On the first working day of Ramadan 1446 AH, all banks, development finance institutions (DFIs), and microfinance banks (MFBs) would be closed for public transactions in order to deduct zakat, according to a statement released by the State Bank of Pakistan (SBP).

Within the coming few days, the central bank is anticipated to make a formal announcement in this respect. Except for transactions involving public affairs, bank staff will still need to report to work as usual and perform their official obligations.

The crescent moon is predicted to be seen on the evening of March 1, 2025, marking the start of the holy month of Ramadan in Pakistan.

On February 28 at 5:45 PM Pakistan Standard Time, the new moon is predicted to come out, according to the Space and Upper Atmosphere Research Commission (SUPARCO).

In order to expedite the Zakat deduction, which is required by the nation’s banking regulations, it has long been customary to observe a bank holiday on the first day of Ramadan.

According to sources, the economic review and negotiations will go on until March 15.

The second $1 billion tranche will be released after the nine-member team, headed by Nathan Porter, evaluates Pakistan’s economic performance throughout the course of their two-week visit.

The IMF mission will also present its recommendations for the next financial year’s budget, sources said. “Any relief to the salaried class can only be offered after the lender agreed over it,” according to sources.

The IMF mission will hold talks with the ministries of finance and energy, planning ministry and the State Bank of Pakistan. The IMF delegation will also hold discussions with the FBR, OGRA, NEPRA and other state institutions and ministries.

Separate discussions with the governments of Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan will also be held by the IMF delegation.

Tax reforms such as the agriculture sector’s income tax, the advancement of privatization, fiscal policies, and energy sector reforms will be the main topics of debate. In addition, the IMF will examine inflation, interest rates, exchange rate management, and monetary policy.

Today, an IMF mission will discuss climate assistance with the governments of Punjab and Balochistan.

Through the Special Investment Facilitation Council (SIFC), Pakistan’s trade connections with Saudi Arabia have grown significantly, with bilateral trade volume rising from $546 million to $700 million and exports to the Kingdom growing by 22%.

As bilateral economic cooperation continues to grow, Saudi investors have shown a strong interest in Pakistan’s construction, energy, agricultural, and information technology sectors. The objective for exporting IT services between the two countries has been raised from $50 million to $100 million.

Saudi Arabia has set up a help desk dedicated to making it easier for Pakistani IT companies to register in the Kingdom in order to expedite commercial procedures. The goal of this program is to speed up economic collaborations between the two countries and lower administrative barriers.

The well-known Saudi restaurant chain AlBaik has revealed plans to open locations in Pakistan, which is a big step for the food service industry and should lead to the creation of new job possibilities in the area.

Officials have noted that stronger business links between the two countries lead to greater economic stability, and the SIFC has played a crucial role in promoting these trade advancements. For bilateral trade and investment projects, the Council remains a crucial facilitator.

According to a trade official with knowledge of the developments, “the establishment of dedicated support mechanisms, such as the help desk for IT companies, demonstrates a commitment to long-term economic partnership,” The goal of these programs is to improve the conditions for commercial collaboration between the two nations.

The increasing amount of trade and the diversity of investment sectors show that Saudi Arabia and Pakistan’s economic ties are changing as both countries seek to deepen their business alliances in a number of industries.