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IMF

Senator Faisal Saleem elected as member of IMF, WB

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Senator

ISLAMABAD: For the first time in the country’s history, Pakistani parliamentarians have been elected as members of the International Monetary Fund(IMF) and World Bank Board.

Senator Faisal Saleem Rehman was elected as a member of the Parliamentary Board of the IMF and the World Bank.

140 countries around the world are members of the Parliamentary Network on the IMF and the World Bank.

The Parliamentary Network formulates recommendations for reforms related to poverty alleviation and economic stability.

Senator Faisal Saleem from Khyber Pakhtunkhwa became a member of the upper house in March 2021 and his term ends in March 2027.

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Senate Committee strongly protests soaring energy bills

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Senate Committee protests

Members of the Senate committee also erupted over the high electricity and gas bills, as Bol News reported on Thursday. In the meeting of the Senate Standing Committee on Finance, the members strongly protested against the increase in electricity and gas prices. Senator Sadia Abbasi said that despite the installation of solar panels, bills are … Read more

Govt’s economic reformative steps reignited investors’ confidence: PM

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PM

KARACHI: Caretaker Prime Minister Anwaar-ul-Haq Kakar said that the investors had regained confidence after the successful signing of a standby agreement with the International Monetary Fund (IMF), the execution of the annual budget 2023-24 and improvement in the fiscal and external accounts.

The prime minister, addressing the ceremony marking the first auction of the Government Ijarah Sukook bonds issued by the Pakistan Stock Exchange, said it was the collective responsibility of the stock brokers, SECP, and other participants to promote upcoming primary market auctions to market it a remarkable achievement for the entire market ecosystem.

He congratulated all the stakeholders on the auction of the Government Ijarah Sukook through PSX, instead of the State Bank of Pakistan, which was aimed at simplifying the participation in government securities auction, diversifying the investors’ base, and enhancing transparency.

He lauded the market participant for their interest in the auction through PSX particularly the participation of the retail market.

He told the gathering that the stock exchange was a dynamic force and a heartbeat that resonated with the aspirations of business and progress.

The prime minister, who later rang the gong of the stock exchange said it did not only herald the market transactions but also a symphony of progress and prosperity.

“The gong’s echoes reverberate not only within these walls but across the financial corridors of the nation, symbolizing our commitment to fostering an inclusive and robust financial ecosystem that welcomes diverse voices and promotes economic prosperity shared by all,” he remarked.

He said initially, Pakistan’s economy faced multiple challenges at the start of 2023-2024, but the government addressed structural and macroeconomic issues to rectify the situation.

He said the collective efforts of all stakeholders had successfully brought the economy back on track, leading to a lower dollar rate from 307 on September 5 in the interbank to 284 today which also resulted in a decline in inflation.

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IMF disburses $1.2b under Stand-By Arrangement: Shamshad Akhtar

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IMF
  • SBA would have two reviews which would be held in Nov 2023 and Mar 2024.
  • The completion of each review would lead to disbursement of remaining amount.
  • She said prices of essential commodities would now gradually come down.

ISLAMABAD Caretaker Minister for Finance and Revenue Shamshad Akhtar informed the Senate that International Monetary Fund (IMF) Executive Board approved the Stand-By Arrangement (SBA) worth $ 3 billion, of which $ 1.2 billion had been disbursed.

Replying to various questions during question hour, she said the duration of the program was 9 months.

The SBA would have two reviews which would be held/completed in November 2023 and March 2024, she added. The minister said the completion of each review would lead to disbursement of the remaining amount. The principal repayment was due within 3.25 years of disbursement in eight equal quarterly installments while the interest rate currently stood at 4.198%, she added.

She said “We have met the target of primary deficit in line with the standby arrangement reached with the IMF,” adding the government had also managed to reduce expenditures. The minister said the prices of essential commodities would now gradually come down as a result of the government effective policies.

To another question, Shamshad Akhtar told that State Bank of Pakistan (SBP) was a body corporate, established under the State Bank of Pakistan Act, 1956 (Act). The oversight of the affairs and functions of the Bank was entrusted to the Board of Directors under the Act, she said.

Moreover, the Board of Directors was empowered, among other things, to make regulations regarding recruitment, compensation and terms of service of employees, she added. She said a total of 1178 employees were working in SBP as on May 29, 2023. Out of total 1101 were regular employees while 77 employees had been appointed on contract basis.

The NC&BS was defined contributory retirement scheme and employees (around 81%) who were currently serving SBP under this scheme were entitled to contributory provident fund and gratuity while the employees serving on OMS (around 19%) were entitled to pension based on the last drawn salary, as end of service benefits, she said.

The minister said a total budget of Rs 6,818 million had been allocated by the SBP for the fiscal year FY 2022-23 for salaries and benefits of employees.

To a separate question, Shamshad Akhtar said that during last three years, 15 Audit teams visited 65 Missions abroad comprising 8, BPS-19 and 20, BPS-18 officers which incurred Rs 46.419 million total expenditure.

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IMF likely to be talked for another programme, says Shamshad

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IMF likely to be talked for another programme, says Shamshad

ISLAMABAD: Caretaker Finance Minister Dr, Shamshad Akhtar has said that the interim government will try to talk to the IMF for the next program as the nation will need the lender’s help to consolidate macro-economic stability. She said that the country’s foreign reserves will jump in December after pledges made by global lenders materialize. The … Read more

IMF reaches staff-level agreement with Pakistan

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IMF
  • Pakistan will receive USD 700m after approval of Executive Board.
  • The IMF said that Pakistan has achieved all economic targets.
  • The amount released by IMF to Pakistan will be 1.9 billion dollars.

ISLAMABAD: A staff-level agreement has been reached between Pakistan and the International Monetary Fund (IMF).

According to the agreement, with the approval of the Executive Board of the IMF, Pakistan will receive USD 700 million.

The IMF said that Pakistan has achieved all the economic targets, there is a possibility of a reduction in inflation in the next few months, it has been promised to continue with the market-based exchange rate and the pressure on the exchange market is reducing. The reforms are also promised to create investment and employment opportunities.

According to the IMF, economic recovery is continuing under the program, economic stability is coming to Pakistan with the support of friendly countries, and the implementation of the federal budget has brought continuity in the policies, and timely adjustment in electricity and gas prices.

The IMF said that Pakistan has also promised reforms in government institutions and Pakistan has also promised to improve social assistance programs, and external pressure on the economy from rising energy prices and foreign exchange has eased.

According to the IMF, Pakistan may be affected by external threats, geopolitical tensions rising commodity prices, and the need to continue efforts to emerge due to tough global financial conditions. Strengthening macroeconomic sustainability and increasing a balanced growth rate are the main priorities and reducing public debt for financial stability is also a priority.

With an additional $700 million, the amount released by the IMF to Pakistan will be 1.9 billion dollars.

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IMF agreed on proposal to spend 1% of GDP annually on climate change

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IMF
  • The officials discussed National Clean Air Policy with IMF mission.
  • A plan to get 60% energy from alternative sources by 2030 was shared.
  • Plans to ban 30% of electric vehicles and imported coal by 2030.

ISLAMABAD: Pakistan has shared a plan to obtain energy from alternative sources with International Monetary Fund (IMF).

According to the sources, the officials of the Climate Change and Planning Commission discussed the National Clean Air Policy with the IMF mission.

Sources say that a plan to get 60 percent of energy from alternative sources by 2030 was shared with the IMF mission, in addition to plans to ban 30 percent of electric vehicles and imported coal by 2030.

Sources said that the proposal to spend one percent of GDP annually on climate change was agreed to by the IMF mission.

According to the sources, the IMF mission was briefed on the Green Energy Mix, Billion Tree Tsunami Project under the Clean Air Policy and it was told that the burning of crop residues is banned to control environmental pollution and under the National Clean Air Policy, Euro 5, Euro 6 transport technology policy is being implemented.

Sources said that in the briefing on increasing credit and other financing options for clean air policy between the federation and the provinces, it was said that preparations are being made for the upcoming Conference of Parties (COP 28) held in the United Arab Emirates.

Early warning system measures under the National Adaptation Plan were also discussed.

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IMF demands end of budget subsidy for tube well users

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IMF
  • IMF has asked to introduce solarization system for agricultural sector.
  • Around Rs. 90 billion will be spent on solarization scheme for tube wells.
  • The federal, provinces and tube well consumers will share 30 billion each.

ISLAMABAD: The International Monetary Fund (IMF) has demanded an end to budget subsidies for tube well users.

According to sources, officials of the Ministry of Energy and the Ministry of Finance met in technical level talks with the IMF mission during which discussions were held on starting the Tube Well Solarization Scheme in the current financial year.

Sources say that the IMF has asked to introduce a solarization system for the agricultural sector of Pakistan and demanded to end the budget subsidy for tube well users.

“Around Rs. 90 billion will be spent on the solarization scheme for tube wells,” sources said.

“Proposals with regard to the solarization scheme can be presented to the federal cabinet next month,” sources said. ” Rs. 90 billion will be shared by the federal government, the province and consumer equally,” according to sources.

The federal government, province and tube well consumers will share 30 billion rupees each.

Sources said that due to the implementation of the scheme, it has also been asked not to give subsidy to tube wells users in the budget of the next fiscal year.

According to the sources, IMF was told in the meeting that National Electric Power Regulatory Authority (NEPRA) is making timely notification of quarterly adjustments and fuel price adjustments for cost-recognising tariff improvement.

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Pakistan fulfills all key IMF conditions for first review talks

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IMF seeks plan to collect Rs6,670 bn by June

The first review negotiations with the IMF will start on November 2. It is likely to increase the levy on diesel from Rs 55 to Rs 60. Pakistan is hopeful of successfully completing the first quarter review. Islamabad: Pakistan has fulfilled all the important conditions for the first review talks with the International Monetary Fund … Read more

FBR denies end-of-income tax exemption for Rs 50,000 salary

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FBR
  • The tax exemption on monthly income will continue.
  • Tax exemption for Rs 600,000 is not being abolished.
  • Imposing taxes on low-income group will not consider.

ISLAMABAD: The Federal Board of Revenue (FBR) officials denied ending the income tax exemption on monthly income of Rs 50,000 and said that the tax exemption will continue.

The Federal Board of Revenue (FBR) is in the process of negotiating with the International Monetary Fund (IMF). Officials said that there will be no discussions with the IMF on imposing new taxes and the issue of imposing taxes on the low-income group will not be considered.

FBR officials said that the income tax exemption for those earning Rs 50,000 per month will continue and tax exemption for those earning Rs 600,000  per year is not being abolished.

Officials have said that there is no policy or proposal under consideration to withdraw the tax exemption and the World Bank has not suggested reducing the existing limit of Rs 600,000.

According to officials, the implementation of a tax on income from the agricultural sector is also a provincial matter.

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IMF review mission likely to visit Pakistan on Nov 2  

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IMF
  • The IMF review mission will be led by Nathan Porter.
  • The review mission will visit Pakistan under standby agreement.
  • Economic review will be conducted under $3b standby arrangement. Program.

ISLAMABAD: A review mission of the International Monetary Fund (IMF) will visit Pakistan from November 2 and review the economic performance of the first quarter.

According to IMF representative Esther Perez Ruiz , the review mission will be led by Nathan Porter and the review mission will visit Pakistan under the standby agreement.

Sources said that during the mission’s visit, an economic review will be conducted under the $3 billion Standby Arrangement Program.

The IMF mission will review the economic performance of the first quarter, and the IMF will be briefed on the economic performance from July to September.

According to the sources, if the review mission is satisfied with Pakistan’s actions, it will recommend the release of the next installment of the loan.

In the light of the review mission’s recommendation, the IMF Executive Board will approve the release of $710 million in December.

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Pakistan-IMF to start new round of negotiations in November

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Pakistan-IMF

The concerned ministries have completed the evaluation of the performance of the targets. The talks will discuss energy sector reforms. Economic performance from July to September will be reviewed in talks. Islamabad: Negotiations between Pakistan and the International Monetary Fund (IMF) for a tranche of $700 million will be held in the first week of … Read more

Subsidized sugar increased by Rs 8 at utility stores

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Subsidized sugar

The increased rate will be implemented immediately. Non-subsidized sugar has also increased. 155 has been fixed for general customers. Islamabad: Subsidized cheap sugar has been increased by Rs 8 per kg at utility stores; the increase in sugar prices will be implemented immediately. According to the details, the Utility Stores Corporation (USC) has increased the … Read more

Govt decides to not privatize two key LNG power plants

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LNG

The Pakistani government has decided not to privatize two important LNG (liquefied natural gas) power plants as part of their agreement with the International Monetary Fund (IMF). These power plants, namely Haveli Bahadur Shah and Baloki Power Plant, will remain under government ownership during the caretaker administration’s term. Sources from the Power Division have indicated … Read more

Inflation rate for current fiscal year will remain at 23.6%: IMF

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Inflation
  • IMF released World Economic Outlook Report.
  • This year unemployment is likely to decrease to 8%.
  • The current account deficit will remain at 1.8%  of GDP .

ISLAMABAD: The International Monetary Fund (IMF) has predicted that the inflation rate in Pakistan for the current financial year will be 23.6 percent and the Gross domestic product (GDP) growth is estimated to reach 5 percent by the year 2028.

The International Monetary Fund (IMF) released the World Economic Outlook Report.

According to the IMF, the economic growth rate of Pakistan will be 2.5 percent for the current fiscal year.

The last financial year’s unemployment rate was 8.5 percent but this year unemployment is likely to decrease to 8 percent while the current account deficit will remain at 1.8  percent of GDP this year.

In the IMF report, it is said that the effects of the Corona epidemic and the Russia-Ukraine war are continuing at the global level.

The IMF says in the report that the global economy continues to recover from the COVID-19 pandemic, Russia’s invasion of Ukraine, and the cost-of-living crisis. In retrospect, the resilience has been remarkable.

According to the Fund’s latest projections, world economic growth will slow from 3.5 percent in 2022 to 3 percent this year and 2.9 percent next year, a 0.1 percentage point downgrade for 2024 from July. This remains well below the historical average.

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IMF calls for leasing government-owned enterprises, utility stores

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IMF leasing enterprises

The IMF has demanded to hand over utility stores to BISP. The international body also demanded an increase in budget. Caretaker setup did not yet respond to privatization. The International Monetary Fund (IMF) called on Tuesday for the lease or sale of government-owned enterprises, including utility stores. According to details, the IMF has demanded to … Read more

IMF Warns of Economic Risk of US Government Shutdown

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IMF Warns of Economic Risk of US Government Shutdown

IMF expresses concern over the potential U.S. government shutdown as an avoidable risk. Urges parties to reach a consensus on federal government funding. Congress must pass legislation by Saturday midnight to avert a shutdown. The International Monetary Fund (IMF) expressed concern on Thursday about the potential shutdown of the U.S. government, describing it as a … Read more

JI Chief Karachi crictisize caretaker setup

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JI Chief Karachi

The JI Karachi chief addressed the media on the current issue in the country. He highlights the issue of increasing electricity bills. More than 90 million people live below the poverty line in the country. The Jamaat-e-Islami (JI) Pakistan Karachi chief Hafiz Naeemur Rehman criticized the caretaker government, saying that instead of giving relief, the … Read more

Pakistan rejects ‘fabricated’ report alleging arms sale to Ukraine for IMF deal

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Pakistan Ukraine

ISLAMABAD The Foreign Office has rejected a new story alleging the sale of Pakistani weapons to Ukraine to get the bailout package from the International Monetary Fund (IMF). Responding to media queries on the latest story by new outlet ‘The Intercept’, The Foreign Office spokesperson termed the story as “baseless” and “fabricated.” The spokesperson said … Read more

Pakistan’s July-August car import spending hits Rs 9.07 billion

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Pakistan car import

Pakistan’s car import expenditure has witnessed a remarkable surge in the first two months of the fiscal year 2023–24, as reported by the Pakistan Bureau of Statistics (PBS). The figures reveal a staggering Rs 9.07 billion spent on car imports during July and August, marking a substantial increase of 109 percent compared to the previous … Read more

Morocco earthquake death toll hits 2,800, survivors reside outside

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Morocco earthquake

Morocco was devastated by the country’s most powerful earthquake in over a century. Authorities have refrained from providing estimates for the number of missing persons. The Moroccan government intended to proceed with the meetings. In parts of Morocco devastated by the country’s most powerful earthquake in over a century, villagers endured their fourth night outdoors … Read more

White House Assures Collaboration with Pakistan

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White House Collaboration with Pakistan

Focus on strengthening multilateral development banks. President Biden to discuss proposals with G20 leaders in New Delhi. Pakistan faces ongoing terrorism threats near the Afghan border. A senior White House official has conveyed the United States’ understanding of the threats faced by Pakistan and its commitment to collaborating with the country in addressing those challenges. … Read more

Karachi can get country out of economic crisis, not IMF: Mustafa Kamal tells PM

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MQM

ISLAMABAD: Mutahida Quami Movement-Pakistan (MQM-P) leaders on Monday called on Caretaker Prime Minister Anwaarul Haq Kakar and discussed a wide range of issues. MQM-P’s Senior Deputy Convenor Mustafa Kamal and Deputy Convener Anees Qaimkhani met with the prime minister and discussed various issues including the electricity problems in Karachi. Mustafa Kama said charging Rs 3.81 … Read more

Nida Yasir, Sadia Imam and Fiza Ali reveal their electricity bill

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Nida Yasir, Sadia Imam and Fiza Ali reveal their electricity bill

The situation in Pakistan regarding electricity prices has become extremely challenging. Many people are facing exorbitant bills this month. Several cities are witnessing large-scale protests against the high electricity prices. The situation in Pakistan regarding electricity prices has become extremely challenging for the general public. Many people are facing exorbitant bills this month, leading to … Read more

IMF seeks written proposal on relief measures in electricity bills

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IMG bills

ISLAMABAD: Pakistan has approached the International Monetary Fund (IMF) over proposed relief in electricity bills, BOL News reported citing sources. Caretaker Finance Minister for Finance Dr Shamshad Akhtar has contacted IMF resident representative Esther Pérez Ruiz over the matter, sources revealed. The minister briefed on the situation arising from the hike in power tariff and … Read more

BRICS Expansion and US Response: A Closer Look

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BRICS Expansion

BRICS got bigger with six new countries. US is working on talking to developing countries better due to this. The US doesn’t feel immediately threatened by the new countries. The United States is engaged in a race to enhance its communication strategies aimed at the developing world as the BRICS alliance expands. However, the majority … Read more

US Assures Support for Pakistan’s Economy and IMF Engagement

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US IMF Engagement

IMF approved $3 billion SBA for Pakistan to aid economic stabilization. Finance Minister pledged policy implementation for economic stability. Emphasis on free and fair elections in line with Pakistan’s laws and constitution. US Acting Deputy Secretary of State Victoria Nuland recently had a phone conversation with Pakistan’s Foreign Minister Jalil Abbas Jilani, where she assured … Read more

FPCCI demands revision of IMF agreement for cheap electricity

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FPCCI
  • President FPCCI categorically rejects recent hike in electricity prices.
  • He said residential consumers are unable to pay their electricity bills.
  • He proposed that government needs to negotiate with power plants.

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has demanded a review of the International Monetary Fund (IMF) agreement to provide cheap electricity.

President, FPCCI, Irfan Iqbal Sheikh  categorically and vociferously rejects the recent hike in electricity prices; because it is debilitating both for residential and commercial consumers; and, inflation already killing the businesses and rendering them unprofitable & bankrupt.

FPCCI Chief added that, currently, residential consumers are unable to pay their electricity bills across the country; and, on an average, residential and commercial consumers pay 15 – 20 percent extra in the form of uniform quarterly adjustment; fuel price adjustments and additional surcharges.

Additionally, residential consumers pay an extra 20 – 25 percent in the form of electricity duty, sales tax and income tax; and, residential consumers are subjected to pay Rs. 35.57 per kWh for off-peak load and Rs. 41.89 per kWh for peak load. It is important to note that these charges exclude taxes, fuel cost adjustments, uniform quarterly adjustments and additional surcharges.

Whereas, commercial consumers are also subject to further tax and extra tax in addition to electricity duty, sales tax and income tax. In current bills, commercial consumers are paying 37 – 40 percent of the total electricity charges in taxes and duties.

Irfan Iqbal Sheikh explained that a commercial consumer with electricity consumption of 5000 kWh is subject to pay a hefty Rs. 381,785 rupees in electricity bill. It is astonishing to note that around Rs. 135,994 rupees will go into the government pockets in the form of taxes and duties; not including additional surcharge and fuel cost adjustment.

He stressed that a better and more viable option should be explored to meet IMF’s requirement to curb circular debt and provide affordable electricity to consumers. The immediate solution to reduce the power tariff is to reduce the operational costs of all power distribution companies, i.e. withdraw the provision of free electricity to WAPDA employees; reduce transmission & distribution (T&D) losses and eliminate electricity theft.

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