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$7 billion deal: PM hopes that all IMF requirements are met on time

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Shehbaz Sharif, Pakistan’s prime minister, has stated that Pakistan intends to finish the present International Monetary Fund (IMF) program.

The prime minister told the federal cabinet on Tuesday, “Remember that this should be Pakistan’s last IMF program.” The PM emphasised throughout the meeting the necessity of continuing reforms to guarantee long-term economic stability and the government’s commitment to prompt fulfilment of IMF conditions.

He expressed optimism that the required steps to satisfy IMF requirements would be completed on time and said, “The case will soon go to the IMF board, and after approval, we will embark on a new journey.”

Shehbaz addressed the gathering, “Measures are being taken to meet the conditions of the IMF program,” emphasising the need to quicken the pace of gains that have already begun and declaring that Pakistan is progressively approaching economic recovery.

The people were given assurances by Prime Minister Shehbaz Sharif that Pakistan had ample resources and is capable of surmounting its difficulties. “I’m confident we’ll make it to our goal. He acknowledged that the road is challenging but not unachievable, saying that “nations have changed their fortunes through hard work.”

The prime minister observed that enormous adversity frequently results in notable advancement, reflecting on the challenges faced by other great nations. In addition to stressing the need of stopping smuggling and eliminating corruption in revenue collection, he underlined the gravity and resolve of the government’s efforts to stabilise the economy.

In order to cut back on needless spending, Prime Minister Sharif also demanded that the government expedite its right-sizing and downsizing projects. “We should push ahead with cost-cutting measures,” the PM emphasised.

Congratulating Finance Minister Ishaq Dar and other officials on their work in managing the economy, he asked the pertinent agencies to accelerate cost-cutting initiatives.

With the inflation rate dropping to 9.6% in August, he also emphasised a promising trend in inflation reduction. He indicated a slow recovery in the economy when he added, “The burden of inflation is gradually easing.”

To sum up, Prime Minister Shehbaz Sharif stressed the importance of proceeding swiftly with economic change, saying, “The journey is long, but with collective effort and determination, we can achieve our goals.”

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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