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.
Petroleum Minister Ali Pervaiz Malik said the government would analyse international price indicators for fuel and diesel this week to gauge possible assistance for consumers.
The administration is not favouring any particular sector and is not putting any unnecessary strain on any segment, the minister stated on X (previously Twitter).
The minister said the government will continue to operate within the confines of its international commitments and pass on greatest possible advantage to consumers.
Prime Minister Shehbaz Sharif has so far lowered the rates of fuel by Rs200 per litre and petrol by Rs155 per litre, Ali Pervaiz Malik remarked.
International pricing indications for petrol and diesel will be studied over the week before any further decision is taken, he said.
Officially enacting the federal budget for the fiscal year 2026-27, President Asif Ali Zardari gave his constitutional assent to the Finance Bill 2026 on Friday. This allowed the bill to become law.
The budget for the upcoming fiscal year, which will go into effect on July 1, 2026, is formalised with the assent of the president, as stipulated by Article 75 of the Constitution.
On the 12th of June, 2026, the Federal Minister for Finance and Revenue, Muhammad Aurangzeb, delivered a presentation to the National Assembly in that capacity.
By rejecting all of the modifications that were proposed by the opposition, the House of Representatives was able to pass the Finance Bill 2026 on June 23, following the debate that took place.
Pakistan for the first time sees record high imports of heavy vehicles; buses, trucks surge during current fiscal year
Imports of buses and trucks hit $262.4 million in the first 11 months of fiscal year 2025-26, the highest ever in the country’s history, data from the State Bank of Pakistan (SBP) showed.
The data showed that imports of buses and trucks during the same period of FY 2024-25 were at $57.8 million, showing a substantial increase year-on-year.
The State Bank data indicated that the majority of heavy transport imports were registered as completely built units (CBUs).
Analysts said the increase in transport imports was due to lower loan rates and government incentives that encouraged businesses and transport operators to expand their fleets by purchasing foreign cars.
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