Connect with us

Business

Pakistan solicits an additional $2 billion from the IMF for climate finance.

Published

4 months ago

on

International Monetary Fund (IMF) Deputy Managing Director Kenji Okamura met with Pakistan’s economic delegation, headed by the finance minister, at the IMF and World Bank’s annual meetings.

$1.5 to $2 billion in climate finance was sought by the Pakistani delegation in order to lessen the effects of environmental change in the nation. Officials from the IMF responded by promising to take the request into consideration.

The governor and finance secretary of the State Bank of Pakistan were among the important authorities who attended the meeting, which discussed a variety of economic topics. According to sources, the Pakistani side explained to IMF representatives how to boost financial resources by broadening the tax base, bringing provincial agricultural income taxes into line with federal taxes, balancing subsidies, and looking into measures to lower energy prices.

Actions pertaining to the continuation of prudent financial and external sector policies and the acceleration of private sector development were also considered.

For long-term economic stability, the IMF Deputy MD underlined the necessity and significance of Pakistan continuing to carry out the IMF’s proposed reforms.

Separately, the delegation from Pakistan met with IMF Director Jihad Azour and conveyed their appreciation for the IMF’s assistance in stabilizing Pakistan’s economy by approving the $7 billion Extended Fund Facility (EFF). Azur reaffirmed how critical it is to uphold reforms, ensure financial stability, and work toward income growth.

Additionally, in Washington, DC, the Pakistani economic team met with members of Alvarez and Marsal to examine ways to reach global capital markets and interact with external creditors in order to obtain the money they need.

In response to the growing challenges brought on by climate change, which has had a significant negative impact on its agricultural sector and economy as a whole, Pakistan is urgently seeking climate financing.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

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

Published

2 days ago

on

By

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.

Continue Reading

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

2 weeks ago

on

By

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.

Continue Reading

Business

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

Published

2 weeks ago

on

By

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.

Continue Reading

Trending