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By month’s end, the IMF Board will accept the staff-level agreement: Aurangzeb

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During a keynote speech at a recent ceremony, he declared that the agreement reached with the International Monetary Fund (IMF) at the staff level is anticipated to get approval from the IMF Executive Board by the conclusion of this month. After obtaining this approval, the topic of climate money will be addressed.

Aurangzeb stated that climate financing will be addressed once the deal is approved by the IMF Executive Board. He stated that these deliberations will occur with the IMF and the World Bank during the annual conference in October.

“Pakistan is among the countries impacted by climate change,” he stressed, highlighting the importance of tackling environmental concerns in addition to managing population growth.

Aurangzeb emphasised the formidable obstacle presented by Pakistan’s burgeoning population, characterising it as a “population bomb” that has already detonated. He emphasised the necessity of implementing efficient strategies to alleviate the consequences of both population expansion and climate change.

“Pakistan needs to develop robust strategies for securing climate change funding from the IMF and World Bank,” he stated.

The finance minister identified numerous crucial sectors that necessitate enhancement to strengthen the country’s economic status, including the budget, tax policies, energy industry, and quality of life. He stressed that the ministries of finance and climate change, along with the IMF and the World Bank, are working closely together to improve the oversight of climate change initiatives.

Aurangzeb emphasised the need for enhanced monitoring of climate change programmes in partnership with the IMF and World Bank. He advocated for the formulation of significant climate change measures to mitigate its negative impacts and emphasised the crucial contribution of the private sector in enhancing Pakistan’s economy.

Aurangzeb emphasised the government’s dedication to developing efficient climate change funding strategies, including assistance from the IMF and World Bank. He implored all parties involved to contribute to the collective endeavour to tackle these urgent challenges.

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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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