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In meeting with IMF chief, PM Shehbaz urges lender to release funds

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1 year ago

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  • Last ditch efforts to revive IMF programme.
  • PM Shehbaz Sharif meets IMF chief in Paris.
  • Loan programme to end on June 30.

PARIS: Prime Minister Shehbaz Sharif on Thursday met International Monetary Fund (IMF) Managing Director Kristalina Georgieva, urging the lender to unlock stalled funds as Pakistan has met all conditions.

The premier held the meeting on the sidelines of the Summit for a New Global Financial Pact being held in Paris in a bid to assure the IMF of the country’s commitment to fulfill all promises made in this regard.

The two exchanged views on the ongoing programmes and cooperation between Pakistan and IMF.

Recalling their last telephone conversation, the prime minister apprised Georgieva of Pakistan’s economic outlook.

He outlined the steps taken by his government for economic growth and stability, underscoring that all prior actions for the 9th review under the Extended Fund Facility (EFF) had been completed and Pakistan was fully committed to fulfilling its obligations as agreed with the fund.

The prime minister expressed the hope that the funds allocated under the EFF would be released as soon as possible.

“This would help strengthen Pakistan’s ongoing efforts towards economic stabilisation and bring relief to its people,” said.

In response, Georgieva shared her institution’s perspective on the ongoing review process.

The meeting provided a useful opportunity to take stock of the progress in that context.

Pakistan has barely enough currency reserves to cover one month’s imports. It had hoped to have $1.1 billion of the funds released in November — but the IMF has insisted on a number of conditions before it makes any more disbursements.

With time for only one last IMF board review before the end of the $6.5 billion EFF, Pakistan was expected to present a budget in line with programme objectives, restore the proper functioning of the FX market, and close the $6 billion gap ahead of the board review.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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2 days ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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