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IMF

Political parties assures implementation on IMF program

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IMF
  • PPP, PML-N and PTI supported program.
  • The standby agreement will play important role.
  • All parties supported objectives and policies of program.

KARACHI: All major political parties of the country gave written assurances to the International Monetary Fund (IMF) to implement the new loan agreement.

Pakistan Muslim League-Nawaz (PML-N), Pakistan Tehreek-e-Insaf (PTI), and Pakistan People’s Party have expressed their determination to remain closed on the IMF loan agreement.

In a statement issued in this regard, the IMF said that Pakistan’s major political parties have supported the program’s objectives and policies.

The Standby Arrangement Agreement will play an important role in restoring macroeconomic stability, the agreement will help in securing external financing in the coming months.

According to the details of the standby program released by the IMF, these parties have supported the objectives and policies of the program. All banks will be obliged to provide details of account holders to FBR, and annual assets of elected or unelected public representatives will be made public. The Central Monitoring Unit will issue performance reports of public institutions.

According to the IMF agreement, the average rate of petroleum levy will be Rs 55 per liter during the fiscal year 2023-24 to generate additional revenue of Rs 79 billion. An additional 30 billion rupees will be obtained from business income and salaried class. 34 billion by collecting a 5 percent federal excise duty on urea fertilizer, 8 billion by raising FED to 20 percent on sugary drinks, and tax revenue of 46 billion rupees will be obtained by increasing tax on the purchase and sale of immovable property from 2 to 3 percent.

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Pakistan needs to tighten monetary policy to control inflation: IMF

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IMF Pakistan

IMF issued a report on economic reforms programme after approving Standby Agreement. It said Pakistan needs to tighten monetary policy to reduce inflation. The inflation rate in Pakistan is expected to remain at 25.9%. ISLAMABAD: The International Monetary Fund (IMF) has issued a report on the economic reforms programme after approving the $3 billion standby … Read more

IMF approves $3 billion standby agreement for Pakistan

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IMF

WASHINGTON: The International Monetary Fund (IMF) approved the standby agreement for Pakistan, a major boost for the cash-strapped country. The Executive Board of the global financial institution held a key vote on Pakistan’s $3 billion bailout programme during a meeting in Washington. The Fund has approved the release of the first tranche of $1.2 billion … Read more

Pakistan-IMF deal garners praise from US

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Pakistan-IMF deal

Spox says United States doesn’t ask Pakistan to choose between US and China. Miller reiterated the US government’s unwavering support for Pakistan’s economic success. Matthew Miller also asked Pakistan to continue the ban on terrorist groups. US State Department spokesperson Matthew Miller welcomed the recent staff-level agreement between Pakistan and the International Monetary Fund (IMF) … Read more

Dar claims inflation rate will be 7pc by 2025

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Current account deficit reduces to $2.56 bn: finance minister

ISLAMABAD: Finance Minister Ishaq Dar has claimed that inflation rate will be 7 percent by 2025. Addressing a media workshop at the Defense University on Tuesday, Dar said that Pakistan will get 1.19 billion dollars within 24 hours after the approval of the IMF board meeting. He said, “Inshal Allah Pakistan will join the G-20 … Read more

Pakistan Stock Exchange Emerges as the Top Performing Market Globally This Week

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Pakistan Stock Exchange

Pakistan Stock Exchange (PSX) named world’s best performing market for the second week in a row. PSX experienced significant growth, crossing 44,000-point mark with a gain of almost 2,800 points. Investor confidence driven by agreement with IMF and positive sector performances. Arif Habib Limited’s report reveals that the Pakistan Stock Exchange (PSX) had a remarkable … Read more

IMF funds would have stopped if assembly dissolved earlier: Khawaja Asif

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Khawaja Asif

SIALKOT: Defence Minister Khawaja Asif said that the preparation for general elections has commenced and the distribution of tickets will start soon. While addressing a worker’s convention in Sialkot, the PML-N leader Khawaja Asif said that assemblies will be dissolved after completing their tenure after one month. The federal minister said the distribution of tickets … Read more

IMF delegation meets with PPP’s economic team

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IMF delegation meets with PPP’s economic team
  • IMF Representative Esther Perez Ruiz met with PPP’s finance team
  • PPP extended its support for program in wider interest of country.
  • IMF seeking support from political parties in new loan program.

ISLAMABAD: A delegation of the International Monetary Fund (IMF) held a meeting with the economic team of the Pakistan People’s Party (PPP).

Meanwhile, the PPP extended its support for the program in the wider interest of the country.

IMF Representative Esther Perez Ruiz met with the People’s Party’s finance team. Federal Minister for Commerce Naveed Qamar and Saleem Mandviwala were included in the delegation of the People’s Party.

The purpose of the meeting was to discuss the standby agreement between Pakistan and the IMF. According to the declaration of the Ministry of Commerce, the delegation of the People’s Party has expressed its willingness to support the program in the national interest.

The talks between the IMF representative and the finance team of the People’s Party are being seen as a positive step towards economic reforms and stability in Pakistan.

Commerce Minister Naveed Qamar, representing the finance team, recognized the importance of the standby agreement and expressed his commitment to work closely with the IMF to ensure the implementation of the program.

Meanwhile, the IMF representative for Pakistan said in a statement that Esther Perez Ruiz is contacting Pakistan Tehreek-e-Insaf, Pakistan Muslim League-Nawaz (PML-N), and Pakistan People’s Party, seeking support from political parties in the new loan program of three billion dollars.

The IMF said that the purpose of the contacts is to get support for the continuation of the policies and IMF wants to inform the political government about the policies now after the next election. The approval of Pakistan’s loan program is to be given in the executive board meeting in a few days.

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IMF staff team to seek PTI chairman’s assurances on deal

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PTI IMF

ISLAMABAD: The International Monetary Fund (IMF) will meet Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan to seek support on the $3 billion bailout programme. Senior PTI leader and former finance minister Hammad Azhar disclosed that the IMF approached the party’s economic team to gain support for the agreement. Azhar said the IMF team contacted PTI a … Read more

Pakistan will get $3bn in three installments from IMF

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IMF Pakistan prigramme

ISLAMABAD: Pakistan will get three billion dollars in three installments from the International Monetary Fund (IMF), sources said. A second review under the standby arrangement will take place in September 2023, they said. The third review talks between Pakistan and IMF will be held in December this year, they added. Pakistan has identified the priority … Read more

Sri Lanka receives a $3 billion IMF bailout

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Sri Lanka
  • Sri Lanka is facing its worst economic crisis since its independence.
  • A lack of medications, fuel, and other necessities also contributed to record-high living costs.
  • The IMF announced earlier this month that Sri Lanka has received finance commitments.

The International Monetary Fund (IMF) has approved a $3 billion (£2.4 billion) bailout for Sri Lanka, which is facing its worst economic crisis since independence.

The agreement, which has been in the works for about a year, is a lifeline for the country, which has billions of dollars in loans.

According to Foreign Minister Ali Sabry, the government plans to raise funds by restructuring state-owned enterprises and privatizing the national airline.

Analysts, however, warn that Sri Lanka faces a difficult road ahead.

The epidemic, rising oil prices, populist tax cuts, and more than 50% inflation have all had a significant impact on the country’s economy.

Widespread riots

A lack of medications, fuel, and other necessities also contributed to record-high living costs, sparking widespread riots that ousted the ruling administration in 2022.

As a result, for the first time in its history, the government defaulted on its debts to international lenders in May.

“We have lived beyond our means. Whether we like it or not, these difficult measures which may be very unpopular need to be taken,” Mr. Sabry said in an interview before the funding was announced.

“Luckily, most [people] other than politically-motivated unions have understood that. I know they are not happy, but they also understand we have no choice,” Mr. Sabry added.

The country imposed income taxes on professionals earlier this year, ranging from 12.5% to more than 36%.

It also increased other levies to fund necessary purchases such as fuel and food.

This is in stark contrast to the big tax cuts former Sri Lanka president Gotabaya Rajapaksa introduced in 2019, which lost the government income of more than $1.4bn (£1.14bn) a year.

Andrew Wood, an analyst at S&P Global Ratings, stated: “Sri Lanka still has a long way to go before it can consolidate its government financial sheet, achieve steady economic development, and achieve external stability.

“We expect the economy to contract again in 2023, albeit at a more modest pace, before returning to growth in 2024.”

The IMF announced earlier this month that Sri Lanka has received finance commitments from all of its key creditors, including China and India, paving the path for the bailout.

Mr. Sabry said it was “a little early” to speculate on whether China, Sri Lanka’s largest bilateral lender, might consider canceling part of the country’s loans.

“We have the will to pay, but we don’t have the capacity to pay. What we are now trying to do is get that capacity back,” he said.

“That’s going to be a very difficult and serious discussion.”

The Sri Lankan government had planned to reach an agreement with China and India on a new payment arrangement by the end of 2022.

Sri Lanka is owed approximately $7 billion (£5.71 billion) by China, whereas India is owing approximately $1 billion (£820 million).

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IMF denies rumors of any condition attached to Pakistan’s nuclear  

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IMF denies
  • IMF representative to Pakistan categorically denied speculations.
  • IMF focused on economic policies to solve Pakistan’s economic issues.

ISLAMABAD: The International Monetary Fund (IMF)  refuted speculations of any condition being attached to Pakistan’s nuclear programme during the talks for revival of $7 billion Extended Fund Facility (EFF).

In s statement, IMF representative to Pakistan, Esther Perez Luiz categorically denied speculations that the lender has put pressure on Pakistan’s nuclear programme during the talks for the ninth review under IMF-supported programme.

“Our discussions have exclusively focused on economic policies to solve Pakistan’s economic and balance of payments problems, in line with the IMF’s mandate for promoting macroeconomic and financial stability,” the statement added.

Earlier,  Pakistan Tehreek-e-Insaf leader Fawad Chaudhry alleged that International Monetary Fund (IMF) asked Pakistan to halt its long-range missile programme.

Talking to media, Fawad Chaudhry said the international lender is asking Pakistan to ‘stop’ its defense programme

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Imran’s conspiracy against country to be foiled: Rana Sanaullah

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Imran’s conspiracy
  • He said Imran Khan was an ill-mannered person.
  • PML-N leader said IK gave foul remarks about Maryam Nawaz.
  • Rana Sanaullah said Imran Khan himself was involved in a scam

FAISALABAD: Federal Interior Minister Rana Sana Ullah Khan said that signing of an International Monetary Fund (IMF) agreement by Imran Khan, and then its violation by his government was a deep-rooted conspiracy to destabilise Pakistan, which would be foiled with people’s support.

Talking to the media at his residence, he said Imran Khan was an ill-mannered person and there were no expectation from him to respect even women. The minister regretted that Imran Khan gave foul remarks about PML-N Senior Vice President Maryam Nawaz, who was boldly exposing his [Imran’s] agenda and his false allegations to mislead the masses.

Rana Sana refuted Imran’s claim that a conspiracy was hatched to eliminate him. He rejected the PTI chief’s claim that he wanted to go to Judicial Complex, but the government stopped his supporters to create chaos and kill him.

He said as per decided list, the selected persons were already inside the Judicial Complex, but he wanted to create unrest to skip the process of indictment against him. He said that if the practice started, then nobody would bow before the law and try to avoid the judicial process by intimidating courts.

The minister alleged that Farah Gogi had looted billions of rupees, but she was still not arrested. He said that Imran Kham himself was involved in a scam of Rs 50 billion and a property of Rs 7 billion was registered in the name of al-Qadir Trust, owned by him and her wife.

He said that no case was instituted against Farah Gogi, who plundered and shifted wealth outside the country.

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Argentina’s inflation rate has surpassed 100%

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Argentina's inflation
  • Inflation reached 102.5% in February.
  • Most of the population now lives in poverty.
  • The food and beverage industries saw the most recent substantial increase.

Argentina‘s inflation rate has soared past 100% for the first time since the end of hyperinflation in the early 90s.

According to the country’s statistics department, inflation reached 102.5% in February, implying that the cost of numerous consumer products has more than doubled since 2022.

Argentina has been in economic difficulty for years, and

Its government has been trying to stem price rises by capping the prices of food and other products.

However, the food and beverage industries saw the most recent substantial increase, with prices rising by 9.8% in February compared to January.

According to Argentine media, this surge could be attributed in part to a dramatic spike in meat prices, which jumped by about 20% in a month. Bad weather conditions, a prolonged heatwave and a drought seriously harmed animals and crops, claimed local news outlet Ambito.

Although the symbolism of the inflation rate exceeding 100% is striking, the consequences of soaring inflation have long been felt in Argentina.

Last September, demonstrators came to the streets to demand action to address rising expenses of living, and, in February, Argentina’s central bank said that a new 2,000-peso (£8.13; $9.9) currency will be issued in response to the surge in consumer prices.

Argentina’s government has long attempted to keep inflation under control, but divisions have marred the country’s economic policy.

Three economy ministers were replaced in four weeks last summer as Argentina’s economic crisis worsened, and President Alberto Fernández is said to be at odds with his deputy, Cristina Fernández de Kirchner, over how to address the country’s economic problems.

The International Monetary Fund (IMF) granted another $6 billion (£4.9 billion) in bailout funds in December.

It was Argentina’s latest payment under a 30-month program that is expected to total $44 billion.

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IMF making budget and controlling prices in Pakistan: Fazal ur Rehman

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IMF making
  • He said PDM led government always respected the courts.
  • JUI chief said “We do not want continuation of caretaker setup.”
  • He said that the census is also taking place in the country.

ISLAMABAD: Head of Jamiat Ulema-e-Islam (JUI-F) Maulana Fazal ur Rehman said today International Monetary Fund(IMF) is making a budget and controlling prices in Pakistan.

Maulana Fazal ur Rehman, who is also chief of Pakistan Democratic Movement(PDM), has said “We have always respected the courts, we have always stood with the constitution and the state, we do not want to continuation of caretaker governments, but we have also considered the situation faced by the state.”

He said, “We should not turn a blind eye to the facts on any political opposition, two assemblies do not exist at the moment, the time of dissolution of two assemblies is not the same and the same body does not have the authority to give the schedule.”

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Withdrawal of power sector subsidy will dwindle exports: Irfan Iqbal Sheikh

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Withdrawal of
  • He said Pakistani exports have declined by a hefty 18.67% in Feb.
  • President FPCCI government is not willing to accept the ground realities.
  • He said textile industry is suffering on multiple problems in the country.

KARACHI: President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Irfan Iqbal Sheikh has forewarned that the abrupt withdrawal of power sector subsidy to appease IMF is set to decrease exports even further; which have already in decline for the last 6 months consecutively, i.e. August 2022 – February 2023 as per the numbers released by Pakistan Bureau of Statistics (PBS).

Irfan Iqbal Sheikh added that, as per the latest statistics, Pakistani exports have declined by a hefty 18.67 percent in February 2023 on a YoY matrix from $2.83 billion in February 2022 to $2.31 billion in February 2023; whereas, the government is not willing to accept the ground realities and trying to make us believe that the decline is merely in the vicinity of 10 percent.

Irfan Iqbal Sheikh mentioned that the aforementioned power subsidy had to end by June 2023 with a tangible possibility of renewal or renegotiation. However, the government has withdrawn it in the most harmful manner to the export-oriented industries.

FPCCI Chief apprised that textiles & its allied products have the lion’s share in the country’s exports and they have achieved the number of $19.3 billion exports in FY22 through their sheer hard work, entrepreneurship, competitiveness and resilience in the face of COVID-induced challenges as well.

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PSX gains 258.11 points due to substantial discounted stock price

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PSX gains 258.11 points

The Pakistan equity market witnessed positive momentum during Thursday’s trading. Government took further requisite measures to meet the IMF demands. The benchmark KSE-100 Index closed at 40,670.88 points, up 258.11 points, or 0.64 per cent. KARACHI: The Pakistan equity market witnessed positive momentum during Thursday’s trading session based on the expectations that the government will … Read more

Govt approves imposition of additional electricity surcharges to meet IMF’s demand

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IMF

ECC has approved a surcharge of Rs 335 billion for electricity consumers. Power tariffs would rise by Rs 1.55 per quarter. A uniform tariff for K-Electric customers is also being considered. The Government of Pakistan agreed to the International Monetary Fund‘s (IMF) demand on Wednesday and imposed a permanent electricity tariff of Rs3.23 per unit … Read more

Rupee falls sharply against dollar on economic uncertainty

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Rupee falls sharply against dollar

The rupee sharply declined by Rs4.61 against the dollar on Wednesday. The import bill for January 2023 has been recorded at $4.856 billion. Local currency recorded a historic low of Rs276.58 against the dollar on February 3. KARACHI: The rupee sharply declined by Rs4.61 against the dollar on Wednesday, owing to the economic uncertainty after … Read more

Sheikh Rashid: Today is the most significant day in Pakistan’s democratic history

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Sheikh Rashid arrest Imran
  • Sheikh Rashid conveyed his thought on the supreme court verdict.
  • Moody’s rating is been downgraded as the default risk deepens.
  • Sales tax increase from 17 to 18 percent.

Former Federal Minister Sheikh Rasheed declared that today is the most significant day in Pakistan’s democratic history.

He went on to say that either there would be economic, political, and social stability, or the country will descend into political turmoil.

In one of his tweets, he conveyed his thoughts on the Supreme Court’s verdict on the election delay. He stated that the IMF has required four more stringent requirements, similar to those imposed in 1998, as the political instability prevails in the country.

 

He further added that Moody’s rating is also been downgraded as the default risk deepens.

He expressed thoughts over the shortage of petrol, the possible rise in the cost of LPG energy, and the increase in sales tax from 17 to 18 percent.

“Pakistan is turning into a large prison and a death zone for the poor,” he said.

“The government has done nothing except closing their own cases for the last 10 months, Yet, the 1998 conspiracy to divide the judges is repeating and the country is going back into a position similar to 1998″, he added.

It should be noted that the Supreme Court has deferred its verdict on the self-notice issue relating to the delay in the Punjab and Khyber Pakhtunkhwa elections, which will be heard by 11 a.m. today.

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Moody’s downgrades Pakistan’s rating to Caa3; changes outlook to stable from negative

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Moody’s downgrades Pakistan’s

Moody’s has also downgraded the rating for the senior unsecured MTN programme to (P) Caa3 from (P) Caa1. Moody’s assessment that the pressures that Pakistan faces are consistent with a Caa3 rating level. Moody’s has lowered Pakistan’s local and foreign currency country ceilings to Caa1 and Caa3 from B2 and Caa1. KARACHI: Moody’s Investors Service … Read more

Petrol prices expected to rise by more than 13 rupees

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Petrol
  • OGRA proposed two summaries.
  • An increase in the price of Diesel has also been proposed.
  • Mr. Ishaq Dar will make the ultimate decision.

Islamabad:  Oil and Gas Regulatory Authority (OGRA) has proposed two summaries to modify the prices of petroleum products as per the IMF conditions the petrol prices are likely to increase by more than 13 rupees.

Oil and Gas Regulatory Authority (OGRA) has sent the summaries to the government to modify the prices of petroleum products, as per sources. 

It has been proposed to impose GST from 2 to 5 percent on petroleum products as per the conditions of the IMF. Based on the summary approval, a 2% GST will be implemented, raising petrol prices by Rs. 5.55, while a 5% GST will raise petrol prices by Rs 13.60.

An increase in the price of Diesel by Rs 10 to Rs 15 has also been proposed.

The OGRA proposal also says that prices can also be maintained by levying taxes commensurate with global markets.

Mr. Ishaq Dar (Finance Minister) will make the ultimate decision considering the dollar rate and the oil prices in the global market. The decision will commence after consulting with the Prime Minister.

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Rupee slips against dollar on IMF programme delay fears

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Rupee

KARACHI: The rupee slipped Rs1.58 against the dollar on Tuesday, owing to the fears of a delay in the loan programme under the International Monetary Fund (IMF), dealers said. The rupee ended at Rs261.50 against the greenback from the previous day’s closing of Rs259.92 in the interbank foreign exchange market. The dealers said the reports … Read more

IMF flags debt restructuring hurdles, says banning crypto should be an option

by
IMF
  • India’s G20 presidency comes at a time when its South Asian neighbors are in desperate need of IMF assistance.
  • China encouraged G20 nations to conduct a fair, impartial, and in-depth investigation of the causes of global debt crises.
  • Regulating cryptocurrencies is a priority area for India.

BENGALURU: There are some debates over restructuring debt for fragile economies, said the head of the International Monetary Fund on the sidelines of a G20 meeting on Saturday, adding that prohibiting private cryptocurrencies should be an option.

India‘s G20 presidency comes at a time when it’s South Asian neighbors, Sri Lanka, Bangladesh, and Pakistan, are in desperate need of IMF assistance due to an economic downturn induced by the COVID-19 outbreak and the Russia-Ukraine war.

On Friday, China, the world’s largest bilateral creditor, encouraged G20 nations to conduct a fair, impartial, and in-depth investigation of the causes of global debt crises, as pressure mounts on lenders to take a large haircut, or suffer losses, on loans.

“On debt restructuring, while there are still some disagreements, we now have the global sovereign debt roundtable with consideration of all public and private creditors,” IMF Managing Director Kristalina Georgieva told reporters after the roundtable she co-chaired with Indian Finance Minister Nirmala Sitharaman.

“We just finished a session in which it was clear that there is a commitment to bridging differences for the benefit of countries.”

Apart from restructuring debt, regulating cryptocurrencies is another priority area for India, which Georgieva agreed with.

“We have to differentiate between central bank digital currencies that are backed by the state and stablecoins, and crypto assets that are privately issued,” Georgieva said.

“There has to be a very strong push for regulation… if regulation fails, if you’re slow to do it, then we should not take off the table banning those assets, because they may create financial stability risk.”

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Rupee further recovers against dollar on Chinese inflows

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Rupee

KARACHI: The rupee continued to gain against the dollar on Thursday on the expected inflows from China to shore up the country’s foreign exchange reserves, dealers said. The rupee gained 97 paisas to close at Rs260.93 against the greenback from the previous day’s closing of Rs261.90 in the interbank foreign exchange market. The dealers said … Read more

Rupee gains 61 paisas against dollar on foreign inflow hopes

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Rupee

KARACHI: The rupee appreciated 61 paisas against the dollar on Wednesday, as the market is expecting inflows from friendly countries; following approval of the International Monetary Fund (IMF) loan programme, dealers said. The rupee closed at Rs261.90 against the greenback from the previous day’s closing of Rs262.51 in the interbank foreign exchange market. The local … Read more

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