IMF – Page 2 – BOL News Staging

PM commits to ensure all possible resources to empowering youth

March 27, 2025 by Abid Khan

ISLAMABAD: Prime Minister Shehbaz Sharif reaffirmed his commitment to equip the country’s youth with advanced technological skills, emphasizing the importance of their role in driving the nation’s development and prosperity. He assured that all necessary resources will be allocated to provide the best training opportunities, enabling young people to become productive contributors to the society. … Read more

PM Shehbaz lauds progress as Pakistan finalizes IMF staff-level pact

March 26, 2025 by Sana Fatima

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday praised the government’s economic team for their tireless efforts in securing a staff-level agreement with the International Monetary Fund (IMF) for a new US$1.3 billion arrangement. Chairing the Cabinet Committee meeting, the prime minister praised the Deputy Prime Minister, Finance Minister, Planning Minister, Commerce Minister, Economic Affairs Minister, … Read more

IMF turns down Islamabad’s request to reduce property taxes

March 24, 2025 by Nimra Sohail

The International Monetary Fund (IMF) has declined Pakistan’s request to reduce taxes on property transactions, sources familiar with the negotiations revealed on Monday. The refusal comes as Islamabad struggles to fulfill the conditions necessary for securing a staff-level agreement, which is crucial for further financial assistance. According to sources, the IMF also rejected Pakistan’s proposal … Read more

PSX soars past 115,000 as IMF talks boost investor confidence

March 15, 2025 by Sana Fatima

Karachi, March 14, 2025 – The Pakistan Stock Exchange (PSX) surged past the 115,000-point milestone, fueled by Moody’s upgrade of Pakistan’s banking sector and optimism surrounding ongoing negotiations with the International Monetary Fund (IMF). The bullish rally reflects growing investor confidence, backed by improving macroeconomic indicators and sectorial growth. The KSE-100 index gained 1,009.70 points, … Read more

IMF sets condition for Pakistan to monitor Industrial growth

March 14, 2025 by Sana Fatima

ISLAMABAD: In response to the International Monetary Fund (IMF) demand, Pakistan will monitor production in the industrial sector, News reported on Friday. The Federal Board of Revenue (FBR) has met another condition set by the International Monetary Fund (IMF) by deciding to monitor production in the industrial sector. The FBR will implement electronic video surveillance … Read more

IMF rejects tax relief on foreign investment projects

March 12, 2025 by Nimra Sohail

The International Monetary Fund (IMF) has turned down Pakistan’s request for tax exemptions on foreign investment projects. During a detailed briefing to the IMF delegation, the Special Investment Facilitation Council (SIFC) argued that tax relief would help attract foreign investors. However, the IMF rejected the request, emphasizing the importance of fiscal discipline. SIFC officials highlighted … Read more

IMF-Pakistan discussions begin for $1 Billion loan release

March 10, 2025 by Sana Fatima

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have begun policy-level talks to secure the disbursement of a $1 billion loan tranche under the ongoing economic program, as reported on Monday. Sources revealed that today’s discussions focus on the National Finance Commission (NFC) and agricultural income tax. Officials informed the IMF that agricultural taxation has … Read more

IMF warns Pakistan over tax loopholes in real estate industry

March 3, 2025 by Sana Fatima

The International Monetary Fund (IMF) has urged Pakistan to crack down on tax evasion in the real estate sector, as reported on Monday. Nathan Porter led a nine-member mission that arrived in Pakistan today to assess the country’s economic performance and determine the release of the next $1 billion tranche. According to sources, Pakistan and … Read more

IMF delegation arrives in Pakistan to review implementation of loan conditions

March 3, 2025 by Areej Afzal

Pakistan’s Growth Forecast Slashed to 2.6% by IMF

Islamabad: A delegation from the International Monetary Fund (IMF) has arrived in Pakistan to review the implementation of loan conditions. According to sources, an introductory session was held between the IMF delegation and officials from the Ministry of Finance. However, economic review talks officially commenced at a private hotel in Islamabad and will continue until … Read more

IMF announces Pakistan visit for $7 Billion loan review

February 21, 2025 by Sana Fatima

Private News reported that the International Monetary Fund (IMF) has confirmed a delegation will visit Pakistan in mid-March to review the country’s $7 billion loan program. IMF representative Mair Benitez stated that the delegation will meet with Pakistani authorities to discuss the first review under the loan program. The IMF delegation will review the loan … Read more

Federal Govt withdraws major FBR powers on IMF demand

February 15, 2025February 15, 2025 by Abid Khan

ISLAMABAD: The federal government withdraws important powers from the Federal Board of Revenue (FBR) on the demand of the International Monetary Fund (IMF).

The Federal Cabinet has set up a tax policy office in the Finance Ministry, which has also been issued a notification.

According to the notification, Ministry of Finance has established a Tax Policy Office, separating tax policy formulation from tax collection. The FBR will now be limited to tax collection only and policy-making will fall under the Ministry of Finance.

According to the notification, the tax policy office will directly report to Federal Minister Finance and Revenue. The tax policy office will work to create a government reform agenda, the tax policy office will analyze tax policies and suggestions.

The notification states that tax policies and suggestions will be analyzed through data modeling, revenue, economic forecasting.

According to sources, this was the long -standing demand of the International Monetary Fund(IMF) and the IMF was assured to keep the tax policy making and recovery process independent.

In order to reduce tax fraud, the implementation of the flaws will be focused on the implementation of the tax.

[embedpost slug=”pm-emphasizes-need-to-further-strengthen-collaboration-with-un”]

Pakistan agrees to IMF terms, Restructures FBR for economic stability

February 14, 2025February 14, 2025 by Sana Fatima

According to a newly issued notification, the Pakistani government has met another International Monetary Fund (IMF) condition by stripping the Federal Board of Revenue (FBR) of key powers and establishing a Tax Policy Office under the Ministry of Finance. The government has separated tax policy formulation from tax collection to enhance transparency and efficiency. Under … Read more

IMF revises Pakistan’s economic growth estimate for current fiscal year

January 18, 2025 by Abid Khan

ISLAMABAD: The International Monetary Fund (IMF) has expressed concern that the economic growth rate of Pakistan will not achieve the set target for the current financial year.

The IMF has released the World Economic Outlook in which the International Monetary Fund has revised Pakistan’s economic growth estimate for the current fiscal year to 3 percent from 3.2 percent.

The IMF has estimated that Pakistan’s economic growth rate will not be achieved this fiscal year, but it has also predicted an increase in the economic growth rate compared to the previous year.

The IMF has predicted that the economic growth rate will be 4 percent in the next fiscal year, while the economic growth rate was 2.5 percent last fiscal year.

According to the IMF, the economic growth rate of Pakistan is likely to be 3 percent this fiscal year, while Pakistan has set a target of 3.6 percent economic growth for the current fiscal year.

In October 2024, the IMF estimated Pakistan’s economic growth rate for the current fiscal year at 3.2 percent.

[embedpost slug=”imf-removes-gst-on-aircraft-for-pia”]

IMF removes GST on aircraft for PIA

January 10, 2025 by Muhammad Zubair

The International Monetary Fund (IMF) has approved the removal of the 18% GST on aircraft for Pakistan International Airlines Company Limited (PIACL), a move aimed at improving its financial health. This decision is expected to clean up Rs45 billion of PIACL’s negative equity. The development was discussed during the fifth meeting of the National Assembly … Read more

ADB upgrades Pakistan’s growth prospects to 3% in FY25

January 10, 2025January 9, 2025 by Abid Khan

ISLAMABAD:Asian Development Bank (ADB), in its recent publication, has revised upwards Pakistan’s growth forecast to 3.0% during the fiscal year 2024-25, from 2.8% projected in September 2024.

According to the report, greater macroeconomic stability, following the approval of the new International Monetary Fund (IMF) program under the Extended Fund Facility in September will support recovery.

The report says, industrial output growth is projected to accelerate with the suspension of import management measures, higher investor confidence, and easier access to foreign exchange.

A more accommodative monetary policy because of faster-than-expected easing of inflationary pressures should further support economic activity through rebounding private investment.

However, growth in agriculture is expected to weaken due to the heavy monsoon downpours during July–September 2024 and flood-like conditions in parts of the country. Wheat and cotton, two of Pakistan’s five major crops, are projected to perform poorly in FY2025.

The Asian Development Outlook for December 2024 also revised growth for FY2024, upwards to 2.5%, in line with the updated official estimate.

In South Asia, the growth forecasts have been revised downward to 5.9% for 2024 and 6.3% for 2025. The lower forecast for 2024 is mainly due to India’s lower-than-expected Quarter 2 growth, driven by dampened manufacturing sector performance and lagging government spending.

While growth forecasts for Pakistan and Sri Lanka have been upgraded due to their recovery from the macroeconomic challenges of 2022– 2023, downward revisions for Bangladesh and Maldives have further weighed on the 2024 outlook.

The latter two economies’ growth forecasts are also revised downward for 2025 due to the lingering effects of the political unrest of July-August 2024 in Bangladesh and fiscal consolidation measures in Maldives. Some weakening of growth is also expected for 2025 in Nepal relative to earlier forecasts.

According to the report, the growth forecast for developing Asia is trimmed to 4.9% for 2024 and 4.8% for 2025. Most adjustments to 2024 growth projections for individual economies and sub-regions are based on recent data releases.

The downward revisions to East Asia and South Asia offset the stronger growth in the Caucasus and Central Asia and Southeast Asia, shaving 0.1 percentage points from growth in the region. For 2025, slower growth is expected in South Asia due to weaker domestic demand prospects.

According to the report, developing Asia’s growth remains solid, but the new US presidential administration promises consequential changes.

Domestic demand remains strong in much of the region, and exports continue to support growth, although momentum has moderated.

[embedpost slug=”pakistans-per-capita-gdp-shows-positive-growth”]

Pakistan achieves FY2024-25 tax target set by IMF

January 3, 2025 by Rao Abdullah

ISLAMABAD: Pakistan has successfully met the primary tax targets outlined by the International Monetary Fund (IMF), on Friday. The country achieved a tax-to-GDP ratio of 10.8%, surpassing the IMF’s target of 10.6% for the current fiscal year, a development that paves the way for Islamabad to secure the second tranche of the loan program. Finance … Read more

FBR announces action against non-filers

December 26, 2024 by Abid Khan

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Rashid Mahmood Langrial has categorically announced that action will be taken against those who do not submit tax returns.

Finance Minister Muhammad Aurangzeb, Minister of State Ali Pervez Malik and Chairman FBR Rashid Mahmood Langrial held a press conference in Islamabad.

While addressing a press conference in Islamabad, Chairman FBR Rashid Mahmood Langrial said that we have given notices to 190,000 people and 38,000 people have submitted 37.7 million tax returns.

He said action will be taken against those who did not submit the return and did not pay the tax.

Chairman FBR said that Pakistan’s tax gap is Rs. 7100 billion and income tax gap is Rs. 2400 billion. He said FBR is digitizing the invoicing process and the focus is on the top 5 percent people.

He said FBR is directly looking at the sugar mills and several mills caught on flying invoices in Punjab.

Speaking at the press conference, Finance Minister Muhammad Aurangzeb said that we have to fix the tax system on a permanent basis and there is a total additional tax potential of RS 71 billion.

He said that technology is very important in tax collection AND transparency has to be brought in the system to prevent tax evasion. He added that human intervention in tax collection of FBR is being reduced.

Minister of State for Finance Ali Pervez Malik said in the press conference that we have to have a partnership with the International Monetary Fund(IMF) and we want standard.

[embedpost slug=”fbr-updates-password-policy-to-enhance-security”]

PM Shehbaz satisfies with economic stability, investment boom

November 18, 2024 by Abid Khan

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif said that country’s economy was on path to stability and due to steps taken in this regard, stock market was showing brisk business.

He said that foreign investment was a reflection of confidence in the government’s policies.

The prime minister received a briefing from the Ministry of Finance regarding the country’s economy and the meeting with the IMF delegation.

The prime minister was briefed on the economic indicators and the current situation of inflation. The meeting was also briefed on the steps taken against tax evasion and those facilitating such theft.

The prime minister stressed that public relief should be accorded priority on all other steps and they were taking all possible measures to fulfill public promises.

He also expressed satisfaction over the sliding down of the inflation rate to 7 percent from 38 percent and said the interest rate was lowered from 22 percent to 15 percent which would spur business activities and create jobs opportunities in the country.

Prime Minister Sharif further observed that due to surge in exports and record remittances, the country’s foreign reserves had increased.

He also praised Punjab chief minister and the provincial government for reforms in the agriculture sector.

The prime minister directed for accelerating actions against tax defaulters, and reiterated to bring the tax evaders and their facilitators to book.

[embedpost slug=”naps-apex-committee-meeting-postponed”]

IMF reports positive outcome in negotiation with Pakistani officials

November 16, 2024 by Abid Khan

ISLAMABAD: The International Monetary Fund (IMF) has released a statement on the negotiations with Pakistani authorities.

In the statement issued by the IMF, it has been said that negotiations were held with Pakistan from November 12 to 15 under the leadership of Mission Chief Mr. Nathan Porter.

It has been said in the declaration that the representatives of the private sector were also discussed in the negotiations.

The IMF statement said that discussions with Pakistani authorities on economic issues were positive.

Staff visits are a standard practice for countries with semi-annual program reviews and aim to engage with the authorities and other stakeholders on the country’s economic developments and policies and the status of planned reforms.

At the end of the visit, Mr. Porter issued the following statement:

“We had constructive discussions with the authorities on their economic policy and reform efforts to reduce vulnerabilities and lay the basis for stronger and sustainable growth. We agreed with the need to continue prudent fiscal and monetary policies, revenue mobilization from untapped tax bases, while transferring greater social and development responsibilities to provinces.

In addition, structural energy reforms and constructive efforts are critical to restore the sector’s viability, and Pakistan should take steps to decrease state intervention in the economy and enhance competition, which will help foster the development of a dynamic private sector.

Strong program implementation can create a more prosperous and more inclusive Pakistan, improving living standards for all Pakistanis.

[embedpost slug=”cii-declares-vpns-use-un-islamic-for-accessing-blocked-or-unethical-content”]

IMF delegation ‘arrives’ in Pakistan for loan talks

November 11, 2024 by Nimra Sohail

An IMF delegation has arrived in Pakistan for discussions about a new loan. According to the Finance Ministry, the team will review Pakistan’s economic performance and meet with relevant government officials. The government has already briefed the IMF team on its economic progress and goals for the first quarter of the fiscal year. Key topics … Read more

IMF mission to visit Pakistan from Nov 11 to 15

November 8, 2024November 8, 2024 by Abid Khan

ISLAMABAD: The International Monetary Fund (IMF) mission will visit Pakistan from November 11 to 15 , to review economic performance and budget targets.

According to the sources, there will be a formal discussion for $1 billion climate financing from the IMF mission, while the review of other issues including the budget to deal with climate change is included in the agenda.

Sources said that the mission will also review budget targets and economic performance during the visit, while Pakistan has assured 60 percent of energy from alternative sources by 2030.

“There will be discussions on climate change under the National Clean Air Policy with the mission, apart from this, there will be discussions regarding the implementation of Euro 5, Euro 6 transport technology policy”.

Sources also say that the mission will share a report on increasing credit for clean air policy, a report on green energy mix and billion tree tsunami project will be presented, while statistics on measures to control environmental pollution will also be presented.

Sources said that a report on measures to ban the burning of crop residues will be presented and the discussion with the IMF mission also includes an assessment of the current economic situation, while a report on the budget targets for the first quarter of the current fiscal year.

According to the sources, there will be discussions on economic targets, FBR performance and revenue targets. “There is also a possibility of discussions on the circular debt management plan for the current financial year, while discussions on the first review of the expansion fund facility program are not included in the agenda’’.

[embedpost slug=”pakistan-seeks-1bn-from-imf-to-address-climate-risks-speed-up-energy-transition”]

Punjab to impose super tax on landlords

November 8, 2024November 8, 2024 by Abid Khan

LAHORE: The Punjab government has decided to impose agricultural tax on big landowners in the province under the terms of the International Monetary Fund(IMF).

In order to meet IMF conditions, for the first time Punjab has approved the imposition of a super tax on big landowners who earn huge income from agriculture and inclusion of income from livestock in agriculture tax.

After the approval of the Punjab Cabinet through circulation, a draft of the bill ‘The Punjab Agriculture Income Tax (Amendment) Act 2024’ has been prepared to amend the Punjab Agricultural Income Tax Act, 1997, which will soon be presented in the Assembly for approval.

Under Sections 3 and 4 of the new law, farmers will now submit a statement of their total cultivated area or a return of total agricultural income.

According to the sources, under the new act, agricultural tax will not be based on land holding, but income based tax, while in Act 2024, the tax schedule mentioned in the Agricultural Income Tax Act of 1997 has been abolished.

[embedpost slug=”pakistan-seeks-1bn-from-imf-to-address-climate-risks-speed-up-energy-transition”]

Finance Minister departs for US to attend IMF, WB meetings

October 21, 2024 by Abid Khan

ISLAMABAD: Federal Minister of Finance and Revenue, Senator Muhammad Aurangzeb departed for the United States to participate in the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB).

Federal Finance Minister Senator Muhammad Aurangzeb has departed for America where he will attend the annual meetings of IMF and World Bank.

The Finance Minister will meet the Finance Ministers of China, United Kingdom, Saudi Arabia, United Arab Emirates, and Turkey. He will also meet representatives of IMF and World Bank during US visit.

The meetings will be held with top officials of the US State and Treasury Departments while meeting with officials of international credit rating agencies and commercial banks.

The meetings are also scheduled with officials of investment banks in the Middle East. The federal minister will address investment forums and seminars.

During the visit, the Finance Minister will visit leading American think tanks and will also give interviews to international and American media representatives. The Minister will address investment forums and seminars, sharing Pakistan’s economic outlook.

[embedpost slug=”pakistan-requests-2bn-in-climate-financing-from-imf”]

Pakistan requests $2bn in climate financing from IMF

October 21, 2024 by Muhammad Zubair

Pakistan is set to request $2 billion in climate financing from the International Monetary Fund (IMF). This follows an earlier request for a $1.5 billion loan made by Prime Minister Shehbaz Sharif during his meeting with IMF Managing Director Kristalina Georgieva at the United Nations General Assembly (UNGA) in New York. According to sources, Finance … Read more

Honoring Dr. Nadeem ul Haque – A Legacy of Vision, Innovation, and Mentorship

October 11, 2024 by Muhammad Zubair

ISLAMABAD: The Pakistan Institute of Development Economics (PIDE) proudly honors Dr. Nadeem ul Haque as he completes his transformative five-year tenure as Vice Chancellor, from 2019 to 2024. A renowned economist and former Deputy Chairman of the Planning Commission of Pakistan, Dr. Haque has also been associated with several international organizations, including a distinguished career … Read more

IMF approves $7b bailout package for Pakistan

September 26, 2024September 25, 2024 by Rao Abdullah

In a significant development, the International Monetary Fund (IMF) Executive Board has approved a $7 billion bailout package for Pakistan during a meeting held in Washington. The meeting was chaired by IMF Managing Director Kristalina Georgieva, with Pakistan’s agenda being a top priority. Under the IMF’s Extended Fund Facility program, Pakistan will receive $7 billion … Read more

Electricity bill update for Islamabad residents – September 2024

September 11, 2024 by Muhammad Zubair

Residents of Islamabad will no longer benefit from the Rs14 per unit subsidy on their electricity bills for September 2024. The Punjab government has reversed its decision to provide this relief due to growing pressure from the International Monetary Fund (IMF). Punjab Information Minister Azma Bokhari confirmed the withdrawal of the subsidy for Islamabad residents. … Read more

Reforms must be make EFF last IMF programme: Finance Minister

August 1, 2024 by Abid Khan

ISLAMABAD: Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb here reiterated the need for structural reforms to ensure the Extended Fund Facility (EFF) with International Monetary Fund (IMF) is the country’s last programme, highlighting the importance of privatization, export-led growth, and foreign direct investment to sustainable macroeconomic stability.

Addressing the Ground Breaking Ceremony of the Head Office Building of the Securities and Exchange Commission of Pakistan (SECP), the minister said, the Staff Level Agreement (SLA) has been signed with IMF and it would go to fund’s board for final approval.

“So under the fund umbrella, it is not only getting the fund but making sure that this time we do the structural reforms,” he remarked.

“If we have to make it last programme of the fund then whether it is on taxation side, energy side, or SOE reforms and the privatization side, we have to move forward because we do not have the space and room any more to dither on this agenda.” the minister remarked.

He said upgrade in Pakistan’s rating by Fitch, an international credit rating agency, and the policy rate reduction by State Bank of Pakistan (SBP) were direct manifestations of macroeconomic stability that the government has been following under the leadership of Shehbaz Sharif.

He said, the economic team would continue to move forward with this agenda. However, he added there was need to bring permanence into it. “Stabilization would lead to growth, so we have to bring permanence,” he said.

Talking about the role of private sector, the minister said, it has been decided in the cabinet committee on State-Owned Enterprises (SOEs) that all insurance companies under the public sector will be handed over the private sector.

He said, there was no reason whatsoever the government holds on to those entities or their functions. Even the strategic functions would be done by private sector he said adding the government would be there to provide policy framework and policy continuity.

[embedpost slug=”sindh-fed-govts-agree-to-establish-sez-on-remaining-steel-mills-land”]

Menu

Latest

Entertainment

Lifestyle