The Federal Board of Revenue (FBR) has outlined a bold plan to address Pakistan’s significant revenue shortfall, ahead of an upcoming visit by an International Monetary Fund (IMF) delegation. This development comes at a time when Pakistan is struggling to meet critical financial commitments to secure International Monetary Fund support and stabilize its fragile economy. … Read more
Prime Minister Shehbaz Sharif on Wednesday praised Pakistan’s ability to achieve economic stability and achieve fiscal targets despite ongoing political turmoil and attempts at destabilization. Addressing the Federal Cabinet meeting, the Prime Minister highlighted important milestones in resource mobilization, trade efficiency, and anti-smuggling efforts. Prime Minister Shehbaz said: “The protests tried to derail the economy, … Read more
Pakistan narrowly avoided a sovereign debt default in 2024 and succeeded in securing relative economic stability through an International Monetary Fund bailout, a report said. However, the year brought increasing challenges, including higher taxes and an economic recession, which left the wage-working class under enormous pressure. The government’s decision, under IMF terms, to raise the … Read more
Pakistan narrowly avoided a sovereign debt default in 2024 and succeeded in securing relative economic stability through an International Monetary Fund bailout, a report said. However, the year brought increasing challenges, including higher taxes and an economic recession, which left the wage-working class under enormous pressure. The government’s decision, under IMF terms, to raise the … Read more
The Federal Board of Revenue (FBR) has failed to meet its five-month tax collection target, missing Rs356 billion, with provisional collections standing at Rs4.28 trillion against the target of Rs4.64 trillion as of November 30. This represents a growth rate of less than 23%, well below the 40% required to achieve the annual target of … Read more
The Ministry of ICT has prepared a ‘Semiconductor Policy and Action Plan’, which proposes wide-ranging incentives for the development of the semiconductor industry in Pakistan. However, the move runs counter to the IMF’s conditions under the Extended Fund Facility (EFF), which prohibits subsidies and low-cost financing. The draft policy proposes giving Special Technology Zone (STZ) … Read more
The International Monetary Fund (IMF) approved the third review of Sri Lanka’s $2.9 billion bailout on Saturday, but stressed that the country’s economy remains fragile. The International Monetary Fund announced in a statement that it would release about $333 million, bringing the total amount disbursed under the rescue plan to about $1.3 billion. He pointed … Read more
The IMF has identified significant problems in Pakistan’s budget preparation and implementation processes, revealing that deviations from the approved budget reached a record high of 55% in FY 2022-23 due to supplementary grants. The findings were outlined in the IMF’s technical assistance report on budget practices in Pakistan, emphasizing the need for stronger financial institutions … Read more
ISLAMABAD: The International Monetary Fund has decided to submit the results of its unscheduled visit to Pakistan to its Executive Board for a decision, citing delays in the implementation of the $7 billion programme. In an official statement at the conclusion of its five-day visit, the IMF stated that “based on the preliminary findings of … Read more
In her recent remarks, Kristalina Georgieva, Managing Director of the International Monetary Fund, stressed the urgent need for governments around the world to rebuild their fiscal capacity in light of fiscal pressures and increasing economic uncertainty. Speaking at the annual meetings of the International Monetary Fund and World Bank in Washington, D.C., Georgieva noted that … Read more