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Articles for tag: FBR, IMF, International Monetary Fund, Latest, News, Pakistan, target, Tax, trillion, warns

November 5, 2023

News Desk

FBR warns IMF on Rs 9.4 trillion tax target

Islamabad: Pakistan shared a plan with the International Monetary Fund (IMF) on Friday to increase the number of income tax returns to 6.5 million by June next year, but warned the lender of potential risks to the 9.4 trillion target Rs from a stronger rupee combined. with low imports. The tax authorities briefed the visiting IMF team on the revenue performance in the first four months of the current fiscal year and the prospects for meeting the annual target for the rest of the period, according to government sources. They added that the IMF has been informed that the Federal

November 5, 2023

News Desk

IMF talks reveal major gaps

Islamabad: Pakistan has informed the International Monetary Fund (IMF) that its debt servicing costs could reach Rs 8.5 trillion, marking a slippage of Rs 1.2 trillion over the allocated budget. Challenges remain in servicing about $6.5 billion in foreign debt this year due to difficult economic conditions. Pakistani authorities have now sought the Fund’s help to bridge the external financing gap, which remains despite the IMF program, according to finance ministry sources. Excessive spending on interest payments and difficulties in raising external debt due to adverse domestic and global economic conditions are the two main issues in the ongoing talks

November 5, 2023

News Desk

The talks with the IMF reveal the gap of 8.5 trillion

Islamabad: Pakistan has informed the International Monetary Fund (IMF) that its debt servicing costs could reach Rs 8.5 trillion, marking a slippage of Rs 1.2 trillion over the allocated budget. Challenges remain in servicing about $6.5 billion in foreign debt this year due to difficult economic conditions. Pakistani authorities have now sought the Fund’s help to bridge the external financing gap, which remains despite the IMF program, according to finance ministry sources. Excessive spending on interest payments and difficulties in raising external debt due to adverse domestic and global economic conditions are the two main issues in the ongoing talks

November 3, 2023

News Desk

PSX Soars to All-Time High, Surpasses 53,000 Points

KARACHI: The Pakistan Stock Exchange (PSX) hit a new all-time high after a gap of six-and-a-half years, breaking the psychological barrier of 53,000 points on Friday, on the back of pending earnings reported by listed companies. The benchmark KSE 100 index PSX hit an intraday high of 53,263 points, up 1.15% or 605 points at 10:55 am. on Friday compared to Thursday’s close of 52,656.76 units. It is recalled that the index reached its previous high record closing at 52,876.46 points on May 24, 2017. Amid the intraday gain, the day’s top gainers eased to 455 points with the index

November 3, 2023

News Desk

Talks with the IMF begin with the date of the polls in focus

Islamabad: The International Monetary Fund (IMF) on Thursday asked Pakistani authorities about the next general elections as well as the functioning of the Special Investment Facilitation Board — the two most critical issues affecting the country’s political and economic landscape. Nathan Porter, the lender’s Washington-based head of mission in Pakistan, made the points during his maiden meeting with caretaker finance minister Dr Shamshad Akhtar. Porter set the tone for the 14-day renegotiation talks scheduled to end Nov. 15 — if all goes according to plan. The IMF official praised the government’s performance in the first quarter of the current financial

March 25, 2023

The Pakistan Daily

SBP withdraws cash margin requirements on imports from March 31

KARACHI: State Bank of Pakistan has removed the existing cash margin requirement on imports, an action interpreted by analysts as another step towards resuming the stalled International Monetary Fund loan programme. “It has been decided to withdraw existing cash margin requirement (CMR) on import of items with effect from March 31, 2023,” the SBP said in a circular on Friday. “This seems to be another action to revive the IMF programme. IMF has not been supportive of cash margins to restrict imports. This would lower the liquidity requirement of importers, which had to deposit 100 per cent of the amount

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