Business
The IMF mission has arrived in Pakistan for discussions regarding the budget.
The group from the International Monetary Fund (IMF) has arrived at the Ministry of Finance to initiate budget negotiations with Pakistan.
The discussions commenced with an introduction session, initiating consultations for the formulation of the forthcoming government budget.
Sources indicate that a number of significant meetings have been arranged between the IMF team and the Ministry of Finance, as well as separate discussions with officials from the State Bank of Pakistan.
The IMF has sanctioned a $1.2 billion loan tranche for Pakistan.
Throughout the negotiations, both parties will evaluate essential budget objectives, tax revenue forecasts, and comprehensive fiscal reforms. The evaluation will also encompass advancements in energy sector reforms and privatization initiatives.
Sources indicated that preparations for the federal budget for the upcoming fiscal year are anticipated to be finalized within the next week. The budget will be developed according to the current economic conditions, and its objectives will be established in collaboration with the IMF prior to submission for parliamentary approval, as IMF confirmation of these objectives is a critical prerequisite.
The IMF mission is anticipated to stay in Pakistan until May 20 for more negotiations.
The dealers’ margin on petrol and diesel has been increased by 14 per cent with immediate effect and Rs1.34 per litre allowed for the dealers of both petroleum products.
The dealers’ profit has gone up from Rs8.64 to Rs9.98 per litre following the hike.
The rise in the dealers’ margin is effective from immediately.
The government had raised the price of fuel by Rs3.81 a litre the previous nite, bringing its new price to Rs341.59 a litre.
Likewise, the price of high-speed diesel was increased by Rs3.59 per litre, with the new price set at Rs368.29 per litre.
The government has again hiked prices of fuel and high speed diesel and announced the new rates that would be effective for three days from Aug 22 to Aug 24.
An official statement said on Friday that the fuel price has been increased by Rs3.81 per litre to Rs341.59 per litre.
The price of high-speed diesel has also been raised by Rs3.59 per litre and the new price is Rs368.29 per litre.
The new tariffs will be effective from Aug 22 and will be valid till Aug 24.
The newest move comes after another change in petroleum prices as the government is revising fuel costs more often under its new pricing methodology.
Petrol and diesel costs remain significant to consumers and businesses as they directly effect household spending, transport and economic activity.
With the recent rise, a consumer buying 40 litres of fuel will now spend roughly Rs13,664, while filling a 50-litre tank will cost around Rs17,080 at the new rate.
High speed diesel has wider impact on economy through its wide use in transportation of commodities, agriculture and commercial vehicles. Higher diesel prices can raise freight and logistics costs, which can increase the cost of moving key commodities and other goods.
During the outgoing week of business, the benchmark KSE-100 Index closed down by 2,938 points at 177,166.
The index fluctuated in a range of 5,048 points over the week. Its high was 181,158 and its low was 176,110.
The trading activity remained healthy with almost 4.22 billion shares being traded during the week in deals amounting to about Rs205 billion.
However, the entire capitalisation of the market fell by Rs247 billion during the week to Rs19,882 billion.
In the stock market, the weekly performance was mainly negative as the benchmark index closed the week significantly lower than its previous finish.
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