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On this day, the FY2024–25 budget will be “presented.”

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An initial estimate of Rs 1,500 billion is being given for subsidies, while Rs 9,700 billion is being estimated for interest and loan expenses.

The projection for tax income, according to sources, is more than Rs 11,000 billion, of which Rs 5,300 billion is projected to come from direct taxes and Rs 680 billion from federal excise duties.

Sources predicted that customs duties will bring in over Rs 1,100 billion and sales tax would likely bring in over Rs 3,850 billion.

A fuel charge of Rs 1,100 billion is anticipated to yield the first estimate of non-tax revenue of Rs 2,100 billion. Additionally, reports stated that the estimated government budget deficit is Rs 9,300 billion.

The Pakistani government is expected to remove tax exemptions in the FY2024–25 budget, according to earlier reports, per an IMF demand.

Additionally, tractors and insecticides may see price increases as a result of the government’s proposed sales tax. These are necessary agricultural supplies.

Right now, pesticides and the active substances listed on a registration form filed with the Department of Plant Protection are free from sales tax under the Sixth Schedule of the Sales Tax Act.

Additionally, tractors are exempt from sales tax, including road tractors used to tow semi-trailers. On the other hand, for the next fiscal year, budget managers are talking about eliminating these exemptions and lowering the sales tax rate on pesticides and tractors.

The cost of pesticides and agricultural equipment could rise as a result, which would put a heavy burden on farmers and those who depend on these products.

It is anticipated that the 2019 budget will impose withhold tax on commercial importers, resulting in an additional tax revenue of Rs30 billion.

In order to revive Pakistan’s energy industry, the International Monetary Fund (IMF) called on Islamabad to implement “strong cost-side reforms.”

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Pakistan’s gold prices are still declining; see the most recent

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The price of 10-gram gold reduced by Rs943 to settle at Rs207,733, while the price of gold dropped by Rs1200 to close at Rs242,300 a tola, according to the Sindh Sarafa Jewellers Association.

In the global market, the price of the precious metal fell by $10 to $2,349 per ounce, resulting in losses.

At 04:48 GMT, the spot price of gold had dropped by 0.2% to $2,354.77 per ounce. In the previous session, prices reached a two-week high.

American gold futures dropped 0.6% to $2,361.

Spot silver decreased by 0.4% to $28.03 per ounce, while palladium remained steady at $978.03 and platinum decreased by 0.1% to $992.89.

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Pakistan and the IMF begin talks for a new loan.

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Pakistan is requesting a $6 to $8 billion bailout package from the international lender over the next three to four years to address its financial troubles.

A mission team led by Nathan Porter, the IMF’s Mission Chief in Pakistan, is meeting with a Pakistani delegation led by Finance Minister Muhammad Aurangzeb.

According to sources familiar with the situation, Islamabad may face more difficult options, such as raising power and gas bills.

Mr. Aurganzeb informed the IMF team that the country’s economy has improved as a result of the IMF loan package, and Islamabad is ready to sign a new loan programme to further develop.

The IMF mission expressed satisfaction with Islamabad’s efforts to revive the country’s struggling economy.

The IMF praised Pakistan’s economic growth in its staff report earlier this week, but warned that the outlook remains challenging, with very high downside risks.

The country nearly avoided collapse last summer, and its $350 billion economy has stabilized since the end of the last IMF program, with inflation falling to roughly 17% in April from a record high of 38% last May.

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Petrol prices are likely to drop significantly beginning May 16.

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According to sources, the government is set to decrease petrol prices by Rs 14 per litre and diesel prices by Rs 10 on May 16 for the next fortnight’s revision.

Last month, the government reduced the price of fuel and high-speed diesel by Rs5.45 and Rs8.42 per fortnight, respectively.

The current fuel price is Rs288.49 per litre, while the HSD price is Rs281.96.

Meanwhile, oil prices fell further on Monday, as signs of sluggish fuel consumption and comments from U.S. Federal Reserve officials dimmed optimism for interest rate reduction, which may slow growth and reduce fuel demand in the world’s largest economy.

Brent crude prices down 25 cents, or 0.3%, to $82.54 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.2%, to $78.07 per barrel.

Oil prices also declined on signals of poor demand, according to ANZ analysts, as gasoline and distillate inventories in the United States increased in the week before the start of the driving season.

Refiners throughout the world are dealing with falling diesel profitability as new refineries increase supply and warm weather in the northern hemisphere and weak economic activity reduce demand.

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