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The final IMF programme for Pakistan will be its 25th. FM Aurangzeb

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During a news conference in Islamabad, Aurangzeb stated that the IMF package was for the entire nation, not just the federal government. In order to maintain economic stability, he emphasised the significance of making difficult decisions.

Since joining the International Monetary Fund (IMF) in 1950, Pakistan has benefited from 25 different IMF programs. Approved in September 2024, the 37-month Extended Fund Facility (EFF) is the most recent scheme.

“A new strategy is required. At a press conference held here, the minister stated, “If we are to say that this is going to be the last program of the IMF, which we have just embarked on, we have to change the DNA of the economy fundamentally.” The Federal Board of Revenue Chairman, Rashid Mahmood Langrial, was with him.

According to Aurangzeb, the International Monetary Fund (IMF) was approached for the Extended Fund Facility (EFF) for two key reasons: to permanently establish macroeconomic stability and to carry out important changes in line with domestic economic goals.

He cautioned that if these actions weren’t taken right away, the paid class would be more burdened. In order to achieve sustainable development, the finance minister also emphasised the necessity of curbing population growth.

While acknowledging the inevitable rise in tax income, Aurangzeb stressed the need for tax collection agencies to uphold human rights. In order to combat smuggling, he announced the creation of digital checkpoints and highlighted the government’s intention to deploy technology widely.

Aurangzeb also talked about initiatives he was working on with provincial administrations to bring down prices. He asked that in order to prevent inflation, the four provinces concentrate on pricing control committees. He pointed out that lower petrol prices ought to translate into lower transportation costs.

Furthermore, the finance minister disclosed that open talks about financing for climate change had taken place with the World Bank and IMF. He declared that the World Bank would support climate-related activities financially and technically.

Senator Muhammad Aurangzeb, the federal minister of finance and revenue, reaffirmed the government’s commitment to implementing domestic structural reforms and stressed the crucial need to make fundamental changes to the nation’s economic structure in order to create an export-driven model and promote sustainable growth.
In order to build a house, he stated, macroeconomic stability lays the groundwork. “If we have to go for inclusive and sustainable growth, it has to be on the background of the macroeconomic stability,” he said.

According to the minister, although macroeconomic stability persisted in the first quarter of the current fiscal year, it required persistence to result in sustained growth. “Stabilisation of the macroeconomic

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Dar chairs the CCOP meeting; Blue World’s bid offer of Rs.10 billion is rejected.

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The Foreign Minister/Deputy Prime Minister chaired the Cabinet Committee on Privatization meeting.

Other committee members who attended the conference included the Federal Secretaries of several Divisions, the Ministers of Finance and Revenue, Industry and Food, Commerce, Power, and Privatization.

The CCOP took the PC Board’s recommendation into consideration and suggested that Blue World’s bid of 10 billion rupees for the sale of 60% of PIACL’s shares be rejected. The bid was rejected by the CCOP, who chose to follow the PC Board’s advice.

The government’s determination to sell out PIACL through government-to-government or privatization was reaffirmed by the CCOP.

The CCOP was pleased with the Aviation Division’s evaluation of PIACL’s sound financial standing.

Additionally, the CCOP established a committee, chaired by the Minister of State for Finance, to assess potential transaction possibilities for the privatization of the Roosevelt Hotel and the appropriate modes of adoption in light of existing legal rules.

Prior to its subsequent meeting, the CCOP also ordered that all difficulties be resolved and an agreement for the selling of services to an international hotel be concluded.

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The KSE-100 Index has surged by 790 points, resulting in an all-time peak for the stock exchange.

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The benchmark KSE-100 Index increased by 790 points, marking a new all-time high for the Pakistan Stock Exchange (PSX) at 94,982 points.

The record-breaking performance underscores a surge of optimism and investor confidence in the stock market.

As investors responded to favorable economic signals, the market experienced a significant increase of over 500 points in early trading. Later, the KSE-100 Index reached another record level of 94,786 points after adding 594 points to its upward trajectory.

This positive development comes as the State Bank of Pakistan’s (SBP) foreign exchange reserves saw an increase of $84 million, reaching $11.26 billion during the week ending November 8, according to data released by the central bank on Thursday.

This represents an increase of 0.75% from the previous week. In addition, the nation’s total liquid foreign reserves experienced a modest increase, increasing by $33.7 million or 0.21% week-on-week to $15.97 billion.

In contrast, commercial banks’ reserves experienced a decline of $50.3 million or 1.06%, ultimately settling at $4.71 billion.

Furthermore, the economic team of Pakistan has expressed confidence in the discussions with the International Monetary Fund (IMF). Minister of State for Finance Ali Pervaiz Malik, in an exclusive conversation with Samaa TV, claimed talks were moving in a positive direction.

Highlighting improvements in Pakistan’s economic conditions, Malik noted substantial progress over the past six months to a year. He emphasized that Pakistan’s current economic situation has seen significant enhancement, with a reduced current account deficit of only $100 million in the first quarter, a reflection of the government’s strategy to increase remittances and boost exports.

Malik shared that discussions with the IMF are primarily focused on external financing, and while there have been speculations about a potential mini-budget or an increase in the petroleum levy, he clarified that these are currently premature considerations.

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Positive IMF negotiations propel KSE-100 Index above 94,000 points

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As a result of investors’ optimism about the reported progress in the continuing talks with the International Monetary Fund (IMF), the Pakistan Stock Exchange (PSX) experienced a robust surge.

The benchmark KSE-100 Index of the PSX, which tracks market sentiment, rose 713 points to a new record high of 94,068 points, breaking above the 94,000-point barrier, as the trading session began.

Early in the day, the stock market began its upward trajectory as the KSE-100 Index steadily rose, gaining 574 points to reach 93,932 points. A possible agreement with the International Monetary Fund (IMF) might lead to more fiscal stability and back Pakistan’s economic reforms, which is why investors are so optimistic about the country’s future.

Officials from the Federal Board of Revenue (FBR) informed the International Monetary Fund (IMF) on Wednesday that the government would not be introducing a mini-budget and would instead continue to aim to collect Rs12,970 billion in taxes each year.

In line with continuing discussions with the Fund, FBR sources revealed that petroleum goods will not be subject to the General Sales Tax (GST).

The fact that Pakistan’s tax-to-GDP ratio has increased from 8.8% to 10.3%, a 1.5% gain viewed as a favorable sign of Pakistan’s fiscal policies, has reportedly pleased the IMF, who has voiced satisfaction at Pakistan’s recent economic performance.

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