The group from the International Monetary Fund (IMF) has arrived at the Ministry of Finance to initiate budget negotiations with Pakistan.

The discussions commenced with an introduction session, initiating consultations for the formulation of the forthcoming government budget.

Sources indicate that a number of significant meetings have been arranged between the IMF team and the Ministry of Finance, as well as separate discussions with officials from the State Bank of Pakistan.

The IMF has sanctioned a $1.2 billion loan tranche for Pakistan.

Throughout the negotiations, both parties will evaluate essential budget objectives, tax revenue forecasts, and comprehensive fiscal reforms. The evaluation will also encompass advancements in energy sector reforms and privatization initiatives.

Sources indicated that preparations for the federal budget for the upcoming fiscal year are anticipated to be finalized within the next week. The budget will be developed according to the current economic conditions, and its objectives will be established in collaboration with the IMF prior to submission for parliamentary approval, as IMF confirmation of these objectives is a critical prerequisite.

The IMF mission is anticipated to stay in Pakistan until May 20 for more negotiations.

The Pakistan Stock Exchange experienced a bearish trend on the third trading day of the week, with a significant decline at the session’s commencement. The benchmark KSE-100 index plummeted by over 1,000 points, reducing the index to 167,806 points. It is noteworthy that the preceding trading day concluded with a decline as well, with the index falling by 1,590 points to close at 168,916 points. In contrast, mixed trends were evident in Asian stock markets, with several indices recording gains. Reports indicate that South Korea’s KOSPI index increased by 2.29 percent, while Thailand’s SET index rose by 2.13 percent. Japan’s Nikkei index also exhibited a gain of 0.79 percent. Additionally, Hong Kong’s Hang Seng index noted a 0.26 percent rise, and China’s Shanghai Composite index displayed a modest upward movement.

The KSE-100 index declined by over 1,000 points, resulting in a total of 167,806 points.

It is noteworthy that on the preceding trading day, the market closed lower, with the index declining by 1,590 points to conclude at 168,916 points.

Concurrently, Asian stock markets exhibited varied tendencies, with numerous indices recording gains.

News outlets report that South Korea’s KOSPI index ascended by 2.29 percent, and Thailand’s SET index advanced by 2.13 percent. The Nikkei index of Japan had an increase of 0.79 percent.

Furthermore, Hong Kong’s Hang Seng Index had a 0.26 percent rise, while China’s Shanghai Composite Index exhibited a little boost.

The Asian Development Bank has indicated its willingness to contribute up to $1 billion in the revitalization and modernization of the Karachi Circular Railway, a significant urban transit initiative.

The development was addressed in a meeting between Sindh Chief Secretary Asif Haider Shah and an ADB delegation headed by Deputy Country Director Hussain Haider.

Officials evaluated proposals to enhance Sindh’s transportation sector, encompassing the establishment of integrated urban transit networks in key cities like Hyderabad, Sukkur, and Larkana.

Officials indicate that ADB’s assistance will concentrate on two primary domains: the development of contemporary urban transportation systems in major cities of Sindh and the restoration and enhancement of the Karachi Circular Railway.

The chief secretary stated that the restoration of KCR is essential for tackling Karachi’s escalating traffic issues, noting that the project would alleviate congestion and enhance connectivity throughout the city.

Representatives of the ADB reiterated their dedication to promoting sustainable transportation projects and urban mobility solutions within the province.