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IMF defers review of tranche for Pakistan

ISLAMABAD: On the request of Pakistan, the International Monetary Fund (IMF) has postponed considering 6th review under the Extended Fund Facility (EFF) for Pakistan during its executive board meeting scheduled for January 12 as Islamabad is yet to complete all

Mini budget: Will new taxes affect the people?

Prime Minister Imran Khan has convened a meeting of the federal cabinet tomorrow in which the mini-budget will be approved. A mini budget that includes the IMF’s strictest conditions, which are likely to make electricity and petrol more expensive. IMF’s

Overseas Pakistanis benefitted from exchange rate depreciation: SBP Governor

ISLAMABAD: State Bank Governor Reza Baqir, has said that depreciation of the rupee against the US dollar had benefitted overseas Pakistanis sending remittances to the country. Addressing a press conference in Manchester, SBP Governor revealed that, “The number of remittances

Negotiations with Pakistan have entered right direction: IMF

The International Monetary Fund (IMF) has said that negotiations with Pakistan on obtaining a loan have entered the right direction. According to details, IMF Director Jihad Azour during a press conference said that the sixth round of talks with Pakistan on

Shaukat Tareen turns down news of talks with IMF being failed

ISLAMABAD: Shaukat Tareen, head of the federal government’s economic team, has termed the news of talks with the International Monetary Fund (IMF) as a failure as baseless. In this regard, State Bank Governor Raza Baqir has also expressed hope for

Pakistan fails to strike agreement with IMF

ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have so far failed to strike staff-level agreement under $6 billion Extended Fund Facility (EFF) for the release of the next tranche. According to reports, the fresh round of talks from October

Power tariff hike

The government has approved a massive hike of Rs1.39 per unit in power tariffs from next month. This was the long-standing demand of the IMF for the bailout package and it seems the government has finally caved in before the

IMF predicts Pakistan’s GDP to grow 4pc in FY22

ISLAMABAD: The International Monetary Fund (IMF) predicts Pakistan’s GDP to grow by 4pc in fiscal year 2021-22. The International Monetary Fund (IMF) on Tuesday predicted in its report the inadequate growth rate of four per cent for Pakistan. Earlier, the

IMF suspends Afghanistan’s access due to the uncertain situation

The International Monetary Fund (IMF) has announced that it will suspend funding to Afghanistan due to the uncertain situation. The IMF spokesman said that the IMF always seeks guidance from the international community. Due to the uncertain situation, the country

Pakistan to receive $2.77bn from IMF on Aug 23

ISLAMABAD: Federal Minister for Finance and Revenue Shaukat Tarin said that Pakistan would receive $2.77 billion on August 23 from the International Monetary Fund’s (IMF) general allocations of $650 billion that had been approved to boost global liquidity amid the

IMF revises Pakistan’s real GDP growth of 3.9%

WASHINGTON: The International Monetary Fund (IMF) has revised Pakistan’s real Gross Domestic Product (GDP) growth rate of 3.9%. In its updated World Economic Outlook report 2021, the IMF also acknowledged Pakistan’s robust economic performance and said that “Projections are revised

IMF’s flexibility

Finance Minister Shaukat Tarin has announced that Pakistan is not leaving the IMF programme nor is it being suspended. There was immense speculation after Pakistan introduced the Budget 2021-22 without imposing any new taxes in defiance of the terms set

Tarin hopes for continuation of IMF programme

ISLAMABAD: Finance Minister Shaukat Tarin has ruled out any disagreement between Pakistan and International Monetary Fund (IMF) and said the Extended Fund Facility (EFF) programme would continue as both wanted it to move forward. “Both the Government of Pakistan and

Economic growth forecast

The government has forecast an ambitious target of 3.94% GDP growth rate this fiscal year maintaining that the economy has performed exceptionally well and all economic indicators have shown a positive trend amid the COVID-19 pandemic. The growth figures have

Will Tarin succeed?

The underlying question on everyone’s mind remains: Will Shaukat Tarin succeed? The prime minister brought a new finance minister – his fourth since the government was formed – and seems to hold him in high regard. Will Tarin succeed in

Increasing tax burden

Pakistan has made a commitment with the IMF to increase taxes by a massive Rs1.272 trillion, roughly 1.28 percent of the GDP. The government will meet a dozen conditions in six months to remain in the bailout programme which is

IMF forecasts 1.5% growth rate for Pakistan in 2021

DUBAI: The International Monetary Fund (IMF) has forecast GDP growth rate at 1.5 percent for fiscal year 2021, against negative 0.4 percent in 2020. The IMF in its latest report, “World Economic Outlook (WEO), managing divergent recoveries” has projected GDP

Rich countries could use taxes to reduce inequalities: IMF

WASHINGTON: The International Monetary Fund said advanced economies could use more progressive income taxes, inheritance and property taxes, and taxes on “excess” corporate profits to help reduce inequalities exposed by the COVID-19 pandemic. The IMF’s Fiscal Monitor said the pandemic

Another finance minister

Prime Minister Imran Khan has appointed the third finance minister in the government’s tenure. The abrupt ouster of Hafeez Shaikh before the annual budget came as a surprise as the government has just received the third tranche of $500 million

Pakistan receives $499m IMF tranche

ISLAMABAD: The State Bank of Pakistan (SBP) has confirmed receiving $499 million loan from the International Monetary Fund (IMF). In a statement, the central state confirmed having received IMF tranche of US$ 498.7 million (equivalent to SDR 350 million) under

Reviving IMF programme

The IMF programme is back on track. The prime minister had to take tough economic decisions in recent weeks amid the political uncertainty before the global financial institution could revive the $6 billion bailout plan imperative for budgetary support. Just

IMF approves $500 million disbursement for Pakistan

WASHINGTON: The International Monetary Fund has approved a $500 million disbursement to Pakistan for budget support. The decision came after the IMF executive board completed delayed reviews of Pakistan’s $6 billion loan program. The global financial institution said the latest

Economy and IMF agreements

Pakistan and the International Monetary Fund (IMF) finally reached an agreement to revive the $6 billion programme which was suspended in April last year due to the coronavirus pandemic and policy disagreements. The global financial institution reached a staff-level agreement

Revival of IMF loans

The IMF has agreed to revive the $6 billion programme which was suspended in April last year due to the coronavirus pandemic and policy disagreements. The global financial institution reached a staff-level agreement which would pave the way for the

IMF lowers China growth forecast to 7.9% for 2021

BEIJING: The International Monetary Fund has lowered its 2021 growth forecast for China to 7.9 percent, following a year of “significant human and economic costs” inflicted by the COVID-19 crisis. The figure is slightly below the 8.2 percent the IMF

ADB, IMF launch first joint report on financing SDGs

MANILLA: The Asian Development Bank (ADB) joined 11 multilateral development banks (MDBs) and the International Monetary Fund (IMF) in launching the first-ever joint report on financing the Sustainable Development Goals (SDGs). The report is released at the end of a

COVID-19 to hit global GDP by $12 trillion: Zahid Hussain

KARACHI: Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said global GDP will take a hit of $12 trillion due to

Return to IMF programme

The prime minister has expressed satisfaction over the economic stabilisation in the country despite the ongoing coronavirus pandemic and said the benefit of the improvement in the economy must reach the common man. For the past few months, we have

IMF approves aid for world’s 28 poorest countries

NEW YORK: The International Monetary Fund has approved new emergency aid for 28 of the world’s poorest countries to help them alleviate their debt and cope with the impact of the coronavirus pandemic. The announcement, which follows a similar measure

Banks deferred Rs.651 billion loan payments for one year: IMF

ISLAMABAD: The International Monetary Fund (IMF) has said banks deferred a total of Rs. 651 billion of principal on loans for one year to maintain the banking system and sustain economic activity. This was done under the State Bank of