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October 14, 2024

Hamza Azhar Salam

Pakistan’s ‘Diplomatic Waltz’ with China

Pakistan and China have been “iron brothers” longer than many of us have been alive, a partnership so robust it could make even the most stoic neighbour glance over the fence with a glint of envy. As Premier Li Qiang hobnobs in Islamabad ahead of the Shanghai Cooperation Organization (SCO) summit, the stage is set for Pakistan to emerge as a power broker, not in Asia but far beyond. India’s complex dynamics with China add a twist to the tale and Islamabad might just dance its way into a more influential role. The Pakistan-China dynamic is the stuff of legends,

August 31, 2024

News Desk

The government misses the IMF’s fiscal target

Islamabad: In a major setback, the government missed its two-month tax collection target by a wide margin of Rs 111 billion, despite imposing a record Rs 1.8 trillion in new taxes in the budget – exacerbating economic hardship for citizens. This shortfall casts serious doubt on the credibility of the national budget and the feasibility of the $7 billion International Monetary Fund (IMF) program, which now appears irrelevant even before its approval by the IMF’s executive board. According to provisional data, the Federal Board of Revenue (FBR) managed to collect only Rs 1.441 trillion till the end of August, compared

July 6, 2023

The Pakistan Daily

IMF Executive Board meeting on Pakistan scheduled for July 12

KARACHI: The International Monetary Fund (IMF) Executive Board meeting on Pakistan has been scheduled for July 12. Pakistan secured a badly needed $3 billion stand-by arrangement (SBA) from the International Monetary Fund on Friday, giving the South Asian economy a much-awaited respite as it teeters on the brink of default. The staff-level agreement on the SBA is subject to approval by the IMF Executive Board. The previous Extended Fund Facility expired on June 30, with the 9th, 10th, and 11th reviews pending.

March 17, 2023

The Pakistan Daily

IMF asked Pakistan to halt long-range missile program, claims Fawad Ch

LAHORE: International Monetary Fund (IMF) has asked Pakistan to halt its long-range missile program, claimed Pakistan Tehreek-e-Insaf leader Fawad Chaudhry on Friday. Talking to newsmen outside the Lahore High Court, Chaudhry said the international lender is asking Pakistan to ‘stop’ its defence programme. Lashing out at Finance Minister Ishaq Dar, the former federal minister said that he has ruined Pakistan’s ties with the IMF and other international financial institutions. He reiterated that the threat of default is looming over Pakistan. Islamabad will default if it fails to secure a loan revival deal. Fawad said first Miftah Ismail ruined the country’s

March 16, 2023

The Pakistan Daily

Sheikh Rasheed lambasts govt for not addressing issues of poor people

RAWALPINDI: Awami Muslim League (AML) chief Sheikh Rashid Ahmed on Thursday hit out at the government over inaction as the economic crisis continues to deepen amid a delay in a bailout package from the International Monetary Fund (IMF). In a series of tweets, the former interior minister said: “Our economic crisis has become a question mark in the world.” He said the IMF deal was still under a cloud of uncertainty as the government lacked international lobbying and assurance for external financing. “No one takes them seriously,” he reproved the government. He said the UAE and Qatar were shying away

March 6, 2023

The Pakistan Daily

Pakistan looks towards Saudi Arabia, WB and AIIB for revival of IMF loan deal

LAHORE: With the burden of sinking currency and decades-high inflation, Pakistan is now looking towards Saudi Arabia and the World Bank for more assistance to revive the much-need loan progamme of the International Monetary Fund (IMF). The coalition government has recently taken drastic measures, including the imposition of additional taxes through a mini-budget, to pull the worsening economy out of its deathbed. However, the struggle of the South Asian country is not ending as it would have to secure additional deposits of $2 billion and a $950 million loan from the World Bank and Asian Infrastructure Investment Bank (AIIB) to

February 15, 2023

The Pakistan Daily

Govt jacks up GST to 18% on IMF demand

Islamabad: Giving in to the demand put forth by the International Monetary Fund (IMF), the federal government increased the General Sales Tax (GST) to 18%, previously 17%, effective immediately from February 15, 2023. At the same time, the federal government enhanced taxes on cigarettes with immediate effect to collect Rs115 billion out of the planned Rs170 billion mini-budget. Under the chair of Prime Minister Shehbaz Sharif, the federal cabinet Tuesday approved the Finance Supplementary Bill 2023 to implement another condition set by the global lender for the revival of the derailed $6.5 billion program after President Arif Alvi refused to

January 21, 2023

The Pakistan Daily

IMF mission likely to visit Pakistan this month

ISLAMABAD: A delegation of the International Monetary Fund (IMF) is expected to visit Pakistan in late January as the floundering economy of the South Asian country looks to the global lender for the revival of the loan programme. Reports citing sources at the Ministry of Finance said the IMF would share the schedule of his mission’s visit to the country next week. The officials of the international lender are expected to hold meetings with the officials of ministries of finance, trade, power and industries. They would also visit the provincial capitals to review the economic situation. The IMF mission, during

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