KARACHI: An International Monetary Fund review mission kicked off simultaneous talks in Karachi and Islamabad on Thursday, delving into Pakistan’s uneven performance under its bailout program without the standard kickoff meeting with Finance Minister Muhammad Aurangzeb, who’s currently in the US.
Macro
Govt inks Rs1.225 trillion loan pact with banks to tackle power sector debt
The government has signed loan agreements worth about Rs1.225 trillion with 18 local banks to clear outstanding dues to independent power producers trapped in the nation’s chronic circular debt, officials said.
CII clarifies no final decision on withholding tax, deems it ‘un-Islamic’ in initial ruling
ISLAMABAD : The Council of Islamic Ideology (CII), Pakistan’s top advisory body on Islamic law, stirred debate on Wednesday after initially declaring the withholding tax on money transfers and withdrawals “un-Islamic” during its 243rd meeting, only to later clarify that no final decision had been reached.
PM Sharif urges IMF to weigh flood toll in program review
KARACHI: Prime Minister Shehbaz Sharif urged the International Monetary Fund to consider the economic toll of recent floods in its program review during talks with the lender’s chief on Wednesday, as the country pushes reforms to sustain a fragile economic recovery.
Govt to seal Rs1.225 trillion bank deal to ease energy debts strain
ISLAMABAD: The government will sign a Rs1.225 trillion financing agreement with 18 domestic banks on Wednesday, a critical move to pare down the power sector’s crippling circular debt, which has choked utilities and weighed heavily on the nation’s economy.
Pakistan’s poverty edges up to 25.3 percent in reversal of long-running decline – World Bank
ISLAMABAD: Pakistan’s poverty rate climbed to 25.3% in the fiscal year through June 2024, reversing nearly two decades of steady declines, as economic shocks and policy missteps eroded earlier gains, according to a World Bank report.
Pakistan to meet all IMF targets ahead of key review, brokerage says
KARACHI: Pakistan is poised to satisfy all seven quantitative performance criteria set by the International Monetary Fund before the second semi-annual review of its $7 billion Extended Fund Facility program, according to a report from brokerage Topline Securities.
Foreign investor profit repatriation surges to $592.7 million in July-August
KARACHI: Foreign investors repatriated $592.7 million in profits and dividends in the first two months of Pakistan’s current fiscal year, more than doubling the $274.7 million recorded in the same period last year, central bank data revealed on Friday, reflecting improved corporate profitability and easing restrictions on capital outflows.
CDWP endorses Rs18.14 billion health project for Khyber Pakhtunkhwa
ISLAMABAD: The Central Development Working Party (CDWP) on Friday recommended a Rs18.14 billion health project for Khyber Pakhtunkhwa to the country’s top economic body for final approval, aiming to strengthen primary care services for local communities and refugees.
Foreign investment slumps 22% in early fiscal year on China pullback
KARACHI: The foreign direct investment tumbled 22% in the first two months of the fiscal year, signalling persistent challenges in attracting capital amid economic headwinds and a sharp retreat from its largest investor.