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IMF mission has arrived in Pakistan for negotiations regarding a loan.

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3 months ago

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Sources from the Ministry of Finance indicate that the IMF team will assess Pakistan’s economic performance and engage in discussions with pertinent ministries.

Sources indicated that the government has already informed the delegation of its economic objectives and accomplishments during the first quarter of the fiscal year. Principal topics of debate encompass revenue collection, with Pakistan achieving 96.6% of its tax target from July to September.

The IMF mission is anticipated to confer with Minister of State for Finance Muhammad Aurangzeb, the Chairman of the FBR, and officials from the State Bank to deliberate on the nation’s economic condition and prospective strategies.

Sources previously said that during the visit, IMF and Pakistani officials will deliberate on new concessional loans to facilitate climate change activities, as well as debate province budgets and their allocation for climate change measures.

Sources indicated that the group will evaluate the current IMF loan program and deliver a first briefing, with discussions perhaps focusing on Pakistan’s tax revenue and anticipated shortages from July to September.

Pakistan has received the initial installment of the IMF loan.

The government of Pakistan requested an additional $2 billion from the IMF to mitigate the effects of climate change.

This event followed the IMF’s delay in approving Pakistan’s original request for climate finance, according to sources.

Sources indicated that Pakistan implemented measures to enhance fiscal sustainability and generate revenue, including the approval of the FY24 budget, which targets a primary surplus of around 0.4 percent of GDP. The government has pledged to maintain a market-driven currency rate and to mitigate inflation.

On September 27, Pakistan solicited an additional $1.5 billion loan from the IMF to address the effects of climate change within the nation.

The financing would bolster Pakistan’s Climate Resilience and Sustainability Facility, which seeks to enhance economic stability and sustainable development in the nation.

The International Monetary Fund (IMF) Executive Board approved Pakistan’s 37-month Extended Fund Facility (EFF) arrangement of approximately US$7 billion on September 25.

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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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