capacity of the nation’s oil refineries. Endorsed by the Federal …

The use of solar in the country has increased by about 50 percent as the number of users has increased from 55,000 to 115,000 highlighting the fact the electricity per unit price surpassed the reach of a common man. People are opting for solar power energy amid the rising prices per unit rate of electricity. Alternative Energy Board said net …

In response to the recent surge in petroleum prices, the Ministry of Finance attributed on Tuesday the upward trend to fluctuations in the international oil market. According to a spokesperson from the ministry, the fortnightly increase in prices of various petroleum products is directly linked to the rise in global oil prices, which saw petrol and high-speed diesel prices climb …

The annual meetings of the International Monetary Fund (IMF) and the World Bank will commence in Washington on Monday (today). Headed by Finance Minister Muhammad Aurangzeb, a delegation from Pakistan will participate in these meetings, scheduled from April 17 to 19. Finance Minister Aurangzeb is slated to meet with key figures, including the managing director of the IMF and the …

In a bid to facilitate taxpayers, the Federal Board of Revenue (FBR) has announced a four-day extension in the deadline for the submission of tax returns. According to a notification issued by the chief commissioner of Inland Revenue, taxpayers now have until April 22 to submit their sales tax and federal excise returns, instead of the previous deadline of April …

Implementing the orders of International Monetary Fund (IMF), the Federal Board of Revenue (FBR) has decided to block the SIM cards of nearly 2 million individuals involved in tax evasion. Sources told Internews that FBR chairman has greenlighted the blocking of SIM cards of tax evaders dispatched instructions to relevant officials. The FBR has identified 1.8 million tax evaders. Sources …

Saudi Arabia is set to inject a hefty $1 billion into the Reko Diq Copper-Gold Project nestled in the scenic Chagai District of Balochistan Province, Pakistan. The investment is anticipated to take place next month, pending the clearance of any hurdles by the Special Investment Facilitation Council (SIFC). To ensure a seamless process for Saudi Arabia’s investment, the Prime Minister …

The World Bank has announced a billion-dollar loan to finance energy projects in the country. This investment is expected to drive significant improvements in Pakistan’s energy infrastructure and contribute to the country’s economic growth. The loan will specifically support the 2,160-megawatt Dasu Hydropower Project. Once completed, the Dasu project is projected to save Pakistan a staggering $1.8 billion annually in …

Food and Wheat Department will start the procurement process tomorrow (Saturday) wherein farmers will be able to apply for bardana through the Bardana App. Food Department said that bardana application will be available from April 13 to 17 on the Bardana app, said the spokesperson while bardana will be issued from April 19, 2024 and the purchase of wheat will …

Credit to China Daily Rating Agency Fitch’s sovereign credit rating methodology and indicator system have failed to effectively and prospectively reflect the positive role of China’s fiscal policies, which are properly more proactive with better efficacy in boosting economic growth and, in turn, stabilizing macro leverage ratios, a senior official from the Ministry of Finance said on Wednesday. According to …

The Asian Development Bank (ADB) on Thursday said Pakistan’s economic outlook was uncertain, with high risks on the downside, as political uncertainty would remain a key risk to the sustainability of stabilisation and reform efforts. In its April 2024 ‘Asian Development Outlook’, the Manila-based lending agency said potential supply chain disruptions from the escalation of the conflict in the Middle …

BEIJING: Chinese stocks closed higher on Thursday, with the benchmark Shanghai Composite Index up 0.23 percent to 3,034.25 points. The Shenzhen Component Index closed 0.03 percent higher at 9,300.77 points. The combined turnover of stocks covered by the two indices reached 812.8 billion yuan (about 114.5 billion U.S. dollars), down from 830 billion yuan on the previous trading day. Stocks …