Kianig89
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So after Shell, Total also planning to exit Pakistan these are two of petro-giants, so much for sifc
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Contact the PP Team
Pakistan's economic turmoil under Shehbaz Sharif's second term as Prime Minister of Pakistan
- Thread starter FearlessRoar
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Pakistan’s economy stabilising amid reforms: Aurangzeb
Finance Minister Muhammad Aurangzeb has claimed that macroeconomic stability is taking root in Pakistan’s economy.
Addressing the launching ceremony of Buna-Raast connectivity project in Islamabad, he cited a reduced current account deficit, stabilised currency, and improved foreign reserves as indicators of recovery.
Aurangzeb noted that sovereign ratings had been upgraded, signalling reviving investor confidence. He added that the government’s commitment to infrastructural reforms is yielding positive results, though much remains to be done.
The finance minister highlighted a surge in remittances, with $3 billion received in July alone, reflecting growing economic confidence among overseas Pakistanis.
Aurangzeb also discussed the Buna-Raast connectivity project, emphasising its role in digitalisation. He said the initiative would enhance transparency, particularly in remittances, taxation, and the power sector, ultimately putting Pakistan on a sustainable path aligned with FATF requirements.
Dr Anita Zaidi, President of the Bill & Melinda Gates Foundation, described the project as a bridge linking the economies of Pakistan and the Arab world digitally. She said it would boost productivity, increase efficiency, and improve individuals’ lives by lowering remittance costs.
Pakistan’s economy stabilising amid reforms: Aurangzeb | The Express Tribune
Government’s infrastructural reforms showing results, but more work needs to be done, says finance minister
tribune.com.pk
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Govt plans to shut down all utility stores across country
Secretary of Ministry of Industry and Production Saif Anjum has confirmed that the federal government is considering to shut down utility stores across the country.
"The government wants to get out from unnecessary businesses," the secretary said while confirming the development during a meeting of Senate Standing Committee on Industry and Production on Friday.
Responding to Senator Saifullah Niazi's query, Saif Anjum said that work was underway to transfer the employees of the utility stores to other departments.
He added that providing subsidy to the utility stores was detrimental to competition in market.
Meanwhile, the utility stores management said they were given a two-week deadline to wrap up issues with companies while the Rs50 billion subsidy, which previously offered significant relief to around 26 million deserving households, has been halted.
The management further said over 11,000 employees, which including 6,000 permanent staff, are worried over the potential closure.
Speaking to Geo News, Atif Shah — General Secretary of All Pakistan Workers Alliance — said that the Utility Stores Corporation (USC) wasn't a burden on national exchequer.
"The government collects Rs120 billion in taxes annually from companies in form of groceries sale," he said, noting that Rs25 billion was being paid by USC which according to him makes 18% of the total amount.
Furthermore, Shah said they don't take funds from the government and salaries of all employees are "self-generated". He claimed that the government owes Rs20 billion to the corporation.
Meanwhile, the USC management has decided to seek help from parliament with sources claiming that they would reach out to National Assembly and Senate's Standing Committees on Industries and Production.
The standing committees would be apprised of the impacts of utility stores closure, sources said, adding that they would be asked to take up the issue in parliament.
The move would severely impact millions of low-income families who have long relied on discounted goods, the sources added.
The government's decision also prompted protests as utility stories employees have staged a protest outside their regional office at Scheme Mor in Lahore.
The protesters, carrying placards and chanting slogans, demanded the government revert its decision.
Govt plans to shut down all utility stores across country
Secretary of Ministry of Industry and Production Saif Anjum has confirmed that the federal government is considering to shut down utility stores across the country. The government wants to get out...
www.thenews.com.pk
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Moody’s upgrades Pakistan’s ratings to ‘Caa2’
In a positive development, Moody’s Investors Service has upgraded Pakistan’s long-term issuer rating from “Caa3” to “Caa2” with a stable outlook.
This upgrade follows Fitch Ratings’ decision in July to raise the country’s credit rating from “CCC” to “CCC+”.
Moody’s said that this upgrade reflects Pakistan’s improved macroeconomic conditions and moderately better government external positions from very weak levels.
“We have also upgraded the rating for the senior unsecured MTN programme to (P)Caa2 from (P)Caa3. Concurrently, the outlook for Government of Pakistan is changed to positive from stable,” read the statement.
Accordingly, Pakistan’s default risk has been reduced to a level consistent with a Caa2 rating.
Earlier in July, Fitch Ratings had upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC’.
“The upgrade reflects greater certainty over the continued availability of external funding, in the context of Pakistan’s staff-level agreement (SLA) with the IMF on a new 37-month USD7 billion Extended Fund Facility (EFF),” Fitch company said in a statement.
“Nevertheless, Pakistan’s large funding needs leave it vulnerable if it fails to implement challenging reforms, which could undermine programme performance and funding,” it warned.
“We believe this will be achievable, given the strong past record of support and significant policy measures in the recent budget for the fiscal year ending June 2025 (FY25),” it said.
arynews.tv
In a positive development, Moody’s Investors Service has upgraded Pakistan’s long-term issuer rating from “Caa3” to “Caa2” with a stable outlook.
This upgrade follows Fitch Ratings’ decision in July to raise the country’s credit rating from “CCC” to “CCC+”.
Moody’s said that this upgrade reflects Pakistan’s improved macroeconomic conditions and moderately better government external positions from very weak levels.
“We have also upgraded the rating for the senior unsecured MTN programme to (P)Caa2 from (P)Caa3. Concurrently, the outlook for Government of Pakistan is changed to positive from stable,” read the statement.
Accordingly, Pakistan’s default risk has been reduced to a level consistent with a Caa2 rating.
Earlier in July, Fitch Ratings had upgraded Pakistan’s Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘CCC+’ from ‘CCC’.
“The upgrade reflects greater certainty over the continued availability of external funding, in the context of Pakistan’s staff-level agreement (SLA) with the IMF on a new 37-month USD7 billion Extended Fund Facility (EFF),” Fitch company said in a statement.
“Nevertheless, Pakistan’s large funding needs leave it vulnerable if it fails to implement challenging reforms, which could undermine programme performance and funding,” it warned.
“We believe this will be achievable, given the strong past record of support and significant policy measures in the recent budget for the fiscal year ending June 2025 (FY25),” it said.
Moody’s upgrades Pakistan’s ratings to ‘Caa2’
In a positive development, Moody's Investors Service has upgraded Pakistan's long-term issuer rating from "Caa3" to "Caa2" with a stable outlook. This
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SBP reveals Rs97bln in dormant accounts
State Bank of Pakistan (SBP) officials have disclosed that Rs97 billion are lying in dormant accounts that have been inactive for the past 10 years.
The revelation was made during the meeting of the Senate’s standing committee on finance.
According to the State Bank of Pakistan, 14 million accounts of various banks have been temporarily inactive for a decade.
A proposal has been made to extend the period for permanently closing these dormant accounts from 10 years to 15 years.
State Bank officials noted that millions of account holders reactivate their temporarily dormant accounts even after 10 years.
The Senate body has approved the State Bank’s proposal to allow the reactivation of temporarily dormant accounts.
arynews.tv
State Bank of Pakistan (SBP) officials have disclosed that Rs97 billion are lying in dormant accounts that have been inactive for the past 10 years.
The revelation was made during the meeting of the Senate’s standing committee on finance.
According to the State Bank of Pakistan, 14 million accounts of various banks have been temporarily inactive for a decade.
A proposal has been made to extend the period for permanently closing these dormant accounts from 10 years to 15 years.
State Bank officials noted that millions of account holders reactivate their temporarily dormant accounts even after 10 years.
The Senate body has approved the State Bank’s proposal to allow the reactivation of temporarily dormant accounts.
What is dormant bank account?
As per the Bank’s policy, a Current or Savings Account is considered dormant if there has been no customer-initiated transaction for a period of one year. For security purposes, the Bank exercises increased caution on all such accounts.What happens when an account goes dormant?
A dormant account is an account that has had no financial activity for a long period of time, except for the posting of interest. After the dormancy period, which varies by state, dormant accounts become the unclaimed property of the state.
SBP reveals Rs97bln in dormant accounts
ISLAMABAD: State Bank of Pakistan (SBP) officials have disclosed that Rs97 billion are lying in dormant accounts that have been inactive for the past 10
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Murtaza Syed, a former acting governor of the State Bank of Pakistan (SBP), has said that “increasing fiscal space by restructuring” debt was crucial to rescue countries from disorderly defaults
Writing in The Economist on Wednesday, Syed recalled his article from last year where he said the International Monetary Fund (IMF) and Pakistani policymakers were “flirting with disaster by pretending that the country’s public debt was sustainable”.
Pakistan and the IMF signed a 37-month staff-level agreement in July for $7 billion with the approval of the new loan tied to firm commitments from China, Saudi Arabia, and the UAE that they would roll over their combined debt of $12bn.
Due to foreign exchange difficulties and an inability to repay its loans, Pakistan has been securing one-year extensions. However, it is now seeking rollovers for three to five years to access IMF credit, address uncertainty, and get sufficient time to fix structural flaws and regain its external sector sustainability.
“For this to happen, a taboo must be broken and innovative thinking is needed on dealing with new creditors and how the IMF approaches debt in its country programmes,” he wrote.
In the current article, Syed cited examples of various countries where debt servicing was crowding out development spending needed to improve lives.
He pointed out that in Pakistan, interest payments were almost “three times as high as spending on investment and three and a half times spending on education”.
“These countries are gambling for resurrection by increasing taxes and slashing spending while praying for a growth miracle,” he said.
He, however, added that this increased the chances of default and unravelling of the country’s social fabric.
Regarding the taboo, he said it concerned the government’s “fear of debt restructuring”.
On Wednesday, global credit rating agency Moody’s had upgraded Pakistan’s rating to Caa2, but explained that the rating continued to reflect its “very weak debt affordability, which drives high debt sustainability risk” as it forecasted interest payments to continue absorbing about half of government revenue over the two to three years.
“The Caa2 rating also incorporates the country’s weak governance and high political uncertainty,” it added.
As for debt restructuring, the government feared being “perceived as inept economic managers, possible legal action by creditors, and the consequences for future external funding”, Murtaza Syed wrote in the article.
It is possible, according to Syed, to overcome this fear. He highlighted that cover from legal action in international courts “can be provided by major official creditors, as was done for Iraq, or could be automatically triggered by an IMF assessment that debt is unsustainable”.
As for the market penalty for restructuring, Syed wrote, drawing from international evidence, that the penalty “is much lower and more short-lived than commonly feared especially if the restructuring improves the country’s growth prospects”.
“In this context, governments must not be afraid of restructuring lower-seniority commercial debt, which costs much more precisely because of this credit risk,” he wrote.
Syed also pointed out that “fresh thinking” was needed to accommodate creditors such as China and Gulf states, adding that it needed to be incentivised and IMF should assist debtor countries to bring them to the table.
“One idea is to allow the majority official creditor that offers debt relief the right to force other creditors to agree to a similar dilution of their claims,” he said, citing the example of the Paris Club of creditors where the right to cram down on other creditors already exists.
“To preserve social stability and development prospects in poor countries, the broken system of debt restructuring must be fixed,” he said, adding that for that to happen “debtors must become more powerful advocates for their future generations. And the international community must become more receptive to debt relief”.
Source: Dawn News
Writing in The Economist on Wednesday, Syed recalled his article from last year where he said the International Monetary Fund (IMF) and Pakistani policymakers were “flirting with disaster by pretending that the country’s public debt was sustainable”.
Pakistan and the IMF signed a 37-month staff-level agreement in July for $7 billion with the approval of the new loan tied to firm commitments from China, Saudi Arabia, and the UAE that they would roll over their combined debt of $12bn.
Due to foreign exchange difficulties and an inability to repay its loans, Pakistan has been securing one-year extensions. However, it is now seeking rollovers for three to five years to access IMF credit, address uncertainty, and get sufficient time to fix structural flaws and regain its external sector sustainability.
“For this to happen, a taboo must be broken and innovative thinking is needed on dealing with new creditors and how the IMF approaches debt in its country programmes,” he wrote.
In the current article, Syed cited examples of various countries where debt servicing was crowding out development spending needed to improve lives.
He pointed out that in Pakistan, interest payments were almost “three times as high as spending on investment and three and a half times spending on education”.
“These countries are gambling for resurrection by increasing taxes and slashing spending while praying for a growth miracle,” he said.
He, however, added that this increased the chances of default and unravelling of the country’s social fabric.
Regarding the taboo, he said it concerned the government’s “fear of debt restructuring”.
On Wednesday, global credit rating agency Moody’s had upgraded Pakistan’s rating to Caa2, but explained that the rating continued to reflect its “very weak debt affordability, which drives high debt sustainability risk” as it forecasted interest payments to continue absorbing about half of government revenue over the two to three years.
“The Caa2 rating also incorporates the country’s weak governance and high political uncertainty,” it added.
As for debt restructuring, the government feared being “perceived as inept economic managers, possible legal action by creditors, and the consequences for future external funding”, Murtaza Syed wrote in the article.
It is possible, according to Syed, to overcome this fear. He highlighted that cover from legal action in international courts “can be provided by major official creditors, as was done for Iraq, or could be automatically triggered by an IMF assessment that debt is unsustainable”.
As for the market penalty for restructuring, Syed wrote, drawing from international evidence, that the penalty “is much lower and more short-lived than commonly feared especially if the restructuring improves the country’s growth prospects”.
“In this context, governments must not be afraid of restructuring lower-seniority commercial debt, which costs much more precisely because of this credit risk,” he wrote.
Syed also pointed out that “fresh thinking” was needed to accommodate creditors such as China and Gulf states, adding that it needed to be incentivised and IMF should assist debtor countries to bring them to the table.
“One idea is to allow the majority official creditor that offers debt relief the right to force other creditors to agree to a similar dilution of their claims,” he said, citing the example of the Paris Club of creditors where the right to cram down on other creditors already exists.
“To preserve social stability and development prospects in poor countries, the broken system of debt restructuring must be fixed,” he said, adding that for that to happen “debtors must become more powerful advocates for their future generations. And the international community must become more receptive to debt relief”.
Source: Dawn News
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Pakistan’s foreign exchange reserves stand at US$14.77bn
The central bank in a statement said that Pakistan’s total foreign exchange reserves stood at US$ 14.77 billion as of August 23, showing a slight increase from the previous week.
Meanwhile, the country’s net foreign reserves held by commercial banks stood at US$5.372 billion during the period.
“During the week ended on 23-Aug-2024, SBP reserves increased by US$ 112 million to US$ 9,403.4 million,” the SBP statement added.
Earlier it was reported that Pakistan’s total foreign exchange reserves stood at US$ 14. 67 billion as of August 16.
According to a statement issued by the central bank, Pakistan’s reserves held by the SBP increased by 19 million to US$ 9.29 billion during the week ended on 16th August.
The country’s net foreign reserves held by commercial banks stood at $5.375 billion during the period.
“During the week ended on 16-Aug-2024, SBP reserves increased by US$ 19 million to US$ 9,291.8 million,” the SBP statement read.
arynews.tv
The central bank in a statement said that Pakistan’s total foreign exchange reserves stood at US$ 14.77 billion as of August 23, showing a slight increase from the previous week.
Meanwhile, the country’s net foreign reserves held by commercial banks stood at US$5.372 billion during the period.
“During the week ended on 23-Aug-2024, SBP reserves increased by US$ 112 million to US$ 9,403.4 million,” the SBP statement added.
Earlier it was reported that Pakistan’s total foreign exchange reserves stood at US$ 14. 67 billion as of August 16.
According to a statement issued by the central bank, Pakistan’s reserves held by the SBP increased by 19 million to US$ 9.29 billion during the week ended on 16th August.
The country’s net foreign reserves held by commercial banks stood at $5.375 billion during the period.
“During the week ended on 16-Aug-2024, SBP reserves increased by US$ 19 million to US$ 9,291.8 million,” the SBP statement read.
Pakistan’s foreign exchange reserves stand at US$14.77bn
KARACHI: Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by US$ 112 million to US$ 9.403 billion during the week
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Rs 7bn recovered from corrupt elements in 2024: NAB
According to NAB spokesperson, the corruption watchdog recovered over Rs 7.08 billion from January to July 2024 and deposited the same into the national exchequer.
Additionally, the spokesperson said that the NAB returned over Rs 4 billion million to 21760 victims of fraud and cheating during the period.
According to the NAB, over Rs 2 billion has been deposited to the federal government; over 136 million to the Punjab government, over Rs 13 deposited into the Khyber Pakhtunkhwa government’s account; and over Rs 259 million to the Sindh government.
The NAB’s spokesperson said that Rs 500,000 of plea bargain have been deposited with the Balochistan government while over Rs 43 million has been deposited into various government departments and financial institutions.
The spokesperson for NAB stated that the bureau is continuing its efforts to recover more money from corruption cases and return it to the national treasury or the affected individuals.
Earlier in May, acting President Yousuf Raza Gilani approved an ordinance to amend the existing law, empowering the NAB to keep an accused on physical remand for up to 40 days as
Before the ordinance, a person arrested by the NAB could be remanded into the bureau’s custody for 14 days. However, under the amended law, the duration of physical remand has been increased to 40 days.
Furthermore, the punishment for NAB officials for making false cases has been reduced from 5 years to 2 years.
The ordinance was passed amidst a hearing of the NAB amendments case by the Supreme Court (SC) of Pakistan, challenged by Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan.
The previous Pakistan Democratic Movement-led (PDM) government approved amendments to the National Accountability Ordinance 1999 in a bid to curtail the powers of the National Accountability Bureau (NAB).
arynews.tv
According to NAB spokesperson, the corruption watchdog recovered over Rs 7.08 billion from January to July 2024 and deposited the same into the national exchequer.
Additionally, the spokesperson said that the NAB returned over Rs 4 billion million to 21760 victims of fraud and cheating during the period.
According to the NAB, over Rs 2 billion has been deposited to the federal government; over 136 million to the Punjab government, over Rs 13 deposited into the Khyber Pakhtunkhwa government’s account; and over Rs 259 million to the Sindh government.
The NAB’s spokesperson said that Rs 500,000 of plea bargain have been deposited with the Balochistan government while over Rs 43 million has been deposited into various government departments and financial institutions.
The spokesperson for NAB stated that the bureau is continuing its efforts to recover more money from corruption cases and return it to the national treasury or the affected individuals.
Earlier in May, acting President Yousuf Raza Gilani approved an ordinance to amend the existing law, empowering the NAB to keep an accused on physical remand for up to 40 days as
Before the ordinance, a person arrested by the NAB could be remanded into the bureau’s custody for 14 days. However, under the amended law, the duration of physical remand has been increased to 40 days.
Furthermore, the punishment for NAB officials for making false cases has been reduced from 5 years to 2 years.
The ordinance was passed amidst a hearing of the NAB amendments case by the Supreme Court (SC) of Pakistan, challenged by Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan.
The previous Pakistan Democratic Movement-led (PDM) government approved amendments to the National Accountability Ordinance 1999 in a bid to curtail the powers of the National Accountability Bureau (NAB).
Rs 7bn recovered from corrupt elements in 2024: NAB
ISLAMABAD: The National Accountability Bureau (NAB) recovered a significant amount of money from corruption cases in the first seven months of 2024 and
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FinMin assures foreign investors of govt’s full support
Finance Minister Senator Muhammad Aurangzeb assured foreign investors of the government’s full support in facilitating their ventures in Pakistan.
In a meeting with a delegation of international investors, led by Chief Executive Officer (CEO) J.P. Morgan Pakistan, Amin Mohammad Khowaja, the finance minister also welcomed their interest in contributing to the country’s economic growth, a press statement issued here said.
Senator Muhammad Aurangzaib said Pakistan has made in improving its macroeconomic indicators including the 14 percent rise in exports, the decline in inflation to 9.6 percent (which is 34 months low), and an overall decline in the Current Account deficit.
The finance minister also pointed out the improvement in Pakistan’s sovereign credit ratings which reflect a stable and promising economic outlook.
“The country’s economic growth is underpinned by robust fiscal discipline, inflation management, and a favorable balance of payments” he stated.
Senator Muhammad Aurangzeb elaborated on the government’s ambitious structural reforms agenda, aiming at broadening the tax base, rightsizing of the public sector, privatization drive, and energy sector reforms, to aid overall macroeconomic stability.
The finance minister reaffirmed the government’s resolve to carry forward the comprehensive reforms agenda to enhance the efficiency and governance of public institutions.
“These reforms,” he noted, “are designed to create a more conducive environment for foreign investment and to ensure the long-term stability of the economy.”
He reiterated Pakistan’s strong commitment to attracting foreign investments through maintaining a business friendly environment.
On the occasion, the delegation commended the government’s efforts to create a business-friendly environment and expressed optimism about the prospects of increased investment flows into Pakistan, the statement added.
The discussions covered a range of potential investment areas, including renewable energy, information technology, infrastructure development, and the financial sector.
The investors expressed keen interest in these sectors, recognizing Pakistan as a market with immense potential and a strategic location as a gateway to regional markets where foreign investors are eager to explore opportunities for investment in various sectors.
arynews.tv
Finance Minister Senator Muhammad Aurangzeb assured foreign investors of the government’s full support in facilitating their ventures in Pakistan.
In a meeting with a delegation of international investors, led by Chief Executive Officer (CEO) J.P. Morgan Pakistan, Amin Mohammad Khowaja, the finance minister also welcomed their interest in contributing to the country’s economic growth, a press statement issued here said.
Senator Muhammad Aurangzaib said Pakistan has made in improving its macroeconomic indicators including the 14 percent rise in exports, the decline in inflation to 9.6 percent (which is 34 months low), and an overall decline in the Current Account deficit.
The finance minister also pointed out the improvement in Pakistan’s sovereign credit ratings which reflect a stable and promising economic outlook.
“The country’s economic growth is underpinned by robust fiscal discipline, inflation management, and a favorable balance of payments” he stated.
Senator Muhammad Aurangzeb elaborated on the government’s ambitious structural reforms agenda, aiming at broadening the tax base, rightsizing of the public sector, privatization drive, and energy sector reforms, to aid overall macroeconomic stability.
The finance minister reaffirmed the government’s resolve to carry forward the comprehensive reforms agenda to enhance the efficiency and governance of public institutions.
“These reforms,” he noted, “are designed to create a more conducive environment for foreign investment and to ensure the long-term stability of the economy.”
He reiterated Pakistan’s strong commitment to attracting foreign investments through maintaining a business friendly environment.
On the occasion, the delegation commended the government’s efforts to create a business-friendly environment and expressed optimism about the prospects of increased investment flows into Pakistan, the statement added.
The discussions covered a range of potential investment areas, including renewable energy, information technology, infrastructure development, and the financial sector.
The investors expressed keen interest in these sectors, recognizing Pakistan as a market with immense potential and a strategic location as a gateway to regional markets where foreign investors are eager to explore opportunities for investment in various sectors.
FinMin assures foreign investors of govt's full support
ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb assured foreign investors of the government’s full support in facilitating their ventures in
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IMF board to discuss Pakistan’s programme on Sept 25: spokesperson
The International Monetary Fund (IMF) on Thursday confirmed that the Fund’s board will meet on September 25 to discuss the $7 billion Extended Fund Facility (EFF) to Pakistan.
Pakistan expected to secure a deal with the Fund in August after the lender approved the 37-month programme agreed upon in July. The country also raised its tax revenue target by a record 40 per cent and hiked energy prices to meet the global lender’s demands.
The country also completed its previous $3 billion loan programme in April and secured a credit rating upgrade from both Moody’s Ratings and Fitch Ratings late last month.
Addressing a press briefing today, IMF’s spokesperson Julie Kozack said that the Fund had reached a staff-level agreement with Pakistan on the EFF in July.
“We are very happy that we can say now that the board meeting is scheduled to take place on September 25,” she said.
“This is following Pakistan obtaining the necessary financing assurances from its development partners. The new EFF arrangement… follows the successful implementation of the 2023 nine-month standby arrangement.”
She added that consistent policymaking has supported economic stability in Pakistan, most notably a resumption of growth, significant disinflation, and a significant increase in the country’s international reserves.
Asked if Pakistan has received those assurances, she responded, “Yes.”
The State Bank (SBP) Governor Jameel Ahmad had earlier said that the country arranged over $2 billion in financing from lenders other than the IMF, adding that the external financing was seen as the “final hurdle” for the loan, according to a report published by Bloomberg today.
The SBP governor made these remarks at an analyst briefing after announcing the slashed policy rate on Thursday.
“All those assurances and external financing have already been arranged by the government and I don’t see any further hurdle now in taking our case to the board,” said Ahmad.
Prime Minister Shehbaz Sharif, while addressing a meeting of the federal cabinet earlier in the day, had said that negotiations with the IMF were “progressing positively”, the state broadcaster, Radio Pakistan reported.
The prime minister also thanked friendly countries for “overwhelmingly supporting Pakistan”, the report said, adding that he also stressed the need to rid the country of the loans and put it on its own feet.
Source: Dawn News
The International Monetary Fund (IMF) on Thursday confirmed that the Fund’s board will meet on September 25 to discuss the $7 billion Extended Fund Facility (EFF) to Pakistan.
Pakistan expected to secure a deal with the Fund in August after the lender approved the 37-month programme agreed upon in July. The country also raised its tax revenue target by a record 40 per cent and hiked energy prices to meet the global lender’s demands.
The country also completed its previous $3 billion loan programme in April and secured a credit rating upgrade from both Moody’s Ratings and Fitch Ratings late last month.
Addressing a press briefing today, IMF’s spokesperson Julie Kozack said that the Fund had reached a staff-level agreement with Pakistan on the EFF in July.
“We are very happy that we can say now that the board meeting is scheduled to take place on September 25,” she said.
“This is following Pakistan obtaining the necessary financing assurances from its development partners. The new EFF arrangement… follows the successful implementation of the 2023 nine-month standby arrangement.”
She added that consistent policymaking has supported economic stability in Pakistan, most notably a resumption of growth, significant disinflation, and a significant increase in the country’s international reserves.
Asked if Pakistan has received those assurances, she responded, “Yes.”
The State Bank (SBP) Governor Jameel Ahmad had earlier said that the country arranged over $2 billion in financing from lenders other than the IMF, adding that the external financing was seen as the “final hurdle” for the loan, according to a report published by Bloomberg today.
The SBP governor made these remarks at an analyst briefing after announcing the slashed policy rate on Thursday.
“All those assurances and external financing have already been arranged by the government and I don’t see any further hurdle now in taking our case to the board,” said Ahmad.
Prime Minister Shehbaz Sharif, while addressing a meeting of the federal cabinet earlier in the day, had said that negotiations with the IMF were “progressing positively”, the state broadcaster, Radio Pakistan reported.
The prime minister also thanked friendly countries for “overwhelmingly supporting Pakistan”, the report said, adding that he also stressed the need to rid the country of the loans and put it on its own feet.
Source: Dawn News
Hitman
Test Debutant
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Good luck to Pakistan, and all the Pakistani posters on PP who reside in Pakistan.
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Pakistan’s foreign exchange reserves stand at US$ 14.79bn: SPB
According to a statement issued by the central bank, Pakistan’s reserves held by the SBP increased by US$ 30 million to US$ 9.46 billion during the week ended on 6th September 2024
Meanwhile, the country’s net foreign reserves held by commercial banks stood at US$5.32 billion during the period.
“During the week ended on 06-Sep-2024, SBP reserves increased by US$ 30 million to US$ 9,466.6 million,” the SBP statement read.
Earlier it was reported that Pakistan’s total liquid foreign reserves stood at US$ 14.73 billion as of 30th August 2024.
The reserves held by the the central bank were recorded at US$ 9.43 billion while the vet foreign reserves held by commercial banks stood at US$ 5.3 billion during the period.
“During the week ended on 30-Aug-2024, SBP reserves increased by US$ 33 million to US$ 9,436.8 million,” the central bank said.
arynews.tv
According to a statement issued by the central bank, Pakistan’s reserves held by the SBP increased by US$ 30 million to US$ 9.46 billion during the week ended on 6th September 2024
Meanwhile, the country’s net foreign reserves held by commercial banks stood at US$5.32 billion during the period.
“During the week ended on 06-Sep-2024, SBP reserves increased by US$ 30 million to US$ 9,466.6 million,” the SBP statement read.
Earlier it was reported that Pakistan’s total liquid foreign reserves stood at US$ 14.73 billion as of 30th August 2024.
The reserves held by the the central bank were recorded at US$ 9.43 billion while the vet foreign reserves held by commercial banks stood at US$ 5.3 billion during the period.
“During the week ended on 30-Aug-2024, SBP reserves increased by US$ 33 million to US$ 9,436.8 million,” the central bank said.
Pakistan’s foreign exchange reserves stand at US$ 14.79bn: SPB
KARACHI: Pakistan’s total foreign exchange reserves stood at US$ 14. 79 billion as of September 6, ARY News reported citing the State Bank of Pakistan
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PM Shehbaz thanks ‘friendly countries’ for support with IMF loan
Following an IMF announcement that Pakistan’s case would be taken up by its board later this month, Prime Minister Shehbaz Sharif on Thursday expressed gratitude to some friendly countries, which had monetarily supported Pakistan in its negotiations with the lender.
“Our friendly and brotherly countries have come all the way to support us again,” he said while chairing a meeting of the federal cabinet.
Pakistan has now met the prerequisites to secure a loan from the IMF, he said.
He also welcomed the State Bank of Pakistan’s (SBP) decision to reduce the policy rate from 19.5 to 17.5 per cent, expressing optimism that this move would stimulate exports, investment, business, agriculture, and overall economic growth in the country.
The prime minister also expressed hope that the policy rate could gradually decrease to single digits, in line with the country’s inflation rate. He stressed that after achieving the goal of macroeconomic stability, the government will now take measures to boost GDP growth of the country.
Key decisions
The federal cabinet also took a number of decision in its meeting on Wednesday, including the formation of a subcommittee that would report back to the cabinet on the volume of trade from Gwadar port.
The directions came in the wake of the PM’s earlier directives to ensure that at least half of public sector imports should be routed through Gwadar.
Cabinet members also expressed satisfaction over a report presented by the Ministry of Industries and Production regarding the export of sugar, stating that the timely decision to allow its export not only helped control the prices of sugar in the country but also added to the country’s foreign exchange reserves, while also ensuring that farmers were rewarded for their hard work.
The cabinet also approved issuance of commemorative postal stamp on the completion of 75 years of diplomatic relations between Pakistan and Sri Lanka.
It also gave the Ministry of Planning and Development the go-ahead to hire a chief economist from the open market on special professional pay scale.
Meeting with Sindh CM
A day after his meeting with PPP chief Bilawal Bhutto-Zardari and Karachi Mayor Murtaza Wahab, PM Shehbaz met with Sindh Chief Minister Murad Ali Shah, who called on the PM on Thursday.
Deputy Prime Minister and Foreign Minister Ishaq Dar, Planning Minister Ahsan Iqbal, Economic Affairs Minister Ahad Khan Cheema and Minister of State Ali Pervaiz Malik also attended the meeting.
The huddle discussed ongoing federal government projects in Sindh and public welfare initiative being taken by both the Sindh and federal governments. The Sindh Chief Minister also called on President Asif Ali Zardari and discussed matters of mutual interest.
DAWN NEWS
Following an IMF announcement that Pakistan’s case would be taken up by its board later this month, Prime Minister Shehbaz Sharif on Thursday expressed gratitude to some friendly countries, which had monetarily supported Pakistan in its negotiations with the lender.
“Our friendly and brotherly countries have come all the way to support us again,” he said while chairing a meeting of the federal cabinet.
Pakistan has now met the prerequisites to secure a loan from the IMF, he said.
He also welcomed the State Bank of Pakistan’s (SBP) decision to reduce the policy rate from 19.5 to 17.5 per cent, expressing optimism that this move would stimulate exports, investment, business, agriculture, and overall economic growth in the country.
The prime minister also expressed hope that the policy rate could gradually decrease to single digits, in line with the country’s inflation rate. He stressed that after achieving the goal of macroeconomic stability, the government will now take measures to boost GDP growth of the country.
Key decisions
The federal cabinet also took a number of decision in its meeting on Wednesday, including the formation of a subcommittee that would report back to the cabinet on the volume of trade from Gwadar port.
The directions came in the wake of the PM’s earlier directives to ensure that at least half of public sector imports should be routed through Gwadar.
Cabinet members also expressed satisfaction over a report presented by the Ministry of Industries and Production regarding the export of sugar, stating that the timely decision to allow its export not only helped control the prices of sugar in the country but also added to the country’s foreign exchange reserves, while also ensuring that farmers were rewarded for their hard work.
The cabinet also approved issuance of commemorative postal stamp on the completion of 75 years of diplomatic relations between Pakistan and Sri Lanka.
It also gave the Ministry of Planning and Development the go-ahead to hire a chief economist from the open market on special professional pay scale.
Meeting with Sindh CM
A day after his meeting with PPP chief Bilawal Bhutto-Zardari and Karachi Mayor Murtaza Wahab, PM Shehbaz met with Sindh Chief Minister Murad Ali Shah, who called on the PM on Thursday.
Deputy Prime Minister and Foreign Minister Ishaq Dar, Planning Minister Ahsan Iqbal, Economic Affairs Minister Ahad Khan Cheema and Minister of State Ali Pervaiz Malik also attended the meeting.
The huddle discussed ongoing federal government projects in Sindh and public welfare initiative being taken by both the Sindh and federal governments. The Sindh Chief Minister also called on President Asif Ali Zardari and discussed matters of mutual interest.
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National Savings reduces profit rates by up to 1.22%
The National Savings Organisation has announced a reduction in profit rates across its various savings schemes, with cuts ranging from 0.03% to 1.22%. The decision comes amid speculation of further interest rate decreases in the upcoming monetary policy.The profit rate for the Sarwa Islamic Term Account has been lowered by 1.22%, bringing it to 16.36%. Similarly, the Sarwa Islamic Savings Account has seen a reduction of 1%, now offering a return of 18%.
Short-term Savings Certificates have also been affected, with the profit rate reduced by 0.68% to 17.2%. Special Savings Certificates and Special Savings Accounts have both had their rates lowered by 0.3%, bringing them to 15.5%.
The Regular Income Certificate now offers a profit rate of 14.52%, reflecting a decrease of 12 basis points.
Experts suggest that the reduction in profit rates could be a signal of further cuts in interest rates as the State Bank prepares its next monetary policy announcement.
Source: The Express Tribune
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Friendly nations to invest $27b in Pakistan in coming years: Ahsan Iqbal
In his televised remarks today, he categorically stated that nobody will be allowed to play with the peace and stability of the country.
Strongly criticizing the politics of PTI, he said the party should play its role in the parliament instead of taking to the streets.
Ahsan Iqbal said friendly countries have extended assurance of investing twenty seven billion dollars in Pakistan in the next five years. He said Saudi Arabia has announced to invest five billion dollars, while the UAE and Kuwait will each invest ten billion dollars and Azerbaijan will invest two billion dollars.
He said these are the external opportunities that are knocking at our doors. He said it is our responsibility to take full advantage of these opportunities through continuity of policies and reforms.
Ahsan Iqbal said China has also shown willingness for the second phase of CPEC. He said China has given assurance for the establishment of five new corridors including that of growth, livelihood, innovation, green economy and open regional inclusive development.
The Minister for Planning said that a Danish company has announced to invest two billion dollars in Pakistan’s Port Infrastructure. He regretted that PTI is trying to create impediments in the way of this investment. He recalled that the party had also tried to sabotage IMF deal.
Ahsan Iqbal said it is important to bring reforms in the judicial system as well to attract the foreign investment.
The Minister for Planning said that economy is improving as a result of tireless efforts of the present government. He mentioned that Pakistan Stock Exchange has touched the historic eighty thousand points, which reflects the confidence of domestic and foreign investors. He said international agencies have also upgraded credit rating of Pakistan.
Similarly, he said inflation has come down to single digit. He said State Bank of Pakistan has reduced policy rate which will help accelerate business activities in the country.
arynews.tv
In his televised remarks today, he categorically stated that nobody will be allowed to play with the peace and stability of the country.
Strongly criticizing the politics of PTI, he said the party should play its role in the parliament instead of taking to the streets.
Ahsan Iqbal said friendly countries have extended assurance of investing twenty seven billion dollars in Pakistan in the next five years. He said Saudi Arabia has announced to invest five billion dollars, while the UAE and Kuwait will each invest ten billion dollars and Azerbaijan will invest two billion dollars.
He said these are the external opportunities that are knocking at our doors. He said it is our responsibility to take full advantage of these opportunities through continuity of policies and reforms.
Ahsan Iqbal said China has also shown willingness for the second phase of CPEC. He said China has given assurance for the establishment of five new corridors including that of growth, livelihood, innovation, green economy and open regional inclusive development.
The Minister for Planning said that a Danish company has announced to invest two billion dollars in Pakistan’s Port Infrastructure. He regretted that PTI is trying to create impediments in the way of this investment. He recalled that the party had also tried to sabotage IMF deal.
Ahsan Iqbal said it is important to bring reforms in the judicial system as well to attract the foreign investment.
The Minister for Planning said that economy is improving as a result of tireless efforts of the present government. He mentioned that Pakistan Stock Exchange has touched the historic eighty thousand points, which reflects the confidence of domestic and foreign investors. He said international agencies have also upgraded credit rating of Pakistan.
Similarly, he said inflation has come down to single digit. He said State Bank of Pakistan has reduced policy rate which will help accelerate business activities in the country.
Friendly nations to invest $27b in Pakistan in coming years: Ahsan Iqbal
ISLAMABAD: Minister for Planning and Development Ahsan Iqbal has said the government is committed to bringing socio-economic and judicial reforms to put
arynews.tv
rpant_gabba
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The government has struck a $600 million commercial loan deal with a European bank at double-digit interest rate – the highest in the country's history – to qualify for approval of a $7 billion International Monetary Fund (IMF) bailout package.
=================================
The government has struck a $600 million commercial loan deal with a European bank at double-digit interest rate – the highest in the country's history – to qualify for approval of a $7 billion International Monetary Fund (IMF) bailout package.
The Ministry of Finance had to swallow the bitter pill of paying the highest-ever interest rate after it could not get any additional financing from the bilateral sovereign creditors, said government sources.
The government has accepted the term sheet of Standard Chartered Bank, London, for two loans totaling $600 million, according to the sources. The country would pay the highest interest rate of around 11%, they said.
Of the total, $300 million has been obtained for liquefied natural gas (LNG) supply and another $300 million is syndicate financing.
The Secured Overnight Financing Rate (SOFR)-based interest cost is the highest that Pakistan will pay on any foreign commercial loan. The Ministry of Finance was initially reluctant to strike the deal because of its implications for future foreign commercial financing.
Attempts were also made to take additional loans from bilateral creditors but there was no positive response, according to officials. The government tried to avoid the expensive path but was left with no option after it found all other avenues closed.
However, the bilateral creditors agreed to roll over $12 billion worth of cash deposits, which paved the way for securing the date of September 25 for considering Pakistan's case in the IMF Executive Board meeting.
IMF Director for Communication Julie Kozack said on Thursday, "We are very happy that we can say now that the board meeting is scheduled to take place on September 25. And this is following Pakistan obtaining necessary financing assurances from its development partners."
Kozack said that the new Extended Fund Facility (EFF) arrangement that will be subject to the board approval follows the successful implementation of the 2023 nine-month standby arrangement.
Consistent policymaking has supported economic stability in Pakistan, most notably the resumption of growth, significant disinflation, and significant increase in the country's international reserves, she added.
In early August, Finance Minister Muhammad Aurangzeb revealed that Pakistan had an offer for a foreign commercial bank loan but he would try that the government got the loan after approval of the IMF package to ensure a lower interest rate.
From 2017 to 2021, Standard Chartered Bank gave four different loan facilities totaling $1.9 billion. Since 2021, it has not given any new loan. In 2017, the bank gave a $700 million loan at a fixed interest rate of 4.5%. In 2019, it lent $200 million at the London Inter-bank Offered Rate (Libor) plus a 3.25% margin. The bank also offered two facilities of $1 billion at Libor plus 2.4% interest rate.
Despite improving Pakistan's ratings, the international credit rating agencies still see lending to the country as highly risky and have placed it in the "C" category.
There was no other choice but to take the loan as lenders were not willing to extend funding at lower rates, said senior government officials. The finance minister and the finance secretary will travel to London next week to attend a seminar being arranged by JPMorgan Pakistan. The minister is expected to sell the story of Pakistan's turnaround and the stability the IMF programme will bring.
The country needs more foreign financing in the coming years as it will be facing the mammoth task of arranging $26 billion annually to repay debt and remain afloat. For this fiscal year, the central bank governor has said that the external debt repayment will be $26 billion, including the $16 billion that Pakistan will not pay and is expected to be rolled over.
IMF's Julie Kozack said that it is critical that Pakistani authorities recognise, and they do recognise, that consistent implementation of the new EFF is going to be necessary to successfully and sustainably stabilise the economy and pave the way for stronger and sustainable growth.
She said that it is so important to have stronger and sustainable growth to create job opportunities, especially for the young people or people who are looking to improve their standard of living.
Kozack said that the new programme is really aiming to build on this momentum and ultimately create a sustainable environment for strong growth and job creation, for the benefit of the Pakistani people, so they can reach their aspirations.
tribune.com.pk
=================================
Govt takes loan at highest rate
The government has struck a $600 million commercial loan deal with a European bank at double-digit interest rate – the highest in the country's history – to qualify for approval of a $7 billion International Monetary Fund (IMF) bailout package.
The Ministry of Finance had to swallow the bitter pill of paying the highest-ever interest rate after it could not get any additional financing from the bilateral sovereign creditors, said government sources.
The government has accepted the term sheet of Standard Chartered Bank, London, for two loans totaling $600 million, according to the sources. The country would pay the highest interest rate of around 11%, they said.
Of the total, $300 million has been obtained for liquefied natural gas (LNG) supply and another $300 million is syndicate financing.
The Secured Overnight Financing Rate (SOFR)-based interest cost is the highest that Pakistan will pay on any foreign commercial loan. The Ministry of Finance was initially reluctant to strike the deal because of its implications for future foreign commercial financing.
Attempts were also made to take additional loans from bilateral creditors but there was no positive response, according to officials. The government tried to avoid the expensive path but was left with no option after it found all other avenues closed.
However, the bilateral creditors agreed to roll over $12 billion worth of cash deposits, which paved the way for securing the date of September 25 for considering Pakistan's case in the IMF Executive Board meeting.
IMF Director for Communication Julie Kozack said on Thursday, "We are very happy that we can say now that the board meeting is scheduled to take place on September 25. And this is following Pakistan obtaining necessary financing assurances from its development partners."
Kozack said that the new Extended Fund Facility (EFF) arrangement that will be subject to the board approval follows the successful implementation of the 2023 nine-month standby arrangement.
Consistent policymaking has supported economic stability in Pakistan, most notably the resumption of growth, significant disinflation, and significant increase in the country's international reserves, she added.
In early August, Finance Minister Muhammad Aurangzeb revealed that Pakistan had an offer for a foreign commercial bank loan but he would try that the government got the loan after approval of the IMF package to ensure a lower interest rate.
From 2017 to 2021, Standard Chartered Bank gave four different loan facilities totaling $1.9 billion. Since 2021, it has not given any new loan. In 2017, the bank gave a $700 million loan at a fixed interest rate of 4.5%. In 2019, it lent $200 million at the London Inter-bank Offered Rate (Libor) plus a 3.25% margin. The bank also offered two facilities of $1 billion at Libor plus 2.4% interest rate.
Despite improving Pakistan's ratings, the international credit rating agencies still see lending to the country as highly risky and have placed it in the "C" category.
There was no other choice but to take the loan as lenders were not willing to extend funding at lower rates, said senior government officials. The finance minister and the finance secretary will travel to London next week to attend a seminar being arranged by JPMorgan Pakistan. The minister is expected to sell the story of Pakistan's turnaround and the stability the IMF programme will bring.
The country needs more foreign financing in the coming years as it will be facing the mammoth task of arranging $26 billion annually to repay debt and remain afloat. For this fiscal year, the central bank governor has said that the external debt repayment will be $26 billion, including the $16 billion that Pakistan will not pay and is expected to be rolled over.
IMF's Julie Kozack said that it is critical that Pakistani authorities recognise, and they do recognise, that consistent implementation of the new EFF is going to be necessary to successfully and sustainably stabilise the economy and pave the way for stronger and sustainable growth.
She said that it is so important to have stronger and sustainable growth to create job opportunities, especially for the young people or people who are looking to improve their standard of living.
Kozack said that the new programme is really aiming to build on this momentum and ultimately create a sustainable environment for strong growth and job creation, for the benefit of the Pakistani people, so they can reach their aspirations.
Govt takes loan at highest rate | The Express Tribune
Deal for $600m commercial bank loan paves way for IMF board meeting
tribune.com.pk
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Hitman
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Probably Pakistan needs Nawaz Sharif back as PM.
DeadlyVenom
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We are the kings of taking loans to pay off other loans.The government has struck a $600 million commercial loan deal with a European bank at double-digit interest rate – the highest in the country's history – to qualify for approval of a $7 billion International Monetary Fund (IMF) bailout package.
=================================
Govt takes loan at highest rate
The government has struck a $600 million commercial loan deal with a European bank at double-digit interest rate – the highest in the country's history – to qualify for approval of a $7 billion International Monetary Fund (IMF) bailout package.
The Ministry of Finance had to swallow the bitter pill of paying the highest-ever interest rate after it could not get any additional financing from the bilateral sovereign creditors, said government sources.
The government has accepted the term sheet of Standard Chartered Bank, London, for two loans totaling $600 million, according to the sources. The country would pay the highest interest rate of around 11%, they said.
Of the total, $300 million has been obtained for liquefied natural gas (LNG) supply and another $300 million is syndicate financing.
The Secured Overnight Financing Rate (SOFR)-based interest cost is the highest that Pakistan will pay on any foreign commercial loan. The Ministry of Finance was initially reluctant to strike the deal because of its implications for future foreign commercial financing.
Attempts were also made to take additional loans from bilateral creditors but there was no positive response, according to officials. The government tried to avoid the expensive path but was left with no option after it found all other avenues closed.
However, the bilateral creditors agreed to roll over $12 billion worth of cash deposits, which paved the way for securing the date of September 25 for considering Pakistan's case in the IMF Executive Board meeting.
IMF Director for Communication Julie Kozack said on Thursday, "We are very happy that we can say now that the board meeting is scheduled to take place on September 25. And this is following Pakistan obtaining necessary financing assurances from its development partners."
Kozack said that the new Extended Fund Facility (EFF) arrangement that will be subject to the board approval follows the successful implementation of the 2023 nine-month standby arrangement.
Consistent policymaking has supported economic stability in Pakistan, most notably the resumption of growth, significant disinflation, and significant increase in the country's international reserves, she added.
In early August, Finance Minister Muhammad Aurangzeb revealed that Pakistan had an offer for a foreign commercial bank loan but he would try that the government got the loan after approval of the IMF package to ensure a lower interest rate.
From 2017 to 2021, Standard Chartered Bank gave four different loan facilities totaling $1.9 billion. Since 2021, it has not given any new loan. In 2017, the bank gave a $700 million loan at a fixed interest rate of 4.5%. In 2019, it lent $200 million at the London Inter-bank Offered Rate (Libor) plus a 3.25% margin. The bank also offered two facilities of $1 billion at Libor plus 2.4% interest rate.
Despite improving Pakistan's ratings, the international credit rating agencies still see lending to the country as highly risky and have placed it in the "C" category.
There was no other choice but to take the loan as lenders were not willing to extend funding at lower rates, said senior government officials. The finance minister and the finance secretary will travel to London next week to attend a seminar being arranged by JPMorgan Pakistan. The minister is expected to sell the story of Pakistan's turnaround and the stability the IMF programme will bring.
The country needs more foreign financing in the coming years as it will be facing the mammoth task of arranging $26 billion annually to repay debt and remain afloat. For this fiscal year, the central bank governor has said that the external debt repayment will be $26 billion, including the $16 billion that Pakistan will not pay and is expected to be rolled over.
IMF's Julie Kozack said that it is critical that Pakistani authorities recognise, and they do recognise, that consistent implementation of the new EFF is going to be necessary to successfully and sustainably stabilise the economy and pave the way for stronger and sustainable growth.
She said that it is so important to have stronger and sustainable growth to create job opportunities, especially for the young people or people who are looking to improve their standard of living.
Kozack said that the new programme is really aiming to build on this momentum and ultimately create a sustainable environment for strong growth and job creation, for the benefit of the Pakistani people, so they can reach their aspirations.
Govt takes loan at highest rate | The Express Tribune
Deal for $600m commercial bank loan paves way for IMF board meeting
Kianig89
Senior Test Player
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Shehbaz Sharif is the most loathed hated PM in the country' history add to it his uninspiring personality and clown type body language reeks out incompetence and negligence.
16Billion he was about to be charged guilty for money laundering , not to mention his Nandipur plant Multan Metro and other corruption cases.
Yes he is on the wrong side of history but even then he has no plan no vision no strategy to get the country out of this mess.
Infact the electricians and seargants in Parliament had more power than him as evident by the 10th Sep debacle.
As ridiculous and barbaric it may sound but we can start rebuilding of this country by public hanging of country's executive
16Billion he was about to be charged guilty for money laundering , not to mention his Nandipur plant Multan Metro and other corruption cases.
Yes he is on the wrong side of history but even then he has no plan no vision no strategy to get the country out of this mess.
Infact the electricians and seargants in Parliament had more power than him as evident by the 10th Sep debacle.
As ridiculous and barbaric it may sound but we can start rebuilding of this country by public hanging of country's executive
rpant_gabba
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Does it mean that Pakistan has thrown in the towel? its not like it has a critical mass of educated workforce to build an economy or will for the next couple of decades (based on kids school attendance)
DeadlyVenom
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Not thrown in the towel. There is enough educated people to start to pull the country in the right direction and effect change. It will require leadership though
rpant_gabba
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Selling yourself to the highest bidder is not exactly positive sign...when it has been in practice fro 5+ decades
Really? huh.
so.... it s dead end.
Theanonymousone
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Hope the dust settles down and Pakistan will move in the right path.
A deteriorating economic state of Pakistan is not in the best interests of India as we are neighbors and will lose on the possible synergies for trade and other aspects.
A deteriorating economic state of Pakistan is not in the best interests of India as we are neighbors and will lose on the possible synergies for trade and other aspects.
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Prime Minister Shehbaz Sharif on Wednesday received a telephone call from King Charles III of Great Britain, who invited him to attend the Commonwealth Heads of Government Meeting (CHOGM) in Samoa in October, a statement from the Prime Minister’s House said
According to the Commonwealth’s website, government heads meet every two years for the CHOGM, hosted by different member countries on a rotating basis. The 2022 meeting was held in Rwanda, whereas this year, Samoa will host the event, which will run from October 21-26.
According to the PMO statement, PM Shehbaz accepted the invitation, saying that the summit would be a “significant moment” in the history of the Commonwealth since this would be the first summit the King would chair since becoming head of the commonwealth in September 2022.
“Prime Minister Sharif reiterated Pakistan’s commitment to the Commonwealth and the values enshrined in the Commonwealth Charter,” the statement said.
“He said that the CHOGM in Samoa would provide a forum to discuss opportunities for enhancing intra-Commonwealth cooperation on a number of important issues, such as fostering sustainable development, strengthening democratic institutions, and empowering Commonwealth youth.”
Noting the King’s longstanding interest in environmental issues and various initiatives for climate sustainability, PM Shehbaz said he particularly looked forward to engaging with Commonwealth leaders on climate change, especially since Pakistan is highly vulnerable to the impacts of climate change.
In 2022, Pakistan faced the worst floods in its history, triggered by climate change. The devastating floods claimed 1,700 lives, washed away swathes of agricultural land, affected 33 million people, and incurred losses worth $30 billion, according to government estimates.
The prime minister also inquired after the king’s health and conveyed his best wishes for the Princess of Wales, who announced earlier this month that she had successfully completed her chemotherapy treatment.
PM Shehbaz visited London in May last year to attend the coronation of King Charles III, as well as the Commonwealth Heads of Government Meeting.
He had said in a tweet before his departure that relations between the two countries were “rooted in shared history and multifaceted bonds that have grown stronger over the decades”.
“The British monarch and the royal family have been great friends of Pakistan,” he had said.
Source: Dawn News
According to the Commonwealth’s website, government heads meet every two years for the CHOGM, hosted by different member countries on a rotating basis. The 2022 meeting was held in Rwanda, whereas this year, Samoa will host the event, which will run from October 21-26.
According to the PMO statement, PM Shehbaz accepted the invitation, saying that the summit would be a “significant moment” in the history of the Commonwealth since this would be the first summit the King would chair since becoming head of the commonwealth in September 2022.
“Prime Minister Sharif reiterated Pakistan’s commitment to the Commonwealth and the values enshrined in the Commonwealth Charter,” the statement said.
“He said that the CHOGM in Samoa would provide a forum to discuss opportunities for enhancing intra-Commonwealth cooperation on a number of important issues, such as fostering sustainable development, strengthening democratic institutions, and empowering Commonwealth youth.”
Noting the King’s longstanding interest in environmental issues and various initiatives for climate sustainability, PM Shehbaz said he particularly looked forward to engaging with Commonwealth leaders on climate change, especially since Pakistan is highly vulnerable to the impacts of climate change.
In 2022, Pakistan faced the worst floods in its history, triggered by climate change. The devastating floods claimed 1,700 lives, washed away swathes of agricultural land, affected 33 million people, and incurred losses worth $30 billion, according to government estimates.
The prime minister also inquired after the king’s health and conveyed his best wishes for the Princess of Wales, who announced earlier this month that she had successfully completed her chemotherapy treatment.
PM Shehbaz visited London in May last year to attend the coronation of King Charles III, as well as the Commonwealth Heads of Government Meeting.
He had said in a tweet before his departure that relations between the two countries were “rooted in shared history and multifaceted bonds that have grown stronger over the decades”.
“The British monarch and the royal family have been great friends of Pakistan,” he had said.
Source: Dawn News
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FBR decides to freeze bank accounts over inaccurate tax returns
The Federal Board of Revenue (FBR) is taking a hard line against taxpayers who submit incorrect or incomplete income tax returns. In an effort to curb tax non-compliance, the FBR has proposed a series of stringent measures that could impact both individuals and businesses.
These measures, proposed by the FBR’s Member Inland Revenue (Operations), aim to ensure accurate and complete tax filings across the board, including Tier-1 retailers and manufacturers.
The proposed penalties include a hefty fine of Rs. 1,000,000 for each incorrect or incomplete return filed and disconnection of utilities for those who file inaccurate returns.
The penalties will also include freezing of bank accounts for those who file inaccurate returns and a ban on purchasing property or vehicles for those who file inaccurate returns.
AAJ News
The Federal Board of Revenue (FBR) is taking a hard line against taxpayers who submit incorrect or incomplete income tax returns. In an effort to curb tax non-compliance, the FBR has proposed a series of stringent measures that could impact both individuals and businesses.
These measures, proposed by the FBR’s Member Inland Revenue (Operations), aim to ensure accurate and complete tax filings across the board, including Tier-1 retailers and manufacturers.
The proposed penalties include a hefty fine of Rs. 1,000,000 for each incorrect or incomplete return filed and disconnection of utilities for those who file inaccurate returns.
The penalties will also include freezing of bank accounts for those who file inaccurate returns and a ban on purchasing property or vehicles for those who file inaccurate returns.
AAJ News
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Pakistan records 14% increase in exports
Pakistan’s exports recorded a significant 14 per cent increase in the beginning of this financial year due to the support of Special Investment Facilitation Council (SIFC).
According to the statistics, exports increased by 620 million dollars to reach 5.1 billion dollars in August.
Due to increase in exports, the country’s trade deficit has narrowed to 3.6 billion dollars from 3.751 billion dollars at the beginning of the current fiscal year.
Meanwhile, imports of high-duty items such as vehicles, home appliances, and other consumer goods such as garments, fabrics and footwear fell by 1.3 per cent in August.
With the support of SIFC, the government is considering various measures to increase domestic exports and stabilize the economy. Recently, a trade liberalization plan has been finalized to boost the country’s exports and economy.
The country’s external debt has decreased in the last few months as a result of government’s measures to strengthen the economy.
Pakistan’s Information and Communication Technology (ICT) export remittances have surged by 30% to US$ 584 million during the first two months of Financial Year 2024-25 (July -Aug) in comparison to US$ 449 million reported during the corresponding period last year of FY 2023-24.
According to the Ministry of Information Technology and Telecommunication in August 2024, ICT services export remittances of US$ 298 million have been received, an increase of 26.8% in comparison to US$ 235 million in August 2023.
In comparison to the previous month (July 2024), ICT services export remittances increased by US$ 12 million to reach 298 million, an increase of 4%.
arynews.tv
Pakistan’s exports recorded a significant 14 per cent increase in the beginning of this financial year due to the support of Special Investment Facilitation Council (SIFC).
According to the statistics, exports increased by 620 million dollars to reach 5.1 billion dollars in August.
Due to increase in exports, the country’s trade deficit has narrowed to 3.6 billion dollars from 3.751 billion dollars at the beginning of the current fiscal year.
Meanwhile, imports of high-duty items such as vehicles, home appliances, and other consumer goods such as garments, fabrics and footwear fell by 1.3 per cent in August.
With the support of SIFC, the government is considering various measures to increase domestic exports and stabilize the economy. Recently, a trade liberalization plan has been finalized to boost the country’s exports and economy.
The country’s external debt has decreased in the last few months as a result of government’s measures to strengthen the economy.
Pakistan’s Information and Communication Technology (ICT) export remittances have surged by 30% to US$ 584 million during the first two months of Financial Year 2024-25 (July -Aug) in comparison to US$ 449 million reported during the corresponding period last year of FY 2023-24.
According to the Ministry of Information Technology and Telecommunication in August 2024, ICT services export remittances of US$ 298 million have been received, an increase of 26.8% in comparison to US$ 235 million in August 2023.
In comparison to the previous month (July 2024), ICT services export remittances increased by US$ 12 million to reach 298 million, an increase of 4%.
Pakistan records 14% increase in exports
Pakistan's exports recorded a significant 14 per cent increase in the beginning of this financial year due to the support of Special Investment
arynews.tv
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FBR decides to launch a strict crackdown against non-filers starting October 1
The Federal Board of Revenue (FBR) has decided to launch a stringent crackdown against non-filers starting October 1. This will include imposing restrictions on non-filers traveling abroad, among other measures.
A senior official from the FBR stated that the board plans to take strict enforcement actions after October 1, aiming to achieve an annual tax target of approximately 13 trillion rupees. As part of this campaign, millions of non-filers will receive final tax notices.
The FBR also mentioned that restrictions may be imposed on non-filers traveling abroad, along with strategies to disconnect mobile SIMs and utility connections for electricity and gas.
Additionally, there is a proposal to ban non-filers from buying and selling property and vehicles.
The FBR has stated that income tax returns for the fiscal year 2024 must be submitted by September 30.
Those who fail to file their tax returns will be subject to double withholding tax.
Additionally, it has been decided to conduct extensive audits of taxpayers after the deadline passes.
According to sources, there is a plan to collect billions in taxes from ten major sectors, including retail, wholesale, transport, real estate, construction, health, and education.
The FBR possesses complete records of citizens' transactions, and heavy fines will be imposed in cases of tax evasion or incorrect information.
In a bid to achieve the ambitious tax target for the fiscal year 2024-25, the government has allocated an additional Rs34 billion to modernise the Federal Board of Revenue (FBR).
Recently, the FBR announced plans to enlist intelligence agencies to identify officers involved in corruption.
As part of its strategy, the government aims to collect Rs450 billion through enforcement measures, focusing on digitally capturing Rs48 trillion in services sector supplies over the next three months.
Prime Minister Shehbaz Sharif has expressed support for the FBR's initiatives, which are deemed essential for meeting the annual tax target of Rs12.97 trillion.
Source: The Express Tribune
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Pakistan records 14% increase in exports
Pakistan’s exports recorded a significant 14 per cent increase in the beginning of this financial year due to the support of Special Investment Facilitation Council (SIFC).
According to the statistics, exports increased by 620 million dollars to reach 5.1 billion dollars in August.
Due to increase in exports, the country’s trade deficit has narrowed to 3.6 billion dollars from 3.751 billion dollars at the beginning of the current fiscal year.
Meanwhile, imports of high-duty items such as vehicles, home appliances, and other consumer goods such as garments, fabrics and footwear fell by 1.3 per cent in August.
With the support of SIFC, the government is considering various measures to increase domestic exports and stabilize the economy. Recently, a trade liberalization plan has been finalized to boost the country’s exports and economy.
The country’s external debt has decreased in the last few months as a result of government’s measures to strengthen the economy.
arynews.tv
Pakistan’s exports recorded a significant 14 per cent increase in the beginning of this financial year due to the support of Special Investment Facilitation Council (SIFC).
According to the statistics, exports increased by 620 million dollars to reach 5.1 billion dollars in August.
Due to increase in exports, the country’s trade deficit has narrowed to 3.6 billion dollars from 3.751 billion dollars at the beginning of the current fiscal year.
Meanwhile, imports of high-duty items such as vehicles, home appliances, and other consumer goods such as garments, fabrics and footwear fell by 1.3 per cent in August.
With the support of SIFC, the government is considering various measures to increase domestic exports and stabilize the economy. Recently, a trade liberalization plan has been finalized to boost the country’s exports and economy.
The country’s external debt has decreased in the last few months as a result of government’s measures to strengthen the economy.
Pakistan records 14% increase in exports
Pakistan's exports recorded a significant 14 per cent increase in the beginning of this financial year due to the support of Special Investment
arynews.tv
rpant_gabba
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Question for Pak posters who follow their economy
in 2023
>>>Pakistan has succeeded in a decent export figure of $27.724 billion during FY23. Imports stood significantly higher at $55.198 billion during FY23.<<
>>>Remittance inflows of $26.3 billion in 2023 marked a downward 11.7 per cent yearly change<<
Debt interest: I have read its ~$5 billion per year
Revenue= exports+remittance = ~$54 Billion/year
Expense = Imports + dent interest = ~$60 billion/year
shortfall = ~$5 billion /year
This has been the trend for a while
tradingeconomics.com
Even if one assumed there is no new debt, the interest alone is sink pak economy.
Al those who are optimistic, what is the fix?
what is goign to disruo this downward spiral. CPEC was supposed to be the game changer. Is there a another game changer in the horizon?
in 2023
>>>Pakistan has succeeded in a decent export figure of $27.724 billion during FY23. Imports stood significantly higher at $55.198 billion during FY23.<<
>>>Remittance inflows of $26.3 billion in 2023 marked a downward 11.7 per cent yearly change<<
Debt interest: I have read its ~$5 billion per year
Revenue= exports+remittance = ~$54 Billion/year
Expense = Imports + dent interest = ~$60 billion/year
shortfall = ~$5 billion /year
This has been the trend for a while
Pakistan Total External Debt
External Debt in Pakistan increased to 130502 USD Million in the second quarter of 2024 from 130412 USD Million in the first quarter of 2024. This page provides - Pakistan External Debt - actual values, historical data, forecast, chart, statistics, economic calendar and news.
tradingeconomics.com
Even if one assumed there is no new debt, the interest alone is sink pak economy.
Al those who are optimistic, what is the fix?
what is goign to disruo this downward spiral. CPEC was supposed to be the game changer. Is there a another game changer in the horizon?
offstump
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The fix is to convert debt into equity grants in state owned enterprises. Pakistan is there somewhat in that they are selling off state owned enterprises like PIA, but the ultimate fix would be to swapping the debt for equity stakes. They can not only reduce the debt burden by doing this but also get away from bleeding cash by funding these over bloated state owned enterprises.Question for Pak posters who follow their economy
in 2023
>>>Pakistan has succeeded in a decent export figure of $27.724 billion during FY23. Imports stood significantly higher at $55.198 billion during FY23.<<
>>>Remittance inflows of $26.3 billion in 2023 marked a downward 11.7 per cent yearly change<<
Debt interest: I have read its ~$5 billion per year
Revenue= exports+remittance = ~$54 Billion/year
Expense = Imports + dent interest = ~$60 billion/year
shortfall = ~$5 billion /year
This has been the trend for a while
Pakistan Total External Debt
External Debt in Pakistan increased to 130502 USD Million in the second quarter of 2024 from 130412 USD Million in the first quarter of 2024. This page provides - Pakistan External Debt - actual values, historical data, forecast, chart, statistics, economic calendar and news.
Even if one assumed there is no new debt, the interest alone is sink pak economy.
Al those who are optimistic, what is the fix?
what is goign to disruo this downward spiral. CPEC was supposed to be the game changer. Is there an another game changer in the horizon?
rpant_gabba
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So what is worth buying in pakistan for $131B? All your state owned enterprises are loss makers.
I understand selling equity would be good for Pak, but what good is it for the buyer?
what is the point of buying equity if you have no control over how its run and has a track record of major losses year after year and uncontrolled corruption?
If I can do the math, so can potential buyers.
offstump
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Nothing is worth that much but we can make a sizeable dent. What’s good for the buyer is the same for any distressed asset, long term growth potential. The buyer will have full control over the asset as Pak would have to sell it off completely or a major share. What is better for the lender, the risk of Pakistan defaulting on their loans or a physical asset that can be turned around over the long term?
rpant_gabba
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Is there any long term growth potential with the decades long political uncertainty ( which has no end in sight) and with 25% of young kids out of school?
Will establishment ever allow that?
Physical asset? as in land? equity in state owned enterprise is not a physical asset
Assuming for a minute that debt is not an issue, Pak is still relying on workers remiittances to pay 50% of its bills. has been that way for decades now. is that tangible model for growth?
offstump
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Forecasted GDP growth is 2-3% for the next couple of years. For the short to medium term it’s modest but the long term potential is there.
Physical assets as in an airline for example. This is a key IMF recommendation that Pakistan is following through on. Around 40% of Pakistan’s current GDP is tied up in these bloated organizations. There are 25 or so of these state owned enterprises ranging from the power sector, distribution, insurance etc.
“Assuming for a minute debt is no longer an issue,” then the 50% remittance figure will naturally have a lower contributing percentage for growth.
JaDed
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They didn’t sell PIA, they transferred the debt to the people.
They just transferred the ownership.
Bhaijaan
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Pakistan records 14% increase in exports
Pakistan’s exports recorded a significant 14 per cent increase in the beginning of this financial year due to the support of Special Investment Facilitation Council (SIFC).
According to the statistics, exports increased by 620 million dollars to reach 5.1 billion dollars in August.
Due to increase in exports, the country’s trade deficit has narrowed to 3.6 billion dollars from 3.751 billion dollars at the beginning of the current fiscal year.
Meanwhile, imports of high-duty items such as vehicles, home appliances, and other consumer goods such as garments, fabrics and footwear fell by 1.3 per cent in August.
With the support of SIFC, the government is considering various measures to increase domestic exports and stabilize the economy. Recently, a trade liberalization plan has been finalized to boost the country’s exports and economy.
The country’s external debt has decreased in the last few months as a result of government’s measures to strengthen the economy.
Pakistan records 14% increase in exports
Pakistan's exports recorded a significant 14 per cent increase in the beginning of this financial year due to the support of Special Investment
Great news.
Keep it going brothers
Red-Indian
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I think there's a couple of things you're missing in your analysisQuestion for Pak posters who follow their economy
in 2023
>>>Pakistan has succeeded in a decent export figure of $27.724 billion during FY23. Imports stood significantly higher at $55.198 billion during FY23.<<
>>>Remittance inflows of $26.3 billion in 2023 marked a downward 11.7 per cent yearly change<<
Debt interest: I have read its ~$5 billion per year
Revenue= exports+remittance = ~$54 Billion/year
Expense = Imports + dent interest = ~$60 billion/year
shortfall = ~$5 billion /year
This has been the trend for a while
Pakistan Total External Debt
External Debt in Pakistan increased to 130502 USD Million in the second quarter of 2024 from 130412 USD Million in the first quarter of 2024. This page provides - Pakistan External Debt - actual values, historical data, forecast, chart, statistics, economic calendar and news.
Even if one assumed there is no new debt, the interest alone is sink pak economy.
Al those who are optimistic, what is the fix?
what is goign to disruo this downward spiral. CPEC was supposed to be the game changer. Is there a another game changer in the horizon?
- You're thinking current account deficit. There's inflows (and outflows) on the capital account that have to be taken into consideration. For example, India's current account deficit is upwards of $5B a quarter. However, India's been building reserves for years so obviously we're experiencing net inflows on the capital account. Pakistan could theoretically do the same
- Pakistan's external debt to GDP ratio, while not good at ~36% is certainly not catastrophic. Theoretically, if they had viable lenders they could continue to borrow for a while
In the short to medium term, Pakistan has only one option - push out interest repayments as far as possible reprofiling the debt and borrowing (mainly from the IMF, China & the Saudis) to balance the remaining deficit.
In the longer term, they'll have to work on a bunch of things. -
- As @offstump said, they'll have to convert some of the debt to equity. Sri Lanka sold China it's port. Pakistan can consider something similar. Maybe they can even get some debt forgiveness
- They'll have to bring in some money on the Capital account - especially FDI, mainly from China. I think labour's getting increasingly expensive in China. Pakistan will have to position itself as China's source of cheap labour and therefore persuade the Chinese government to relocate some of their most low value add, labour intensive industries to their close ally. That'll have the added benefit of increasing export revenues.
- They'll have to continue maintaining rigid controls on imports
It's a hard path.
offstump
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Yea that’s correct however they got a much better deal from lenders to cut the interest rate on the debt in half. FYI, they split PIA into two companies; one is the holding company which contains the commercial debt and the other is the actual airline which they haven’t sold yet, the asset is still for sale.
JaDed
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Feel to smack their faces for this level of inefficiency.
PIA went from a top airline to the biggest disaster with crew absconding issues.
offstump
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Story of pretty much every state owned enterprise in Pakistan unfortunately.
Kianig89
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Upto Rs.500,000 fine and 3 years of prison for those reporting inaccurate returns, what if it is due to ignorance. Filing tax is definitely not as smooth as gov. is advocating.
A simple salaried person will need these docs for proper filing
1) Sim Network Annual Tax Certificate , as many as no of Sims
2) Salary Certificates
3) Broadband Co. Tax Certificate
4) Utilities, Elect., Gas etc
5) House Owner, Tax Certificate
6) Yearly Bank Statements, Salary Acc + if any other*
7) Records of any asset Pur/Sale Receipt.
8)* Any other Acc. Yearly TAX Certificate
Not to mention the behavior of those sitting in offices for providing these certificates
A simple salaried person will need these docs for proper filing
1) Sim Network Annual Tax Certificate , as many as no of Sims
2) Salary Certificates
3) Broadband Co. Tax Certificate
4) Utilities, Elect., Gas etc
5) House Owner, Tax Certificate
6) Yearly Bank Statements, Salary Acc + if any other*
7) Records of any asset Pur/Sale Receipt.
8)* Any other Acc. Yearly TAX Certificate
Not to mention the behavior of those sitting in offices for providing these certificates
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Pakistan’s economy is moving in right direction: IMF official
International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that Pakistan’s economy is moving in the right direction, ARY News reported.
Speaking to newsmen after the IMF Executive Board meeting, Kristalina Georgieva congratulated the government and people of Pakistan
She also praised the country’s economic situation, citing significant reforms and improved growth. The IMF Managing Director said that Pakistan made reforms and the country’s economy has improved.
She said that Pakistan presented its reform program before the board for the loan programme. Kristalina Georgieva said that the Pakistani government is giving relief to the poor.
arynews.tv
International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that Pakistan’s economy is moving in the right direction, ARY News reported.
Speaking to newsmen after the IMF Executive Board meeting, Kristalina Georgieva congratulated the government and people of Pakistan
She also praised the country’s economic situation, citing significant reforms and improved growth. The IMF Managing Director said that Pakistan made reforms and the country’s economy has improved.
She said that Pakistan presented its reform program before the board for the loan programme. Kristalina Georgieva said that the Pakistani government is giving relief to the poor.
Pakistan's economy is moving in right direction: IMF official
Washington DC: International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that Pakistan's economy is moving in the right direction, ARY
arynews.tv
rpant_gabba
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2-3% is just enough to keep with population growth and inflation and how often has pakistan met the forecast?
How many planes does PIA own? don't they lease most of the planes? They don't own airports. so what is the physical asset.
I can see routes and landing rights being useful. how much is that worth?
K
Could you clarify? I'm not sure what you are trying to say there.
rpant_gabba
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If you CAD is significantly negative for a decade or more, how exactly are you going to build up you forex reserves?
They have gone to the IMF 20+ times and never completed single program. Who is left to lend?
Wasn't that what happened with inflows from WOT thro' CSF funds and pause on debt repayment for Mush putting out to W?
Regarding IMF China and Saudi's none of them are in the mood
In exchange for what exactly?
SL is staring down the barrel
Wasn't CPEC supposed to be game changer? why would China throw good money after bad money? I can the taking equity for some of what is owed. maybe. I odn;t see any FDI from China. Maybe more guranteed return high interest loans
such as? Does pakistan have the skilled workforce that will work like the chinese work force? doubt it.
very hard path with ~30% of kids not getting primary education
Last edited by a moderator:
Red-Indian
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Good question. Maybe they can ask India
Essentially, make up the difference on the capital account.
Pakistan will just have to beg I guess. The leaders have gotten pretty good at it and there's really no other option.
Natural resources are the only thing left. Mines, ports - stuff like that.
That's true. They'll have to identify the least skilled stuff - whatever garment manufacturing is left in China, fiddly toy making, coal mining.
I agree it's a tall order and there's not much hope but that's what the IMF is setting the map for and betting on for the new fund facility.
Bhaijaan
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Say whatever there is a sense of calm and assurance in Pakistan since last many months ever since Imran Khan got locked up.
rpant_gabba
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Source for this would who or what?
So a $7billion loan has been agreed by IMF now. Obviously this is way too substantial, and with the right governance, can lead to Pakistan coming out of the poor economic situation. It's just too much money to mishandle and mismanage, and only the biggest of crooks would be able to get out of it with a no-show.
Too much resting on PMLN's shoulders now. And one can only hope they'll get serious about the governing the country and think less about their own fat pockets.
Too much resting on PMLN's shoulders now. And one can only hope they'll get serious about the governing the country and think less about their own fat pockets.
Red-Indian
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External borrowings - governmental and non-governmental, FDI, FPI. Sems far-fetched today but takes only a few years of stability for things to change. Vietnam looked a basket case but is now the darling of macro-economists.
Whether Pakistan can do it, who knows? It's tough to be optimistic but the prescription is there.
rpant_gabba
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couple of points. external borrowings means more debt and more interest. Its great if you can turn that into productivity
FDI: need to to turn that into productivity
Vietnam was punished (just like india was till late 80's) for with little to no FDI and no trade.
Pak got the velvet gloves in the 50's, 60's, 70's and 80's . they have butkus to show for it.
Vietnamese are a completely different breed of people from a work ethic perspective
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PM Shehbaz highlights UK as third-largest investor in Pakistan during meeting with Keir Starmer
Prime Minister Shehbaz Sharif met with his UK counterpart, Sir Keir Starmer, in New York on the sidelines of the United Nations General Assembly session. A statement was issued in this regard by the PM's Office on Thursday.
During the meeting, the two leaders discussed bilateral relations between Pakistan and the United Kingdom, as well as matters of mutual interest. Both sides agreed on the need to further strengthen ties, particularly in the areas of trade and investment.
The economic situation in Pakistan was also a key topic of discussion. PM Shehbaz highlighted his government's efforts to stabilise and develop the economy with a focus on reforms within the Federal Board of Revenue (FBR) and expanding the tax base.
The PM also briefed his British counterpart on the challenges Pakistan faces due to the adverse effects of climate change. Additionally, he highlighted Pakistan's sacrifices in the fight against terrorism, stressing that terrorism is a global issue that requires collective international action.
PM Shehbaz pointed out that the United Kingdom is the third-largest investor in Pakistan and discussed the various investment opportunities and projects available in the country.
Highlighting the significant role played by the Pakistani diaspora in the UK in the development of both nations, the PM reaffirmed the commitment to strengthening people-to-people connections and exchanges to achieve mutually beneficial goals.
Source: The Express Tribune
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Government paints rosy picture of economy
ISLAMABAD: Despite significantly lower fertiliser off-take and poorer cotton sowing, the government on Friday anticipated a positive economic trajectory on the back of accommodative monetary policy, good fiscal control and subsiding inflationary pressures with consumer price index estimated to stay in 8-9 per cent in September and October.Pakistan’s economy showed positive developments during the first two months of FY25 as most of the indicators showed improvement, said the Ministry of Finance (MoF) in its monthly economic update and outlook for September.
“Inflation has dropped to single digits, industrial output has increased, and large exporting sectors have witnessed growth, reflecting an optimistic outlook for exports. The current account deficit contracted, while the fiscal sector remained resilient,” it said, adding that “this trajectory is expected to continue in the coming months”.
It noted that Large-Scale Manufacturing (LSM) was now regaining footing, and major exporting sectors showed readiness to scale up production following a decline. “This recovery is expected to be bolstered by a favourable external environment, a stable exchange rate, and declining inflationary pressures,” it said.
Moreover, an accommodative monetary policy stance, improved investor confidence and the global market recovery were also expected to provide additional support to foster sustainable industrial growth. The government’s commitment to fiscal consolidation will contribute to improved fiscal accounts. For agriculture, the outlook of Kharif production, the weather being a critical factor, will pave the way for productivity.
“Inflation is expected to remain within the range of 8pc to 9pc in September and October,” it said on the back of a recent drop in Consumer Price Index (CPI) to 9.6pc in August, the lowest in 34 months and compared to 27.4pc in the same month last year. Yet, the major drivers contributing to the year-on-year increase in CPI were identified as perishable food items (41pc), housing, water, electricity, gas and fuels (22.2pc), health (17.8pc), clothing and footwear (17.3pc) and transport (3.2pc).
On the external front, the government expected both exports and imports to observe an increase in momentum. In September, the exports will likely remain within the range of $2.5-$3bn, imports $4.5-$5bn and workers’ remittances $2.7-$3.2bn.
The MoF anticipated an elevation in agriculture yield while claiming that the sector was adapting modernisation and innovation in farming practices. “During July-August FY25, imports of agricultural machinery and implements increased by 105.6pc to $17.6m compared to last year. This growing commitment to mechanisation avnd innovation in farming practices is expected to enhance yield in coming months”.
On the contrary, it conceded that urea off-take during Kharif (April-August) declined by 13.6pc to 2,381,000 tonnes compared to Kharif 2023, and DAP off-take decreased by 21.9pc.
The MoF said the LSM sector growth rebounded after a long contraction. Its output increased by 2.4pc in July, rebounding from a contraction of 5.4pc in July 2023, reflecting improved market conditions and policy support. During the period, 14 out of 22 sectors witnessed positive growth.
The fiscal sector retained the primary surplus despite poor revenue showing. In July, the net federal revenues grew by 7.2pc to Rs408.4bn from Rs380.9bn.
Source: DAWN
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Shehbaz lauds army chief for role in securing IMF deal
LONDON: Praising the role of the army chief and friendly countries, Prime Minister Shehbaz Sharif on Saturday said the government would expand Pakistan’s tax net and that the “elite must also make sacrifices”.The prime minister made these remarks at a press conference held at the Churchill Hotel in London, where he had a stopover after attending the UN General Assembly session in New York.
He added that brotherly countries Saudi Arabia, the UAE and China played a significant role in securing the approval of the $7 billion IMF programme. “This deal would not have been possible without them. I would like to thank them for once again taking Pakistan out of a difficult situation.”
Months ago, Finance Minister Muhammad Aurangzeb had made a similar statement, saying that China, Saudi Arabia and the UAE are crucial in helping Pakistan secure its IMF deal due to their potential to extend the maturity in debt owed to them.
PM Shehbaz said that chief of the army staff himself went to a brotherly country to tell them that Pakistan’s IMF time is coming soon, and asked for their support.
He expressed the hope this is the last time Pakistan is going to the IMF. “We need to expand Pakistan’s tax network. The elite must also make sacrifices,” said Shehbaz Sharif, adding that General Asim Munir played “a key role” in the approval of the IMF programme.
“Economic stability is not possible without political stability,” said the premier, adding that they are intertwined. “International organisations have acknowledged that Pakistan is now on the path to progress,” he added.
The PM spoke about his visit to New York, saying “By addressing the UN General Assembly, I conveyed the voice of the Pakistani people to the world.”
He noted the meetings he had with British Prime Minister Keir Starmer and Bangladesh chief adviser Muhammad Yunus, saying they were very positive. He added that efforts were made to strengthen relations with friendly countries.
He lauded the efforts of the caretaker government and the current government to stabilise the economy and political situation, and hit out at the previous PTI government for damaging Pakistan.
“We saved Pakistan from bankruptcy after coming to power,” said PM Shehbaz.
He critcised the PTI and dubbed the May 9 episode “unforgivable” saying those involved in the incident would be forgiven only when they sincerely apologise.
“Their attack on GHQ that day is shameful and an affront to the country’s martyrs. There will be no compromise on May 9. If the perpetrators are sorry they should apologise publicly to the nation.”
He added that the previous government left “no stone unturned in damaging relations with China”.
He also held the previous government responsible for destroying PIA.
To a question on social media curbs, he said, “With people on social media abusing the army and martyrs, we don’t need enemies.”
In New York, PM Shehbaz attended a reception hosted by US President Joe Biden in the honour of the heads of government participating in the UNGA session.
During the reception, President Biden and Prime Minister Shehbaz expressed good wishes for each other.
Source: The Express Tribune
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FBR likely to extend tax return submission deadline
ISLAMABAD: The Federal Bureau of Revenue (FBR) is likely to extend the deadline for the submission of tax returns following the meeting of Chief of Army Staff (COAS) General Asim Munir with the business community in Karachi, The News reported on Sunday citing sources.Sources within the FBR say that the deadline for filing income tax returns for the year 2023-24 is likely to be extended by 15 days for individuals, associations of persons, businessmen and companies.
The development comes after the tax authority, last week, ruled out any extension by the September 30 deadline.
"Historically, a facility used to be given [to the masses] by extending the overall deadline. However, this time the decision has been made that the date [for submission of tax returns] will not be extended and September 30 will be the last date to file tax returns," FBR spokesperson Bakhtiar Muhammad had said while speaking to Geo News.
Acknowledging that some filers may find it difficult to submit their returns before the due date, the spokesperson said such people can reach out to their respective tax commissioners and seek an individual extension as provisioned in the law.
They can secure an extension owing to their specific reasons, however, the deadline will not be pushed beyond September 30 for the entire country overall, he added.
However, the tax body is mulling extending the deadline after the business community, during their meeting with the army chief, suggested that the FBR should create convenience for businessmen instead of difficulties.
The meeting in question refers to COAS General Munir's Karachi visit wherein he interacted with the business community and hailed their contributions towards the country's economic growth, the Inter-Services Public Relations (ISPR) said in a statement on Friday.
President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Atif Ikram has also requested FBR Chairman Rashid Mahmood Langriyal and his team to extend the returns filing date to October 15.
Ikram said that he was in constant contact with the FBR on his suggestion and noted that the last date for filing annual tax returns for individuals should be extended to October 15 so that maximum tax returns could be filed and difficulties faced by taxpayers could be eased.
Meanwhile, FBR sources say that its offices will remain open on Sunday and Monday and banks and tax offices will collect tax returns till 8pm on Monday and ensure that no citizen misses out on filing tax returns.
Source: GEO
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Pakistan to ‘shut’ multiple institutions if privatization fails
The federal government has prepared a plan to privatize several institutions. The plan is part of the government’s right-sizing measures and includes the privatization of multiple entities.
According to sources, the Prime Minister has tasked the Ministry of Privatization and Industry to oversee the privatization process.
The ministry has identified several institutions for privatization, including the Pakistan Stone Development Company, Pakistan Automobile Corporation, and the Pakistan Institute of Management.
Other institutions slated for privatization include the Khadi Crafts Development Company, Agro-Food Processing Company, Leather Crafts Development Company, and the Morafik Industries. The government has also planned to privatize the Southern Punjab Embroidery Industry and the Gujranwala Business Center.
Additionally, the Pakistan Chemical and Energy Sector Skills Development Company and the Spin Yarn Research and Development Company are also on the list for privatization.
Earlier, the federal cabinet approved the privatization of two departments under the Petroleum Division.
The cabinet gave the green signal for the privatization of the Pakistan Mineral Development Corporation and the Saindak Metals Limited (SML).
As part of the privatization process, the Petroleum Division’s department, ENAR Petrotech Services Pvt Ltd will be dissolved. However, the government is yet to decide on the fate of other departments under the Petroleum Division, including the Pakistan State Oil (PSO), Pak-Arab Refinery Limited, and the Sui Gas Companies.
arynews.tv
The federal government has prepared a plan to privatize several institutions. The plan is part of the government’s right-sizing measures and includes the privatization of multiple entities.
According to sources, the Prime Minister has tasked the Ministry of Privatization and Industry to oversee the privatization process.
The ministry has identified several institutions for privatization, including the Pakistan Stone Development Company, Pakistan Automobile Corporation, and the Pakistan Institute of Management.
Other institutions slated for privatization include the Khadi Crafts Development Company, Agro-Food Processing Company, Leather Crafts Development Company, and the Morafik Industries. The government has also planned to privatize the Southern Punjab Embroidery Industry and the Gujranwala Business Center.
Additionally, the Pakistan Chemical and Energy Sector Skills Development Company and the Spin Yarn Research and Development Company are also on the list for privatization.
Earlier, the federal cabinet approved the privatization of two departments under the Petroleum Division.
The cabinet gave the green signal for the privatization of the Pakistan Mineral Development Corporation and the Saindak Metals Limited (SML).
As part of the privatization process, the Petroleum Division’s department, ENAR Petrotech Services Pvt Ltd will be dissolved. However, the government is yet to decide on the fate of other departments under the Petroleum Division, including the Pakistan State Oil (PSO), Pak-Arab Refinery Limited, and the Sui Gas Companies.
Pakistan to 'shut' multiple institutions if privatization fails
ISLAMABAD: The federal government's first priority is to privatize multiple institutions, and the second option is to shut them down if privatization
arynews.tv
Kianig89
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Apart from Stock Market everything is crashing down, and Kse has different dynamics , agricultural manufacturing everything is shrinking
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Economy grows 2.5pc in FY24
Pakistan’s economic growth of 2.52 per cent for 2023–24 missed the projected target of 3.5pc, primarily due to a slump in industrial production, according to the data released by the Pakistan Bureau of Statistics (PBS) on Monday.
The moderate growth was achieved thanks to higher agricultural incomes and worker remittances.
The National Accounts Committee (NAC) convened its 110th meeting on Monday and approved the revised quarterly GDP growth rates for Q1, Q2, Q3, and new estimates for Q4 in FY24, as well as updated annual growth rates for FY23 and FY24.
The Asian Development Bank, in its outlook, also announced a 2.4pc growth for FY24. The bank also forecasts a 2.8pc growth for FY25.
The NAC meeting approved the revised quarterly growth rates for Q1, Q2, and Q3 of FY24, which increased to 2.69pc, 1.97pc, and 2.36pc from 2.71pc, 1.79pc, and 2.09pc at the previous meeting owing to annual benchmark changes.
GDP grew by 3.07pc in the fourth quarter of FY24. The updated provisional and revised growth rates for FY24 and FY23 are 2.52pc and -0.22pc, respectively, compared to the previous NAC meeting’s approvals of 2.38pc and -0.21pc.
The committee approved the updated provisional GDP growth at 2.52pc during FY24 based on improved data from the sources compared to 2.38pc estimated in the previous meeting. The revised growth rates in agriculture, industry and services are 6.36pc, -1.15pc and 2.15pc, respectively.
Agriculture’s healthy increase is mostly owing to double-digit growth in important crops, i.e. 17.02pc, up from 16.82pc at the previous meeting due to improved wheat production (from 31.438 to 31.583 million tonnes). While other crops’ growth has fallen from 0.90pc to -1.20pc, livestock growth has increased from 3.89pc to 4.47pc due to lower inputs. Cotton ginning also increased by 47.23pc compared to a 22.84pc decrease the previous year.
In FY24, industrial output contracted by 1.15pc compared to 1.21pc, as indicated at the previous meeting. Mining and quarrying had been revised downward from 4.85pc to 3.47pc due to a decline in gas (-2.22pc) and coal (-2.10pc). Large-scale manufacturing, as measured by the Quantum Index of Manufacturing (QIM), rose to 0.91pc (July-June QIM) from 0.07pc (July-March QIM) owing to increases in food (from 1.69pc to 1.73pc), wearing clothes (from 5.41pc to 8.24pc), and coke and petroleum (from 4.85pc to 9.81pc).
The fall in the electricity, gas and water supply business has accelerated to 23.05pc against 10.55pc due to a reduced output by Wapda, K-Electric and SNGPL. The construction industry shrank 1.47pc in the updated estimates, down from 5.86pc in the previous meeting, owing to increased construction-related expenditures in the public sector.
The new growth rate for services is 2.15pc compared to 1.21pc in prior projections. There are significant positive developments in wholesale and retail trade (3.39pc vs 0.32pc due to increase in LSM and imports), transport and storage (1.91pc vs 1.19pc due to railroads, Karachi Port Trust, PIA, and Civil Aviation Authority), and information and communication (0.30pc vs -3.02pc due to IT exports).
However, development in several areas has slowed, including banking and insurance (-10.67pc versus 9.64pc), public administration and social security (-7.26pc vs -5.25pc), education (8.55pc vs 10.30pc), and human health and social work (5.55pc and 6.80pc). Other private services were constant at 3.61pc compared to 3.58pc in earlier estimates.
DAWN NEWS
Pakistan’s economic growth of 2.52 per cent for 2023–24 missed the projected target of 3.5pc, primarily due to a slump in industrial production, according to the data released by the Pakistan Bureau of Statistics (PBS) on Monday.
The moderate growth was achieved thanks to higher agricultural incomes and worker remittances.
The National Accounts Committee (NAC) convened its 110th meeting on Monday and approved the revised quarterly GDP growth rates for Q1, Q2, Q3, and new estimates for Q4 in FY24, as well as updated annual growth rates for FY23 and FY24.
The Asian Development Bank, in its outlook, also announced a 2.4pc growth for FY24. The bank also forecasts a 2.8pc growth for FY25.
The NAC meeting approved the revised quarterly growth rates for Q1, Q2, and Q3 of FY24, which increased to 2.69pc, 1.97pc, and 2.36pc from 2.71pc, 1.79pc, and 2.09pc at the previous meeting owing to annual benchmark changes.
GDP grew by 3.07pc in the fourth quarter of FY24. The updated provisional and revised growth rates for FY24 and FY23 are 2.52pc and -0.22pc, respectively, compared to the previous NAC meeting’s approvals of 2.38pc and -0.21pc.
The committee approved the updated provisional GDP growth at 2.52pc during FY24 based on improved data from the sources compared to 2.38pc estimated in the previous meeting. The revised growth rates in agriculture, industry and services are 6.36pc, -1.15pc and 2.15pc, respectively.
Agriculture’s healthy increase is mostly owing to double-digit growth in important crops, i.e. 17.02pc, up from 16.82pc at the previous meeting due to improved wheat production (from 31.438 to 31.583 million tonnes). While other crops’ growth has fallen from 0.90pc to -1.20pc, livestock growth has increased from 3.89pc to 4.47pc due to lower inputs. Cotton ginning also increased by 47.23pc compared to a 22.84pc decrease the previous year.
In FY24, industrial output contracted by 1.15pc compared to 1.21pc, as indicated at the previous meeting. Mining and quarrying had been revised downward from 4.85pc to 3.47pc due to a decline in gas (-2.22pc) and coal (-2.10pc). Large-scale manufacturing, as measured by the Quantum Index of Manufacturing (QIM), rose to 0.91pc (July-June QIM) from 0.07pc (July-March QIM) owing to increases in food (from 1.69pc to 1.73pc), wearing clothes (from 5.41pc to 8.24pc), and coke and petroleum (from 4.85pc to 9.81pc).
The fall in the electricity, gas and water supply business has accelerated to 23.05pc against 10.55pc due to a reduced output by Wapda, K-Electric and SNGPL. The construction industry shrank 1.47pc in the updated estimates, down from 5.86pc in the previous meeting, owing to increased construction-related expenditures in the public sector.
The new growth rate for services is 2.15pc compared to 1.21pc in prior projections. There are significant positive developments in wholesale and retail trade (3.39pc vs 0.32pc due to increase in LSM and imports), transport and storage (1.91pc vs 1.19pc due to railroads, Karachi Port Trust, PIA, and Civil Aviation Authority), and information and communication (0.30pc vs -3.02pc due to IT exports).
However, development in several areas has slowed, including banking and insurance (-10.67pc versus 9.64pc), public administration and social security (-7.26pc vs -5.25pc), education (8.55pc vs 10.30pc), and human health and social work (5.55pc and 6.80pc). Other private services were constant at 3.61pc compared to 3.58pc in earlier estimates.
DAWN NEWS
SportsWarrior
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true, and that is best that any political system can hope to bring. Economy will not recover unless common people, businessmen and investors see a political stability. Imran khan with is attitude had burned bridges with everyone and brought the country to a brink to serve his own selfish needs. Good to see some stability and hope for people of Pakistan. Irrespective how much I hate Pakistan military and governments, common people shouldn't suffer due these irresponsible leaders whose only motive is power
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‘Pakistan Economy Dashboard’ launched to promote transparency
“Data is the new oil. The point is what you do with that data,” the minister remarked while addressing the launching ceremony of the Pakistan Economy Dashboard the minister here.
Initially, it can’t just be raw data that would need to be transformed through data analytics, for this purpose there is need to create an interactive platform like PED.
Aurangzeb said this platform offers transparency to stakeholders across various sectors, including the finance ministry, other ministries, academia, research institutions, media organisations, and journalists.
He said there would no longer be a need to visit libraries or dig through books. PED provides unbiased facts, whether we like them or not, regardless of whoever they belong to. The fact base is now at your fingertips.
The minister invited collaboration from academia, research organizations, and think tanks to do analysis and give suggestions in this regard.
He highlighted that the analysis may be constructive criticism, around fiscal reforms, tax policy, public expenditure or macroeconomic stability.
Talking about the utilization of technology, the minister said that wherever technology was utilized, remarkable results were achieved, citing example of the Federal Board of Revenue (FBR) where successes were made vertically automation.
However, Digital Pakistan hasn’t progressed as expected because it lacks horizontal integration, with data remaining fragmented and unconnected.
To establish a strong national identity required integrating all aspects with a centralized national identity platform.
The number of new filers and total filers is increasing, but the data has always been there; we just haven’t connected the dots. This is exactly what we’re addressing by establishing horizontal integration.
On the economic side, the minister said that as the government had reached a strong position, and it was now vital to build on this momentum in terms of bringing permanence to macroeconomic stability.
It also made it clear that the government was in no desperation to borrow and if it needed, it would do it on its own terms.
He said, the decision would encourage the banking sector to lend to the private sector, which has to lead the country.
The government is there to provide policy framework and policy continuity, it is the private sector which has to lead the country, he added.
For the business community, KIBOR (Karachi Interbank Offered Rate) serves as the benchmark for borrowing, rather than the policy rate, he added.
We must leverage our macroeconomic stability to drive forward structural reforms, which have long been the backbone of our country’s development.
This is a vital moment for the country, and we seize the opportunity to drive structural reforms.
By enhancing the tax-to-GDP ratio, implementing energy sector reforms, reforming state-owned enterprises (SOEs), and advancing privatization, we can achieve sustainable growth and stability, he remarked.
arynews.tv
“Data is the new oil. The point is what you do with that data,” the minister remarked while addressing the launching ceremony of the Pakistan Economy Dashboard the minister here.
Initially, it can’t just be raw data that would need to be transformed through data analytics, for this purpose there is need to create an interactive platform like PED.
Aurangzeb said this platform offers transparency to stakeholders across various sectors, including the finance ministry, other ministries, academia, research institutions, media organisations, and journalists.
He said there would no longer be a need to visit libraries or dig through books. PED provides unbiased facts, whether we like them or not, regardless of whoever they belong to. The fact base is now at your fingertips.
The minister invited collaboration from academia, research organizations, and think tanks to do analysis and give suggestions in this regard.
He highlighted that the analysis may be constructive criticism, around fiscal reforms, tax policy, public expenditure or macroeconomic stability.
Talking about the utilization of technology, the minister said that wherever technology was utilized, remarkable results were achieved, citing example of the Federal Board of Revenue (FBR) where successes were made vertically automation.
However, Digital Pakistan hasn’t progressed as expected because it lacks horizontal integration, with data remaining fragmented and unconnected.
To establish a strong national identity required integrating all aspects with a centralized national identity platform.
The number of new filers and total filers is increasing, but the data has always been there; we just haven’t connected the dots. This is exactly what we’re addressing by establishing horizontal integration.
On the economic side, the minister said that as the government had reached a strong position, and it was now vital to build on this momentum in terms of bringing permanence to macroeconomic stability.
It also made it clear that the government was in no desperation to borrow and if it needed, it would do it on its own terms.
He said, the decision would encourage the banking sector to lend to the private sector, which has to lead the country.
The government is there to provide policy framework and policy continuity, it is the private sector which has to lead the country, he added.
For the business community, KIBOR (Karachi Interbank Offered Rate) serves as the benchmark for borrowing, rather than the policy rate, he added.
We must leverage our macroeconomic stability to drive forward structural reforms, which have long been the backbone of our country’s development.
This is a vital moment for the country, and we seize the opportunity to drive structural reforms.
By enhancing the tax-to-GDP ratio, implementing energy sector reforms, reforming state-owned enterprises (SOEs), and advancing privatization, we can achieve sustainable growth and stability, he remarked.
‘Pakistan Economy Dashboard’ launched to promote transparency
ISLAMABAD: Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb said on Wednesday that the Pakistan Economy Dashboard (PED) would help
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Pakistan is scheduled to sign agreements worth around $2 billion with a visiting Saudi delegation later this month, Prime Minister Shehbaz Sharif said on Tuesday
A delegation from Saudi Arabia is expected in the country before the Shanghai Cooperation Organisation (SCO) meeting that the country is hosting from Oct 15-16, he said.
The Saudi delegation, led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, is set to visit Pakistan from Oct 9 to 11.
It is expected to include representatives from both government agencies and the private sector, signalling a broadening of Pakistan-Saudi economic partnerships.
During the federal cabinet meeting, the prime minister listed several positive developments such as China, UAE and Saudi helping the country successfully clinch the International Monetary Fund (IMF) programme by providing timely confirmation of necessary financing assurances.
Additionally, he said that the Malaysian prime minister “had a very successful visit” and that a Saudi delegation was about to visit the country.
Regarding PTI clashes with the police in Islamabad during the SCO moot, the prime minister stressed that this was being done to “stay relevant” because the economy was improving.
“This is the same steps being taken again as the IMF programme has been started successfully, inflation has decreased and exports are increasing,” he said, adding that their “homegrown growth programme is being sabotaged”.
In August, it was reported that Pakistan had requested Saudi Arabia to increase its lending by about $1.5 billion from its existing $5bn portfolio to help bridge the external financing gap needed for the IMF’s 37-month bailout package.
All three friendly bilateral partners — Saudi Arabia, China and the UAE — had confirmed to the IMF their $12bn loan rollovers to Pakistan.
‘Rs190bn loss per day due to law and order situation’: Aurangzeb
Meanwhile, Finance Minister Muhammed Aurangzeb said during a televised address that the recent PTI clash in Islamabad and the Karachi attack on Chinese citizens had not only led to a loss of human lives but also caused significant damage to the economy.
“We’ve brought economic stability so we can go towards growth,” he said. “If you are doing it [protests] for the country, then you need to think about the impact of it on the economy.”
“In Islamabad alone, 800,000 families have suffered because of this strife,” he stressed, asking people to come to the table to negotiate instead.
As for the economic losses, the finance minister that there was a “Rs190 billion loss per day, including GDP, business disruption, and IT losses,” due to the law and order situation.
Regarding the terrorist attack in Karachi, which resulted in the deaths of two Chinese nationals, the finance minister said, “Yesterday, our Chinese brothers who were killed, whose precious lives were wasted, we cannot estimate a cost on them.”
“I express my condolences to the government of China and the people of China,” he said, adding that those who lost their lives were independent power producer (IPP) engineers with whom the power minister and he were negotiating with for debt reprofiling.
Source: Dawn News
A delegation from Saudi Arabia is expected in the country before the Shanghai Cooperation Organisation (SCO) meeting that the country is hosting from Oct 15-16, he said.
The Saudi delegation, led by Minister for Investment Khalid Bin Abdulaziz Al-Falih, is set to visit Pakistan from Oct 9 to 11.
It is expected to include representatives from both government agencies and the private sector, signalling a broadening of Pakistan-Saudi economic partnerships.
During the federal cabinet meeting, the prime minister listed several positive developments such as China, UAE and Saudi helping the country successfully clinch the International Monetary Fund (IMF) programme by providing timely confirmation of necessary financing assurances.
Additionally, he said that the Malaysian prime minister “had a very successful visit” and that a Saudi delegation was about to visit the country.
Regarding PTI clashes with the police in Islamabad during the SCO moot, the prime minister stressed that this was being done to “stay relevant” because the economy was improving.
“This is the same steps being taken again as the IMF programme has been started successfully, inflation has decreased and exports are increasing,” he said, adding that their “homegrown growth programme is being sabotaged”.
In August, it was reported that Pakistan had requested Saudi Arabia to increase its lending by about $1.5 billion from its existing $5bn portfolio to help bridge the external financing gap needed for the IMF’s 37-month bailout package.
All three friendly bilateral partners — Saudi Arabia, China and the UAE — had confirmed to the IMF their $12bn loan rollovers to Pakistan.
‘Rs190bn loss per day due to law and order situation’: Aurangzeb
Meanwhile, Finance Minister Muhammed Aurangzeb said during a televised address that the recent PTI clash in Islamabad and the Karachi attack on Chinese citizens had not only led to a loss of human lives but also caused significant damage to the economy.
“We’ve brought economic stability so we can go towards growth,” he said. “If you are doing it [protests] for the country, then you need to think about the impact of it on the economy.”
“In Islamabad alone, 800,000 families have suffered because of this strife,” he stressed, asking people to come to the table to negotiate instead.
As for the economic losses, the finance minister that there was a “Rs190 billion loss per day, including GDP, business disruption, and IT losses,” due to the law and order situation.
Regarding the terrorist attack in Karachi, which resulted in the deaths of two Chinese nationals, the finance minister said, “Yesterday, our Chinese brothers who were killed, whose precious lives were wasted, we cannot estimate a cost on them.”
“I express my condolences to the government of China and the people of China,” he said, adding that those who lost their lives were independent power producer (IPP) engineers with whom the power minister and he were negotiating with for debt reprofiling.
Source: Dawn News
aboveandbeyond
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When is this begging going to stop?
rpant_gabba
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Never. Pakistan chose to be rent seeker from its inception with Jinnah positioning Pak as a geostrategic bulwark against communism.
Once you get a taste of "free money", it is very difficult to break the habit
Finally the danda for the awaam to follow the rule of work honestly and pay your taxes.
Progress well done it's the awam that needs sorting sort the awam out and you will get the correct rulers corruption, lying stealing violence is right at the mandi market level and close relatives level work hard in your own country instead of running abroad and paying thousands to human traffickers or relying on a relative abroad .
Jaise awaam jaise hukmaran that's a hadith I told ya .
Prophet (s) said: “Your leadership will be a reflection of you (the people)
Progress well done it's the awam that needs sorting sort the awam out and you will get the correct rulers corruption, lying stealing violence is right at the mandi market level and close relatives level work hard in your own country instead of running abroad and paying thousands to human traffickers or relying on a relative abroad .
Jaise awaam jaise hukmaran that's a hadith I told ya .
Prophet (s) said: “Your leadership will be a reflection of you (the people)
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Pakistan govt debt reaches record high of Rs 70.36 tln
Pakistan’s central government debt has surged to an all-time high of Rs 70,362 billion, marking the highest level in the country’s history, ARY News reported on Tuesday.
According to data released by the State Bank of Pakistan (SBP), federal debt increased by Rs 1,448 billion in just the first two months of the current fiscal year, with Rs 739 billion added in August alone.
As per the issued statement, the federal government’s debt rose by a staggering Rs 6,392 billion between September 2023 and August 2024.
As of August 2024, domestic debt accounted for Rs 48,339 billion, while external debt stood at Rs 22,023 billion.
This significant rise in government borrowing has raised concerns about the country’s fiscal health and debt sustainability as Pakistan continues to grapple with economic challenges.
arynews.tv
Pakistan’s central government debt has surged to an all-time high of Rs 70,362 billion, marking the highest level in the country’s history, ARY News reported on Tuesday.
According to data released by the State Bank of Pakistan (SBP), federal debt increased by Rs 1,448 billion in just the first two months of the current fiscal year, with Rs 739 billion added in August alone.
As per the issued statement, the federal government’s debt rose by a staggering Rs 6,392 billion between September 2023 and August 2024.
As of August 2024, domestic debt accounted for Rs 48,339 billion, while external debt stood at Rs 22,023 billion.
This significant rise in government borrowing has raised concerns about the country’s fiscal health and debt sustainability as Pakistan continues to grapple with economic challenges.
Pakistan govt debt reaches record high of Rs 70.36 tln
KARACHI: Pakistan’s central government debt has surged to an all-time high of Rs 70,362 billion, marking the highest level in the country’s history, ARY
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Different sectors involved in sales tax evasion worth Rs3.4 trillion: Aurangzeb
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Thursday highlighted a massive sales tax evasion worth Rs3.4 trillion out of a total Rs7 trillion tax theft in different sectors of the economy.
Aurangzeb was addressing a press conference along with the Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial to discuss a study conducted by FBR on sales tax evasion.
The study found that only 14% out of 300,000 manufacturers liable to register have done so, and many registered entities misreport turnover, claim excess input tax, and use fake invoices.
Sales Tax in Pakistan is collected through VAT mode, relying on businesses to collect tax from buyers. However, this trust has been breached on a massive scale, the minister said and shared findings from five sectors including iron and steel, cement, beverages, batteries, and textile.
He said malpractices were widespread, with most entities claiming excess input tax.
In the iron and steel sector, 33 large businesses, representing over 50% of total sales, evaded sales tax by claiming Rs29 billion in excess input tax, mainly through scrap metal and coal purchases.
Likewise, in the battery sector, six active cases, representing 99% of total sales, claimed Rs11 billion in excess input tax, primarily through lead purchases while in the cement sector, 19 active cases claimed Rs18 billion in excess input tax in FY23-24, mainly through coal purchases.
In addition, the beverages sector with 16 active cases, representing 99% of aerated water sales, claimed Rs15 billion in excess input tax, mainly through sugar, plastics, and services purchases.
In the textile sector, with 228 active cases claimed Rs169 billion in excess input tax, mainly through services, chemicals, coal, and packaging purchases.
Detailing steps to combat tax evasion, the finance czar said that the government has intensified enforcement measures, including arrests and criminal cases, resulting in a significant decrease in fake input tax claims in FY23-24.
However, massive evasion persists, and more measures are being planned to curb it.
He said that the apex taxation body has identified evidence of tax fraud in various sectors, including 11 battery sector cases, 897 iron & steel sector cases, and 253 beneficiaries of fake input claims on coal purchases.
Those involved face arrest and imprisonment of up to 10 years, heavy penalties, and fines.
On the occasion, the FBR chairman emphasised that input tax adjustment fraud was a serious issue, warning CFOs to refrain from signing incorrect returns, especially before the October 15 deadline. Those involved in tax evasion will face consequences.
Different sectors involved in sales tax evasion worth Rs3.4 trillion: Aurangzeb
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Thursday highlighted a massive sales tax evasion worth Rs3.4 trillion out of a total Rs7 trillion tax theft in different...
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Saudi investment minister expresses willingness to enhance investments in Pakistan
Saudi Arabia’s Minister for Investment, Khalid bin Abdulaziz Al-Falih, has expressed a strong willingness to further boost investments in Pakistan.
He made these remarks during a G2G (government-to-government) roundtable conference between the Saudi investors' delegation and members of Pakistan’s federal cabinet, held in Islamabad on Friday.
Highlighting Pakistan’s vast investment potential, the Saudi minister said that his meetings with Prime Minister Shehbaz Sharif and other senior officials had been highly productive and were expected to yield positive results. He expressed satisfaction with his visit and reaffirmed Saudi Arabia’s commitment to enhancing bilateral cooperation.
Federal ministers participating in the roundtable expressed their gratitude to the Saudi government and assured the visiting delegation of Pakistan’s full cooperation in facilitating investment opportunities.
Finance Minister Muhammad Aurangzeb highlighted that Pakistan's economy was moving towards stability, with all key indicators showing positive trends.
Petroleum Minister Musadik Malik stated that Saudi Arabia's Vision 2030 aligns with Pakistan's economic priorities, paving the way for greater collaboration between the two nations.
Privatisation Minister Abdul Aleem Khan assured the Saudi delegation that Pakistan would extend all possible support to Saudi businesses looking to invest.
Commerce Minister Jam Kamal Khan noted that strengthening ties between the business communities of both countries would provide a significant boost to bilateral trade, particularly in sectors such as textiles, leather, and food.
He also announced that a 30-member Pakistani trade delegation would visit Saudi Arabia next month to explore new avenues for cooperation.
Minister of State for IT and Telecommunication Shaza Fatima Khawaja briefed the attendees on the government's digitisation and e-governance initiatives, emphasising the role of technology in facilitating growth and investment.
Saudi investment minister expresses willingness to enhance investments in Pakistan | The Express Tribune
Khalid bin Abdulaziz Al-Falih reaffirms Saudi Arabia’s commitment to enhancing bilateral cooperation
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Pakistan gets ‘promising response’ from China over debt refiling: FinMin
Pakistan is advancing economic ties with China, Saudi Arabia, and Turkiye, as Federal Finance Minister Muhammad Aurangzeb held high-level discussions on the sidelines of the World Bank-IMF Annual Meetings in Washington DC.
The meetings focused on debt reprofiling, trade cooperation, and joint ventures to strengthen Pakistan's economic prospects.
Aurangzeb revealed a “promising response” from China over Pakistan’s request to reprofile its power sector debt, a move aimed at providing the country with breathing room to lower electricity prices.
"We have just started that discussion, and the response is encouraging," the minister told Bloomberg, while stressing the importance of continuing structural reforms.
He noted that Pakistan seeks to extend the maturity of debt for nine power plants built by Chinese companies under the China-Pakistan Economic Corridor (CPEC).
China has already rolled over $16 billion in debt from a total of $26 billion in the current fiscal year.
Aurangzeb meets Saudi, Turkish FM's to boost trade and investment
In addition to these negotiations, Aurangzeb met with Saudi Finance Minister Mohammed Aljadaan to discuss enhancing bilateral trade and investment in key sectors.
Both ministers emphasised the historical bonds between Pakistan and Saudi Arabia, agreeing to further cooperation in energy and other areas of mutual interest.
Aljadaan also shared insights into Saudi Arabia’s energy reforms, offering valuable lessons for Pakistan as it seeks to overhaul its energy sector.
Aurangzeb also held discussions with Turkiye's Treasury and Finance Minister Mehmet Simsek, where he invited Turkish firms to explore mutually beneficial joint ventures (JVs) with Pakistani counterparts.
Highlighting the strong potential to increase bilateral trade, the minister praised Turkiye’s experience in power sector reforms and expressed Pakistan’s interest in learning from their success.
These discussions underscore Pakistan's strategic efforts to secure debt relief and deepen economic ties with key global partners, aiming to strengthen its economy and create new opportunities for trade and investment.
Pakistan gets ‘promising response’ from China over debt refiling: Finance Minister Muhammad Aurangzeb | The Express Tribune
We have just started that discussion, and the response is encouraging, the Finance Minister Muhammad Aurangzeb told Bloomberg.
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Pakistan, Russia to boost trade through enhanced banking channels
Prime Minister Shehbaz Sharif highlighted the significant potential for cooperation between Russia and Pakistan across various fields during a meeting with Valentina Matviyenko, Speaker of the Federation Council of the Russian Federal Assembly, in Islamabad today.
He conveyed his best wishes to Russian President Vladimir Putin and extended an invitation for him to visit Pakistan soon.
The discussion centred on enhancing banking channels to promote trade and investment, as well as establishing a comprehensive roadmap for economic collaboration.
PM Shehbaz noted that recent visits by Russian leaders indicate a positive trend in strengthening bilateral relations.
He expressed confidence that the upcoming Pakistan-Russia Joint Commission meeting in December would present a crucial opportunity to expand cooperation.
In a separate meeting with Senate Chairman Syed Yousuf Raza Gillani, Matviyenko stated that Russia is committed to increasing bilateral cooperation with Pakistan in diverse areas, including trade, investment, and diplomacy.
She emphasized the importance of promoting diplomatic, economic, commercial, and parliamentary relations.
Matviyenko underscored Russia's high regard for its relationship with Pakistan, stating that enhancing parliamentary ties would facilitate trade and investment while fostering closer connections between the two peoples.
Gillani remarked that Matviyenko's visit would significantly boost bilateral ties and contribute to regional peace, development, and prosperity.
He also appreciated Russia's support for infrastructural development and advancements in Pakistan's oil and gas sectors.
Prime Minister Shehbaz Sharif highlighted the significant potential for cooperation between Russia and Pakistan across various fields during a meeting with Valentina Matviyenko, Speaker of the Federation Council of the Russian Federal Assembly, in Islamabad today.
He conveyed his best wishes to Russian President Vladimir Putin and extended an invitation for him to visit Pakistan soon.
The discussion centred on enhancing banking channels to promote trade and investment, as well as establishing a comprehensive roadmap for economic collaboration.
PM Shehbaz noted that recent visits by Russian leaders indicate a positive trend in strengthening bilateral relations.
He expressed confidence that the upcoming Pakistan-Russia Joint Commission meeting in December would present a crucial opportunity to expand cooperation.
In a separate meeting with Senate Chairman Syed Yousuf Raza Gillani, Matviyenko stated that Russia is committed to increasing bilateral cooperation with Pakistan in diverse areas, including trade, investment, and diplomacy.
She emphasized the importance of promoting diplomatic, economic, commercial, and parliamentary relations.
Matviyenko underscored Russia's high regard for its relationship with Pakistan, stating that enhancing parliamentary ties would facilitate trade and investment while fostering closer connections between the two peoples.
Gillani remarked that Matviyenko's visit would significantly boost bilateral ties and contribute to regional peace, development, and prosperity.
He also appreciated Russia's support for infrastructural development and advancements in Pakistan's oil and gas sectors.
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- 13,507
Prime Minister Shehbaz Sharif arrived in Saudi Arabia on Tuesday to attend the eighth edition of the Future Investment Initiative (FII) in Riyadh
He was received by Riyadh Deputy Governor Prince Mohammed bin Abdulrehman bin Abdulaziz, upon arrival at King Khalid International Airport.
PM Shehbaz departed earlier today from Islamabad to attend the conference. In a post on X announcing his arrival, he said he looked forward to attending the “impressive gathering of political, business and corporate world leaders to shape a better future for all.
“In my meetings with the Saudi leadership, I will reaffirm our common desire to further cement Pak-KSA ties through robust and mutually beneficial partnerships in trade and investment.”
The FII, scheduled for Oct 29-30, serves as a major platform for countries to promote economic potential, attract foreign investments, and discuss strategies for sustainable growth.
This year’s theme, “Infinite Horizons: Investing Today, Shaping Tomorrow,” focuses on investment in emerging fields, including artificial intelligence, robotics, education, energy, space, finance, healthcare, and sustainability.
The participating countries will engage in the dialogue for the promotion of investment and a sustainable future while highlighting the strength of their respective economies.
The prime minister will be accompanied on the trip by key cabinet ministers, the Foreign Office had said in a statement on Monday.
Furthermore, PM Shehbaz is expected to hold important bilateral talks with the Saudi Crown Prince and Prime Minister Mohammed bin Salman and other senior Saudi officials.
“The two sides will discuss the economic and strategic partnership between Pakistan and the Kingdom of Saudi Arabia and explore bilateral cooperation in the economic, energy, and defence domains,” the statement said.
The prime minister is also expected to engage with participating leaders and entrepreneurs at the FII conference, the statement added.
Islamabad and Riyadh Saudi share historic brotherly relations and cooperation in different sectors such as culture, economy, trade, and defence, among others.
Earlier this month, the two states signed 27 memorandums of understanding (MoUs) worth $2.2 billion in various sectors as the Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh arrived in Islamabad on a three-day official visit.
In April, PM Shehbaz made his first official trip to Saudi Arabia since assuming office this year. During the visit, he and Crown Prince Salman had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan. The move, according to the Saudi Press Agency, confirmed Saudi Arabia’s position on supporting the economy of Pakistan and its “sisterly people”.
In May when a Saudi delegation visited Pakistan, PM Shehbaz assured Saudi investors that they would get the best facilities possible and also ease of doing business under the umbrella of the Special Investment and Facilitation Council (SIFC).
The two countries not only share strong bilateral ties but the Kingdom has often come to Pakistan’s rescue during times of economic turmoil.
Source: Dawn News
He was received by Riyadh Deputy Governor Prince Mohammed bin Abdulrehman bin Abdulaziz, upon arrival at King Khalid International Airport.
PM Shehbaz departed earlier today from Islamabad to attend the conference. In a post on X announcing his arrival, he said he looked forward to attending the “impressive gathering of political, business and corporate world leaders to shape a better future for all.
“In my meetings with the Saudi leadership, I will reaffirm our common desire to further cement Pak-KSA ties through robust and mutually beneficial partnerships in trade and investment.”
The FII, scheduled for Oct 29-30, serves as a major platform for countries to promote economic potential, attract foreign investments, and discuss strategies for sustainable growth.
This year’s theme, “Infinite Horizons: Investing Today, Shaping Tomorrow,” focuses on investment in emerging fields, including artificial intelligence, robotics, education, energy, space, finance, healthcare, and sustainability.
The participating countries will engage in the dialogue for the promotion of investment and a sustainable future while highlighting the strength of their respective economies.
The prime minister will be accompanied on the trip by key cabinet ministers, the Foreign Office had said in a statement on Monday.
Furthermore, PM Shehbaz is expected to hold important bilateral talks with the Saudi Crown Prince and Prime Minister Mohammed bin Salman and other senior Saudi officials.
“The two sides will discuss the economic and strategic partnership between Pakistan and the Kingdom of Saudi Arabia and explore bilateral cooperation in the economic, energy, and defence domains,” the statement said.
The prime minister is also expected to engage with participating leaders and entrepreneurs at the FII conference, the statement added.
Islamabad and Riyadh Saudi share historic brotherly relations and cooperation in different sectors such as culture, economy, trade, and defence, among others.
Earlier this month, the two states signed 27 memorandums of understanding (MoUs) worth $2.2 billion in various sectors as the Saudi Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh arrived in Islamabad on a three-day official visit.
In April, PM Shehbaz made his first official trip to Saudi Arabia since assuming office this year. During the visit, he and Crown Prince Salman had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan. The move, according to the Saudi Press Agency, confirmed Saudi Arabia’s position on supporting the economy of Pakistan and its “sisterly people”.
In May when a Saudi delegation visited Pakistan, PM Shehbaz assured Saudi investors that they would get the best facilities possible and also ease of doing business under the umbrella of the Special Investment and Facilitation Council (SIFC).
The two countries not only share strong bilateral ties but the Kingdom has often come to Pakistan’s rescue during times of economic turmoil.
Source: Dawn News
Kianig89
Senior Test Player
- Joined
- Oct 30, 2012
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- 28,900
Ground reality is.......
Poverty level rises to 40% in Pakistan
Every Pakistani I.e 27 crore people is in national debt of Rs. 300,000/- each.
Unemployed rate is sky rocketed.
Farmers are in dissent, there will be shortage of crops during next season.
Income inequality has increased manifolds,one military subsidiary organisation has two rules for person working in same grade.
Civilian salary is only 70% of that to what military person is getting form same appointment same work.
Bank robbery is also increasing so are Street crimes.
Around 16 National institutes the chairman/Ceo/ Heads are replaced with Military person being given the positions.
@Bewal Express take note
Poverty level rises to 40% in Pakistan
Every Pakistani I.e 27 crore people is in national debt of Rs. 300,000/- each.
Unemployed rate is sky rocketed.
Farmers are in dissent, there will be shortage of crops during next season.
Income inequality has increased manifolds,one military subsidiary organisation has two rules for person working in same grade.
Civilian salary is only 70% of that to what military person is getting form same appointment same work.
Bank robbery is also increasing so are Street crimes.
Around 16 National institutes the chairman/Ceo/ Heads are replaced with Military person being given the positions.
@Bewal Express take note
Bewal Express
Test Star
- Joined
- Nov 6, 2005
- Runs
- 37,289
Stats that would keep decision up at night but in PK
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- Sep 11, 2023
- Runs
- 25,775
Federal ministry prepares plan to boost rent allowance for govt employees
The Ministry of Housing and Construction has formulated a plan to increase the monthly rent ceiling for federal government employees.
This initiative aims to enhance financial support for government staff, particularly in light of rising living costs.
The ministry has submitted the formula for this increase to the Finance Division for approval.
Once the Finance Division provides its feedback, the ministry will send a summary to the Prime Minister for final approval.
The proposal includes a 100% increase in the rental ceiling for employees in grades one to ten, a 75% increase for those in grades eleven to sixteen, and a 50% increase for officers in grades seventeen to twenty-two.
According to sources, the proposed monthly rental ceiling for grade one and two employees in Islamabad is Rs14,058, while for those in other cities, it is Rs13,182.
For employees in grades three to six, the suggested ceiling is Rs21,960 for Islamabad and Rs19,308 for other cities.
For employees in grades seven to ten, the proposed ceiling is Rs28,705 in Islamabad and Rs25,693 in other cities.
For grades eleven to thirteen, the proposed ceiling is Rs43,302 for Islamabad and Rs37,558 for other cities.
Additionally, for grades fourteen to sixteen, the ceiling is set at Rs54,399 for Islamabad and Rs47,884 for other cities.
For grades seventeen and eighteen, the suggested ceiling is Rs61,720 for Islamabad and Rs53,847 for other cities.
The proposed ceilings continue with Rs82,056 for grade nineteen in Islamabad and Rs70,224 for other cities, and Rs103,050 for grade twenty in Islamabad compared to Rs88,618 for other cities.
For grade twenty-one, the proposed ceiling stands at Rs123,391 for Islamabad and Rs106,660 for other cities.
Finally, for grade twenty-two, the suggested ceiling is Rs147,666 for Islamabad and Rs133,845 for other cities.
This proposed adjustment is expected to alleviate financial pressures on federal employees and improve their living conditions.
Federal employees in Pakistan to receive substantial rental ceiling increases as Ministry of Housing submits proposal for approval. | The Express Tribune
Proposed ceiling of Rs123,391 for Grade-21 employees in Islamabad and Rs106,660 for those in other cities.
tribune.com.pk
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MoUs signed with Pakistan increased to 34, says Saudi investment minister
Saudi Arabia’s Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh on Wednesday confirmed that the 27 memorandums of understanding (MoUs) signed during his visit to Pakistan in October had increased to 34, with five of them already operational.
Speaking on the sidelines of the Future Investment Initiative (FII) event in Riyadh, the Saudi investment minister, alongside a Pakistani delegation led by Prime Minister Shehbaz Sharif, said, “When we came to Pakistan we concluded, in three days, 27 MOUs at 2.2 billion dollars and I mentioned at that time during various events that this was only the beginning.
“And to prove that, here we are — two or three weeks later — and I’d like to announce that the number has increased from 27 MOUs and agreements to 34.”
On October 10, Pakistan and Saudi Arabia had signed 27 MOUs worth $2.2 billion in various sectors during a high-level Saudi delegation’s visit to Islamabad.
Regarding the increase in value, the minister said that funding now increased to $2.8bn, adding that many of them had not been assigned value due to them as the government was “still trying to determine exactly how much the valuation is”.
“I think better news yet, that I’m happy to share with you, your government and the people, is that of the 27 we concluded, five are already working operational, finance-funded and creating value for the companies that have concluded them for Pakistan [and] for Saudi Arabia,” he added.
The investment minister said that some of the agreements had already resulted in “exports from Pakistan especially in agriculture”, adding that he would leave the five agreements to be announced in terms of their operation by the companies themselves.
These agreements, he said, covered important sectors such as healthcare facilities where Saudi investors had “already acquired land and assets and would be building an integrated medical complex in Pakistan”.
During the press conference, PM Shehbaz expressed his gratitude to the investment minister, the Crown Prince, and Prime Minister Muhammed bin Salman, adding that they had a “very productive meeting.”
“The meetings last night have been really reassuring and on the MOUs signed a few weeks ago in Islamabad — the ink hasn’t dried and implementation has started,” he said.
He added that Pakistan and Saudi Arabia were “marching towards progress”.
Moreover, PM Shehbaz also said Pakistan had secured an International Monetary Fund (IMF) programme due to the Saudi leadership’s support, adding that he hoped it would be the last one.
“When I come back, we will have more good news for the people of Pakistan,” he said.
Islamabad and Riyadh Saudi share historic brotherly relations and cooperation in different sectors such as culture, economy, trade, and defence, among others.
In April, PM Shehbaz made his first official trip to Saudi Arabia since assuming office this year. During the visit, he and Crown Prince Salman had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan. The move, according to the Saudi Press Agency, confirmed Saudi Arabia’s position on supporting the economy of Pakistan and its “sisterly people”.
In May when a Saudi delegation visited Pakistan, PM Shehbaz assured Saudi investors that they would get the best facilities possible and also ease of doing business under the umbrella of the Special Investment and Facilitation Council (SIFC).
The two countries not only share strong bilateral ties but the Kingdom has often come to Pakistan’s rescue during times of economic turmoil.
In June last year, Riyadh deposited $2 billion in the State Bank of Pakistan (SBP) to help the country unlock a $3 billion bailout package from the International Monetary Fund (IMF). The loan was crucial to preventing the country from a sovereign default.
DAWN NEWS
Saudi Arabia’s Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh on Wednesday confirmed that the 27 memorandums of understanding (MoUs) signed during his visit to Pakistan in October had increased to 34, with five of them already operational.
Speaking on the sidelines of the Future Investment Initiative (FII) event in Riyadh, the Saudi investment minister, alongside a Pakistani delegation led by Prime Minister Shehbaz Sharif, said, “When we came to Pakistan we concluded, in three days, 27 MOUs at 2.2 billion dollars and I mentioned at that time during various events that this was only the beginning.
“And to prove that, here we are — two or three weeks later — and I’d like to announce that the number has increased from 27 MOUs and agreements to 34.”
On October 10, Pakistan and Saudi Arabia had signed 27 MOUs worth $2.2 billion in various sectors during a high-level Saudi delegation’s visit to Islamabad.
Regarding the increase in value, the minister said that funding now increased to $2.8bn, adding that many of them had not been assigned value due to them as the government was “still trying to determine exactly how much the valuation is”.
“I think better news yet, that I’m happy to share with you, your government and the people, is that of the 27 we concluded, five are already working operational, finance-funded and creating value for the companies that have concluded them for Pakistan [and] for Saudi Arabia,” he added.
The investment minister said that some of the agreements had already resulted in “exports from Pakistan especially in agriculture”, adding that he would leave the five agreements to be announced in terms of their operation by the companies themselves.
These agreements, he said, covered important sectors such as healthcare facilities where Saudi investors had “already acquired land and assets and would be building an integrated medical complex in Pakistan”.
During the press conference, PM Shehbaz expressed his gratitude to the investment minister, the Crown Prince, and Prime Minister Muhammed bin Salman, adding that they had a “very productive meeting.”
“The meetings last night have been really reassuring and on the MOUs signed a few weeks ago in Islamabad — the ink hasn’t dried and implementation has started,” he said.
He added that Pakistan and Saudi Arabia were “marching towards progress”.
Moreover, PM Shehbaz also said Pakistan had secured an International Monetary Fund (IMF) programme due to the Saudi leadership’s support, adding that he hoped it would be the last one.
“When I come back, we will have more good news for the people of Pakistan,” he said.
Islamabad and Riyadh Saudi share historic brotherly relations and cooperation in different sectors such as culture, economy, trade, and defence, among others.
In April, PM Shehbaz made his first official trip to Saudi Arabia since assuming office this year. During the visit, he and Crown Prince Salman had agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan. The move, according to the Saudi Press Agency, confirmed Saudi Arabia’s position on supporting the economy of Pakistan and its “sisterly people”.
In May when a Saudi delegation visited Pakistan, PM Shehbaz assured Saudi investors that they would get the best facilities possible and also ease of doing business under the umbrella of the Special Investment and Facilitation Council (SIFC).
The two countries not only share strong bilateral ties but the Kingdom has often come to Pakistan’s rescue during times of economic turmoil.
In June last year, Riyadh deposited $2 billion in the State Bank of Pakistan (SBP) to help the country unlock a $3 billion bailout package from the International Monetary Fund (IMF). The loan was crucial to preventing the country from a sovereign default.
DAWN NEWS
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- Aug 12, 2023
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- 18,230
Inflation lowest in 3.5 years, finance ministry says
Pakistan’s Ministry of Finance has released its monthly economic outlook report, claiming a significant improvement across various economic indicators. The report highlights that inflation has reached its lowest level in 3.5 years.
Key improvements cited in the report include substantial increases in remittances, exports, and foreign investment. The report states that the national economy demonstrated stable recovery during the first quarter. Specifically, the report notes that inflation in September fell to 6.9 percent, its lowest point in 44 months. The report attributes this positive trend to several factors: the receipt of a $1.03 billion tranche from the IMF, a boost in business and market confidence following the SCO conference, and ongoing efforts towards sustainable economic recovery.
Remittances increased by 38.8 percent, reaching $8.78 billion. This significant rise in funds sent home by overseas Pakistanis has provided a crucial boost to the national economy.
Exports also saw a positive trend, increasing by 7.8 percent and reaching $7.49 billion. This growth indicates increased international demand for Pakistani goods and services.
Foreign investment experienced a substantial surge, increasing by 70.4 percent, exceeding $900 million. Foreign Direct Investment (FDI) specifically saw a 48 percent increase, reaching $770 million, demonstrating growing confidence in Pakistan’s investment climate.
The State Bank of Pakistan (SBP) foreign exchange reserves also saw a significant increase, rising from $7.61 billion to over $11 billion. This bolstering of reserves strengthens Pakistan’s economic stability and resilience.
The stock market showed remarkable growth, exhibiting a 78.4 percent increase and surpassing 90,000 points. This signifies investor optimism and confidence in the country’s economic future.
The exchange rate also saw positive movement, with the dollar rate decreasing from Rs280.29 to Rs277.62 in one year. This slight but positive shift indicates improved currency stability.
Tax Revenue from July to September increased by 25.5 percent, reaching Rs2563 billion . This indicates improved tax collection efficiency and compliance.
Non-Tax Revenue also experienced growth, increasing by 20.8 percent to Rs341 billion. This further contributes to the overall improvement in government revenue.
While the report highlights positive trends, it also acknowledges a 4.3 percent increase in the fiscal deficit during the first two months of the fiscal year, exceeding Rs841 billion. However, it also highlights a significant 92 percent decrease in the current account deficit, reducing it to $98 million. This reduction in the current account deficit is a significant positive development.
AAJ News
Pakistan’s Ministry of Finance has released its monthly economic outlook report, claiming a significant improvement across various economic indicators. The report highlights that inflation has reached its lowest level in 3.5 years.
Key improvements cited in the report include substantial increases in remittances, exports, and foreign investment. The report states that the national economy demonstrated stable recovery during the first quarter. Specifically, the report notes that inflation in September fell to 6.9 percent, its lowest point in 44 months. The report attributes this positive trend to several factors: the receipt of a $1.03 billion tranche from the IMF, a boost in business and market confidence following the SCO conference, and ongoing efforts towards sustainable economic recovery.
Remittances increased by 38.8 percent, reaching $8.78 billion. This significant rise in funds sent home by overseas Pakistanis has provided a crucial boost to the national economy.
Exports also saw a positive trend, increasing by 7.8 percent and reaching $7.49 billion. This growth indicates increased international demand for Pakistani goods and services.
Foreign investment experienced a substantial surge, increasing by 70.4 percent, exceeding $900 million. Foreign Direct Investment (FDI) specifically saw a 48 percent increase, reaching $770 million, demonstrating growing confidence in Pakistan’s investment climate.
The State Bank of Pakistan (SBP) foreign exchange reserves also saw a significant increase, rising from $7.61 billion to over $11 billion. This bolstering of reserves strengthens Pakistan’s economic stability and resilience.
The stock market showed remarkable growth, exhibiting a 78.4 percent increase and surpassing 90,000 points. This signifies investor optimism and confidence in the country’s economic future.
The exchange rate also saw positive movement, with the dollar rate decreasing from Rs280.29 to Rs277.62 in one year. This slight but positive shift indicates improved currency stability.
Tax Revenue from July to September increased by 25.5 percent, reaching Rs2563 billion . This indicates improved tax collection efficiency and compliance.
Non-Tax Revenue also experienced growth, increasing by 20.8 percent to Rs341 billion. This further contributes to the overall improvement in government revenue.
While the report highlights positive trends, it also acknowledges a 4.3 percent increase in the fiscal deficit during the first two months of the fiscal year, exceeding Rs841 billion. However, it also highlights a significant 92 percent decrease in the current account deficit, reducing it to $98 million. This reduction in the current account deficit is a significant positive development.
AAJ News
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- Sep 11, 2023
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- 25,775
Qatar to invest $3 billion in Pakistan, says Tarar after PM's visit
Federal Minister for Information and Broadcasting Attaullah Tarar said on Friday that Qatar will make investments worth $3 billion in diverse sectors of Pakistan following a successful two-day official visit of Prime Minister Shehbaz Sharif.
"Qatar had earlier pledged to invest $3 billion in Pakistan," said Tarar while addressing a press conference in Islamabad today.
The announcement came after PM Shehbaz returned to the country after concluding his two-day official visit to Doha.
During the presser, the information minister referred PM Shehbaz's recent visit to Saudi Arabia where he met Saudi Crown Prince Mohammed bin Salman and Minister for Investment Sheikh Khalid Bin Abdul Aziz Al Faleh.
The Saudi Arabia has increased investment from $2.2 to $2.8 billion after the signing of 34 memorandums of understanding (MoUs), he said, adding that the additional investment of $600 million will make a positive impact on the national economy.
The Saudi investment will be made in diverse fields, including minerals, energy, agriculture, livestock, IT, human resources and skill development, the minister said.
There was also a significant progress seen in terms of bilateral ties between Pakistan and Qatar during the premier's visit where he was given a cordial and warm welcome by top leaders in Doha, he further said.
"PM Shehbaz had met Qatari emir Tamim bin Hamad Al Thani, counterpart Mohammed bin Abdulrahman bin Jassim Al Thani, and business delegations there. They agreed on enhancing cooperation in multiple sectors, including investment, trade, culture, and others."
During his visit, Premier Shehbaz also met the delegation of the Qatar Businessmen Association (QBA) where he highlighted numerous opportunities in Pakistan's energy, infrastructure, and finance sectors, presenting the country as an attractive investment destination.
The QBA delegation, led by Sheikh Faisal Bin Qassim Al-Thani, comprised leading Qatari business figures, each representing influential sectors within Qatar’s economy.
He added that the Qatari leadership had honoured the premier by hosting a Pakistan-specific art and architecture exhibition — referring to the "MANZAR" exhibition in Doha jointly inaugurated by PM Shehbaz and Sheikha Al Mayassa bint Hamad bin Khalifa Al Thani at the National Museum of Qatar and organised by the Art Mill Museum.
The exhibition offers a rich exploration of Pakistan's evolving artistic journey from the 1940s to today and reflects the deep cultural ties between both countries.
Tarar said that the moves showed Qatari leadership's goodwill gesture towards Pakistan.
The minister termed the development an outcome of effective foreign policy and a milestone in Premier Shehbaz's economic agenda.
Tarar said that foreign investment would assist the government in economic stability which is gradually improving with inflation dropping to 6.9%, record remittances, interest rate decline, and uptrend in investments.
Qatar to invest $3 billion in Pakistan, says Tarar after PM's visit
Federal Minister for Information and Broadcasting Attaullah Tarar said on Friday that Qatar will make investments worth $3 billion in diverse sectors of Pakistan following a successful two-day...
www.thenews.com.pk
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PM Shehbaz encourages UK investors to explore opportunities in Pakistan
Prime Minister Shehbaz Sharif has emphasised that attracting foreign investment is the government's top priority. He made these remarks while meeting with a delegation of prominent UK business figures, led by Zuber Issa, in Lahore on Sunday.
During the meeting, the PM highlighted the government's efforts to provide optimal facilities to the business community through the Special Investment Facilitation Council's (SIFC) one-window operation.
He noted that the country's economy has shown signs of improvement in recent weeks, a trend he attributed to government initiatives that have bolstered investor confidence.
Sharif encouraged the delegation to invest in Pakistan, underscoring the potential for fruitful ventures within the country. The discussion also covered new avenues for cooperation and enhancing business-to-business relations between Pakistan and the United Kingdom.
The visiting delegation expressed their approval of the PM's economic policies, voicing confidence in the stability and sustainable development of Pakistan's economy.
PM Shehbaz encourages UK investors to explore opportunities in Pakistan | The Express Tribune
Discussion with UK business delegation also covered new avenues and enhancing B2B relations between Pakistan and UK.
tribune.com.pk
JaDed
Test Star
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Bewal Express
Test Star
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- Nov 6, 2005
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- 37,289
A great idea but who will protect us from the mafia? Who will protect us from the kidnapping by the ISI like IKs lawyer for the last 2 weeks? Who will protect us if the judges are controlledPM Shehbaz encourages UK investors to explore opportunities in Pakistan
Prime Minister Shehbaz Sharif has emphasised that attracting foreign investment is the government's top priority. He made these remarks while meeting with a delegation of prominent UK business figures, led by Zuber Issa, in Lahore on Sunday.
During the meeting, the PM highlighted the government's efforts to provide optimal facilities to the business community through the Special Investment Facilitation Council's (SIFC) one-window operation.
He noted that the country's economy has shown signs of improvement in recent weeks, a trend he attributed to government initiatives that have bolstered investor confidence.
Sharif encouraged the delegation to invest in Pakistan, underscoring the potential for fruitful ventures within the country. The discussion also covered new avenues for cooperation and enhancing business-to-business relations between Pakistan and the United Kingdom.
The visiting delegation expressed their approval of the PM's economic policies, voicing confidence in the stability and sustainable development of Pakistan's economy.
PM Shehbaz encourages UK investors to explore opportunities in Pakistan | The Express Tribune
Discussion with UK business delegation also covered new avenues and enhancing B2B relations between Pakistan and UK.
Kianig89
Senior Test Player
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- Oct 30, 2012
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- 28,900
Record brain drain, high unemployment, rapid increase in poverty, 64% undocumented economy but stock market is surging and interest rates are slashing , the curious case of Pakistan economy.
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- Aug 29, 2023
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- 24,329
Qatar, Azerbaijan to invest $5bn, PM Shehbaz tells cabinet
Prime Minister Shehbaz Sharif on Monday informed cabinet members that Qatar and Azerbaijan will invest $5 billion in the country’s various sectors.
Addressing a federal cabinet meeting, the prime minister said he has held very productive meetings with leaders of Saudi Arabia and Qatar in which different subjects like solar energy, mines, minerals and IT sectors were discussed.
He said a delegation of Qatar Investment Authority would soon visit Pakistan as Qatar has announced it will invest $3 billion.
Mr Sharif said that Saudi Crown Prince Mohammed bin Salman during a meeting told him there were immense opportunities for IT-trained workers and asked him to send skilled people from Pakistan to Saudi Arabia as they required IT experts.
The emir of Qatar has also hinted at setting up an IT park in Pakistan, the prime minister said.
Mr Sharif also briefed the cabinet about trade relations with Azerbaijan and said the two countries had agreed to enhance investment to $2bn in diverse sectors.
He said an understanding between the two countries was reached during a visit of Azerbaijan President Ilham Aliyev in the shape of signing of agreements and memorandums of understanding.
During the meeting, the PML-N Parliamentary Party was also taken into confidence over economic stability in the country and the inflow of foreign investment.
The prime minister said that the State Bank of Pakistan has reduced the policy rate by 250 basis points and with its reduction, the interest rate has been brought down to 15 per cent from 17.5pc, adding that it would increase business activities, boost exports and generate employment opportunities.
Due to the government’s efforts, he claimed, inflation has been reduced from 38pc to 7pc and that all national and international institutions are projecting economic stability in the country.
The prime minister said that the evil machinations of those who were out to create chaos and pushed the country to verge of default have been foiled.
Mr Sharif lauded members of parliament belonging to PML-N for sacrificing their politics for the sake of country.
He said during his recent visit to Saudi Arabia, a new chapter of economic partnership between the two countries has opened.
During participation in the Future Investment Initiative, the prime minister said he held detailed talks with Saudi Crown Prince Mohammed bin Salman, who assured allout support for Pakistan’s economic stability and development.
He said the volume of Saudi Arabia’s investment would increase from $2.2 billion to $2.8bn.
DAWN NEWS
Prime Minister Shehbaz Sharif on Monday informed cabinet members that Qatar and Azerbaijan will invest $5 billion in the country’s various sectors.
Addressing a federal cabinet meeting, the prime minister said he has held very productive meetings with leaders of Saudi Arabia and Qatar in which different subjects like solar energy, mines, minerals and IT sectors were discussed.
He said a delegation of Qatar Investment Authority would soon visit Pakistan as Qatar has announced it will invest $3 billion.
Mr Sharif said that Saudi Crown Prince Mohammed bin Salman during a meeting told him there were immense opportunities for IT-trained workers and asked him to send skilled people from Pakistan to Saudi Arabia as they required IT experts.
The emir of Qatar has also hinted at setting up an IT park in Pakistan, the prime minister said.
Mr Sharif also briefed the cabinet about trade relations with Azerbaijan and said the two countries had agreed to enhance investment to $2bn in diverse sectors.
He said an understanding between the two countries was reached during a visit of Azerbaijan President Ilham Aliyev in the shape of signing of agreements and memorandums of understanding.
During the meeting, the PML-N Parliamentary Party was also taken into confidence over economic stability in the country and the inflow of foreign investment.
The prime minister said that the State Bank of Pakistan has reduced the policy rate by 250 basis points and with its reduction, the interest rate has been brought down to 15 per cent from 17.5pc, adding that it would increase business activities, boost exports and generate employment opportunities.
Due to the government’s efforts, he claimed, inflation has been reduced from 38pc to 7pc and that all national and international institutions are projecting economic stability in the country.
The prime minister said that the evil machinations of those who were out to create chaos and pushed the country to verge of default have been foiled.
Mr Sharif lauded members of parliament belonging to PML-N for sacrificing their politics for the sake of country.
He said during his recent visit to Saudi Arabia, a new chapter of economic partnership between the two countries has opened.
During participation in the Future Investment Initiative, the prime minister said he held detailed talks with Saudi Crown Prince Mohammed bin Salman, who assured allout support for Pakistan’s economic stability and development.
He said the volume of Saudi Arabia’s investment would increase from $2.2 billion to $2.8bn.
DAWN NEWS
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