Connect with us

Business

Pakistan to exceed revenue target in FY22: Shaukat Tarin

Published

on

  • Tarin says revenue will hit Rs6.1tr, compared to a target of Rs5.8tr.
  • He is confident of defending PM’s subsidy package during IMF review.
  • “IMF shouldn’t have any objections on this,” finance minister says.

ISLAMABAD: Pakistan will exceed the revenue target set in the annual budget for the current financial year, Finance Minister Shaukat Tarin said on Wednesday.

Tarin said revenue would hit Rs6.1 trillion ($34.2 billion), compared to a target of Rs5.8 trillion.

“Despite that, I gave the target of 5.8 trillion, I’m going to hit at 6.1 trillion, and I’m tracking,” he told a news conference in Islamabad.

He said a recent fuel and electricity subsidy package announced by Prime Minister Imran Khan would be partially financed by the extra revenue, which may cause the fiscal deficit to slightly rise or fall.

“If due to that the deficit may go a bit 0.5% up or down, that may be,” he said.

Read more: Shaukat Tarin opposes PM Imran Khan’s public outburst against EU envoys

Embattled PM Imran Khan, facing a no-confidence move to oust him from office by opposition parties, announced a cut in petrol and electricity prices on Monday despite a steep rise in the global oil market, pledging to freeze the new rates until the next budget in June.

The subsidy will cost around $1.5 billion, a big number for Pakistan to defend during the International Monetary Fund (IMF) 7th review, which already has started, of a $6 billion rescue package agreed in 2019.

The south Asian country had to undertake fiscal tightening measures to pass its last IMF review, which was delayed by months as the government struggled to complete prior action required by the lender to release $1 billion in February.

The finance ministry has said that Pakistan was confident it will be able to defend its subsidy package during the IMF review, which Tarin also reiterated.

“We are doing it with our own revenues, which has improved. We have a space for that,” he said. “So, IMF shouldn’t have any objections on this.”

Business

Finance Minister: A “big” IMF program is coming for Pakistan.

Published

on

By

Speaking at the Karachi Stock Exchange ceremony, the Finance Minister announced that meetings with IMF representatives would take place in Washington on April 14 and 15.

He applauded the caretaker government’s effort to bring about economic stability and predicted that the nation’s economy would stabilize with improved economic policies.

Muhammad Aurangzeb emphasized that in order to move the country’s economy toward stabilization, structural reforms must be implemented.

He restated that the nation’s recovery from the economic crisis depends heavily on the stock market. The stock market is, nevertheless, trending upward.

Continue Reading

Business

Pakistan is still classified as a secondary emerging market by the FTSE.

Published

on

By

The nation could perhaps be demoted, according to the worldwide index provider, since its index weight has decreased over the previous few years.

Pakistan’s market capitalization peaked in 2017 at $100 billion, but it fell to $21 billion by 2024, according to a Bloomberg research.

It did, however, state that Pakistan’s standing as a secondary emerging market will remain unchanged due to favorable political changes brought about by the establishment of a stable government.

Bloomberg saw Shehbaz Sharif’s election as prime minister, who is open to reform, as a step in the right direction for the nation struggling financially.

Shehbaz Sharif, the president of the Pakistan Muslim League-Nawaz, was chosen on March 4 to serve as the country’s 24th prime minister.

With 201 votes, PM Shehbaz defeated Omar Ayub Khan of the Sunni Ittehad Council (SIC) by 92 votes.

over the economy, earlier this month, Pakistan and the International Monetary Fund (IMF) came to an agreement at the staff level over the second and last review conducted under Pakistan’s Stand-By Arrangement.

The IMF secured a staff-level agreement with Pakistan on the second and final review of the nation’s stabilization program, which is backed by the IMF’s US$3 billion (SDR2,250 million) SBA authorized, according to the official statement released by an IMF team led by Nathan Porter.

The remaining US$1.1 billion (SDR 828 million) of SBA access will be made available following the IMF Executive Board’s approval of the deal.

It was reported shortly after the February 8 election that the newly elected PML-N-led government intended to apply for a new IMF credit package.

Pakistan is anticipated to pursue a $6–8 billion loan program from the global lender, and the IMF will be contacted right once to begin negotiations for this. The sources went on to say that the IMF would have tighter requirements this time.

Continue Reading

Business

PM Shehbaz Sharif: “A plan to digitize the tax system is underway.”

Published

on

By

In an address to the All Pakistan Newspapers Society delegation in Islamabad today, the prime minister announced that plans were in motion to update the tax collection system.

The prime minister added that efforts are underway to broaden the revenue base and that the Federal Board of Revenue (FBR) is fully digitizing.

He emphasized that the Tax Excellence Awards were a recent initiative by the government to support female entrepreneurs, exporters, and engaged taxpayers.

The government’s priorities, according to the prime minister, are institutional changes, austerity, domestic and external investment, and privatization of government-owned businesses.

Praiseing the media’s contribution to public awareness-raising and good governance, he called on the sector to successfully communicate the benefits of economic stability under SIFC.

Calling fake news a major problem, he emphasized the need for cooperation to combat it. Additionally, he extended an invitation to the press to back Pakistan’s administration in its endeavors for the country’s growth and well-being.

Continue Reading

Trending