imf

IMF asks Pakistan to ‘increase’ gas prices

The IMF has requested Pakistan to increase gas prices as part of negotiations for the new loan program. The proposal includes a proposed gas price hike for domestic, fertilizer, CNG, and cement sectors, with potential increases for protected and non-protected consumers. The IMF has also suggested reforms to address circular debt and the tax system.

IMF ‘asks’ Pakistan for privatisation of national entities

The IMF mission in Pakistan expressed concerns over government-owned entities' increasing losses, requesting a fresh report. The Pakistani authorities assured submission of the report within two days. The IMF reportedly urged Pakistan to privatize government-owned enterprises as part of addressing the finance shortage, amid ongoing talks between the two. Prime Minister Shehbaz Sharif announced plans to privatize all state-owned enterprises.

IMF ‘concerned’ over FBR’s Track and Trace system shortcomings

The IMF expresses concern over the Federal Board of Revenue's track and trace system's shortcomings. The agency has requested a detailed implementation report and set a deadline for its adoption across five major sectors. Pakistan is in talks with the IMF for a bailout package, with both parties agreeing to accelerate reforms to expand the tax net and prevent evasion.

IMF technical experts ‘reach’ Pakistan for budgetary, loan talks

IMF technical experts have arrived in Pakistan to discuss a new loan program and assist with budget preparations for the FY2024-25 budget. The team will stay for over 10 days and will work with the finance ministry to finalize important budgetary targets, including loan repayments, government expenditures, and tax collection targets.

IMF mission to arrive in Pakistan in May for new loan

IMF mission to arrive in Pakistan in May for new 'long-term and larger' loan negotiations, aiming to aid government in repaying debt. Challenges include a failed tax amnesty scheme, declining tax collections, and missing primary budget surplus targets. Pakistan received $1.1 billion tranche from IMF, seeking a new long-term and larger loan for macroeconomic stability and structural reforms.

IMF board approves $1.1bn loan tranche for Pakistan

The IMF board approved a $1.1 billion loan tranche for Pakistan, marking the completion of the second bailout package. The funding is the third and final tranche of a $3 billion standby arrangement to avert a sovereign default. Pakistan is aiming for a new, larger IMF loan to support macroeconomic stability and structural reforms.

IMF board expected to approve $1.1b disbursement for Pakistan today

The IMF's executive board is expected to approve a $1.1 billion disbursement for Pakistan today. The disbursement is part of a $3 billion loan program Pakistan availed from the IMF in 2023. The IMF praised Pakistan's efforts for economic stabilization and expects the new government to continue these efforts.

Finance Minister Aurangzeb stresses need for new IMF programme

Finance Minister Aurangzeb stresses the need for a new IMF program, aiming for a staff-level agreement by the end of next fiscal year. He discusses the upcoming IMF meeting, economic improvements, tax reforms, and the importance of the capital market. Additionally, he visits Utility Stores Corporation to review the Ramadan Relief Package.

IMF ready to send mission to Pakistan after cabinet formation

The International Monetary Fund is set to send a mission to Pakistan for the second economic review following the formation of PM Shehbaz Sharif’s cabinet. The focus is on completing the Stand-By Program ending in April 2024. The IMF aims to work with the new government on economic stability, as Pakistan plans to seek a $6 to 8 billion loan program.

Pakistan to ‘seek’ fresh IMF loan program

Pakistan's newly-elected PML-N-led government has decided to seek a fresh loan program from the International Monetary Fund (IMF), with the Ministry of Finance initiating action on the premier's directives. The country aims to secure $6 to 8 billion, anticipating stricter IMF conditions. This move reflects the challenging task of managing increasing debts and repayment of existing loans, with the need to bolster revenue generation and balance payments. Tough decisions on electricity and gas price hikes are expected, while negotiations under the existing short-term IMF loan program are pending.