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Pakistan is hopeful that the IMF assessment will result in a favorable outcome.

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9 months ago

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Under the leadership of Nathan Porter, the International Monetary Fund’s assistant director of the Central Asia and Middle East department, the delegation landed in Islamabad and engaged in discussions with officials from the finance, energy, and Federal Board of Revenue (FBR) departments.

Pakistani authorities, such as Finance Minister Muhammad Aurangzeb and Energy Minister Musadik Malik, informed the IMF group about the actions taken to implement the reforms proposed by the lender.

The ministry had stated that the final review, if it proves to be successful, will result in the release of approximately $1.1 billion. Islamabad successfully obtained a rescue package last summer in order to prevent a sovereign default.

According to sources, the Ministry of Finance expressed optimism for a favorable outcome of the final evaluation. According to sources from the finance ministry, the global lender has not yet imposed any further requirements within the current program.

The conversations pertaining to the ultimate evaluation will conclude tomorrow, in accordance with the previously scheduled timetable. Sources have stated that discussions with the IMF are now taking place in a manner that is both constructive and pleasant.

Sources suggest that Pakistan has met all the crucial requirements for the final evaluation, and the achievement is contingent upon the IMF’s approval.

Earlier today, it was announced that the government of Pakistan provided assurance to the International Monetary Fund (IMF) regarding the acceleration of the privatization initiative.

According to authorities from the finance ministry, the privatization of Pakistan International Airlines (PIA) is progressing according to the established plan, and efforts are being made to conclude the process promptly.

According to sources, the federal government has formulated a plan to privatize the power-sharing firms. Additionally, the list includes other state-owned firms that are experiencing financial losses, such as First Women Bank, state life insurance, and Pakistan Engineering Company.

According to sources, it was disclosed yesterday that Pakistan is expected to finalize the staff-level agreement with the International Monetary Fund (IMF) in the upcoming week.

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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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7 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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7 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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