ISLAMABAD: Pakistan and the International Monetary Fund began talks on Monday for the second review of a $7 billion Extended Fund Facility programme and the first review of a $1.1 billion Resilience and Sustainability Facility, with discussions focusing on mixed fiscal performance, revenue shortfalls and the impact of recent floods.
Economy
FBR urges taxpayers to meet Sept 30 return deadline, rejects flood-linked speculation
ISLAMABAD: The Federal Board of Revenue said on Monday there would be no extension of the September 30 deadline for filing income tax returns for the 2025 tax year, dismissing media reports that had linked any such move to the devastation wrought by recent floods.
Preliminary estimates see GDP growth at 3.9 percent after flood losses
ISLAMABAD: Pakistan has lowered its annual gross domestic product growth forecast to 3.9 percent from 4.2 percent after devastating monsoon floods caused $1.3 billion (Rs371 billion) in damage, a preliminary government assessment shows.
PIA mulls direct Dhaka flights after high-level contacts with Bangladesh
ISLAMABAD: Pakistan is considering resuming direct flights to Bangladesh’s capital as ties between the two South Asian nations show signs of improvement, the state-owned airline announced on Sunday, marking a potential step toward bolstering economic and people-to-people connections strained for decades.
FBR scraps asset valuation rule in tax form after backlash
ISLAMABAD: The government on Friday abruptly scrapped a requirement for taxpayers to declare the market value of their assets in the 2025 income tax return form, bowing to intense pressure from tax practitioners, lawyers, and other stakeholders.
Pakistan targets Rs6.4 trillion in borrowing to manage Rs81.5 trillion debt load
ISLAMABAD: The government unveiled a Rs6.4 trillion borrowing plan for the current fiscal year to service a public debt that ballooned to Rs81.5 trillion by June 30, as an International Monetary Fund mission assesses the nation’s fiscal and monetary performance.
Pakistan secures power sector financing, but dollar-linked debt looms large
ISLAMABAD: The power sector secured a lifeline with Rs1.225 trillion in fresh financing from commercial banks to tackle its chronic circular debt, but the industry remains tethered to exchange rate risks for nearly a decade due to dollar-indexed investments, particularly those tied to Chinese power projects, power minister said.
FBR eases asset valuation rules for 2025 tax filing ahead of deadline
ISLAMABAD: The tax authority moved to clarify asset valuation rules for the 2025 tax season, allowing most taxpayers to self-declare the market value of their movable and immovable assets without formal appraisals or documentation.
IMF review begins with focus on missed targets, relief spending
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.
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.