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

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3 months ago

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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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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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14 hours ago

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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