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The International Monetary Fund (IMF) will send a mission to Pakistan next week, four months ahead of the planned review. The IMF aims to assess Pakistan’s performance in implementing conditions linked to the $7 billion bailout package approved earlier this year. Diplomatic sources say this early visit underscores the program’s importance for the IMF, especially …
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Karachi: The Pakistan Business Forum (PBF) has urged the government to take swift and comprehensive measures for economic reform. The forum emphasized that these changes are crucial for achieving stability and long-term growth. Malik Khuda Baksh, President of PBF Karachi, highlighted the urgent need for steady economic management to steer Pakistan’s economy out of crisis. …
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ISLAMABAD: Pakistan faces new financial challenges as the International Monetary Fund (IMF) has urged the government to adopt more stringent revenue-boosting measures. The IMF’s demand follows Pakistan’s revenue shortfall during the first four months of the fiscal year. IMF Rejects Request to Lower Tax Target The Federal Board of Revenue (FBR) confirmed that Pakistan had …
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Islamabad: The International Monetary Fund (IMF) has called on Pakistan to introduce additional revenue-raising measures after the Federal Board of Revenue (FBR) fell short of its tax collection targets for the first four months of the fiscal year. This development follows the IMF’s refusal to adjust the FBR’s tax collection goals downward, despite requests from …
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Pakistan’s economic plan, agreed with the International Monetary Fund (IMF), is under strain. Shifting targets, like growth and inflation rates, have prompted Islamabad to seek IMF adjustments on the eve of its first review under the $7 billion Extended Fund Facility (EFF). Major changes in economic indicators are affecting Pakistan’s fiscal performance. The Federal Board …
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ISLAMABAD: A Pakistani delegation briefed the International Monetary Fund (IMF) on Tuesday about the steps taken to expand fiscal space through tax and energy reforms. The delegation, currently in Washington, met with IMF’s Deputy Managing Director Kenji Okamura to highlight key measures aimed at improving the economy. According to a notification from the finance ministry, …
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ISLAMABAD: The International Monetary Fund (IMF) has raised concerns over the deeply entrenched nexus between Pakistan’s government, the central bank, and the banking sector, warning that it poses significant risks to the country’s economy and financial system. According to the IMF, this relationship can lead to conflicting policies, regulatory challenges, and a harmful trade-off between …
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The State Bank of Pakistan (SBP) witnessed a significant increase in its foreign exchange reserves this week. According to data released on Thursday, the reserves surged by over $1.1 billion in just seven days. This boost raised SBP’s reserves to $10.7 billion, marking the highest level since April 2022. The main driver of this increase …
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A year Israel’s bombardment of Palestine has severely impacted the economy of Gaza, according to the International Monetary Fund (IMF). The IMF reported a nearly 90% drop in Gaza’s Gross Domestic Product (GDP) in the first half of 2024 due to the ongoing bombardment. IMF communications chief Julie Kozack stated, “Preliminary official estimates indicate an …
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KARACHI: The Pakistan Banks’ Association (PBA) has praised the Government of Pakistan and the Ministry of Finance. They secured a US $7 billion loan from the International Monetary Fund (IMF). This 37-month agreement followed successful negotiations. The PBA also highlighted the strong commitment of Prime Minister Shehbaz Sharif and Finance Minister Senator Muhammad Aurangzeb to …
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