Business

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

Published

11 months ago

Farwa

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.

Business

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

Published

2 days ago

Farwa

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.

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

2 weeks ago

Farwa

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.

Business

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

Published

2 weeks ago

Farwa

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.