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

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3 weeks 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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SIFC-Assisted OGDCL Commences Gas Production in Uch Every day, OGDCL contributes 5 million SCF to the national grid.

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The chronic gas deficit is being addressed by Oil & Gas Development Company Limited, which produces 5 million standard cubic feet of gas each day.

In the Uch region of the Dera Bugti District of Balochistan, Oil & Gas Development Company Limited has started producing gas with the assistance of the Special Investment Facilitation Council.

The company used its technological abilities to drill a well and successfully find gas at a depth of 1,345 meters.

An improvement in the energy industry is the company’s enhanced financial performance, which has resulted in a profit of 41.02 billion rupees.

In order to promote sustainable growth and strengthen national energy security, Oil & Gas Growth Company Limited is still committed to growing production.

Together with the Special Investment Facilitation Council, OGDCL’s strategic initiatives are essential to the energy sector’s future.

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The KSE-100 Index surpasses 102,000 points as the PSX begins the week on a high note.

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For the first time in recent memory, the benchmark KSE-100 Index broke beyond the 102,000 point level, kicking off the new trading week on a high note for the Pakistan Stock Exchange (PSX).

The index rose 835 points as of the morning session, hitting a new high of 102,192 points with an intraday peak of 102,288 points.

After a strong close to the previous week, when the index closed at 101,357 points, the PSX has continued its recent bullish performance with this upward trajectory.

Growing investor optimism has propelled the market’s rally, which has been supported by improved macroeconomic conditions, declining bond yields, and the ongoing flood of foreign capital into stocks.

The PSX has been strong because of a number of important elements. Since May 2024, the State Bank of Pakistan has lowered interest rates by a total of 700 basis points, which has improved market sentiment.

Mutual funds have invested more than $132 million in Pakistani stocks since January, indicating a move in investor preferences away from bonds and toward stocks.

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NMDA Humanitarian Aid: Damascus Receives 21st Shipment of Aid for Gaza and Lebanon

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Following a chartered flight from Nur Khan Base yesterday, the 21st shipment of humanitarian aid for war-affected and displaced persons in Gaza and Lebanon has successfully landed in Damascus. The shipment contained 17 tons of relief supplies provided by NDMA.

Pakistan’s ambassador in Damascus, Air Marshal (R) Shahid Akhtar, accepted the aid.

In regards to aiding the war-torn populations of Palestine and Lebanon, the Government of Pakistan is unwavering in its resolve.

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