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Pakistani reforms discussed by IMF chief and finance minister

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The Washington discussion included economic challenges, policy preferences, and Pakistan’s economic reform vision.

Privatisation, tax reform, and private sector amenities were also discussed.

In the US, the finance minister is discussing a fresh IMF credit program for Pakistan.

Tuesday, Muhammad Aurangzeb praised the IMF and World Bank for their economic development assistance to Pakistan.

Muhammad Aurangzeb, Federal Minister for Finance and Revenue, attended the G-24, Finance Ministers, and Central Bank Governors’ Meeting, according to a news release.

The minister talked about taxation, energy, privatization, and digitalization changes and the need to increase private sector investment and use the “Adaptation Fund” to mitigate climate change.

The nine-month, $3 billion IMF loan program to address a balance-of-payments issue that nearly drove the South Asian nation to default last summer is reaching its end.

In a Washington interview, Finance Minister Muhammad Aurangzeb claimed Pakistan has began negotiations for a new multi-year IMF loan program for “billions” of dollars. The last $1.1 billion tranche of that transaction is expected to be granted later this month

Entertainment

I have to stop doing dramas and films. Momina Iqbal is leaving the entertainment industry.

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Actor Momina Iqbal took to her Instagram stories earlier this week to post a few videos in which she humorously expressed her disappointment with the social media system, which she believes is a crucial factor in determining an actor’s value. She added that because she doesn’t have enough followers on her account, she won’t be given the opportunity to perform and should give up on the role.

With only one million Instagram followers, Iqbal posted, “I must not do any more dramas or films.”

Then she said, “People with less than a million Instagram followers shouldn’t work on dramas or films. The situation gets worse if they work for a long time yet still don’t have many social media followers.

“I have received at least 10 requests from people since this morning stating that I only have one million followers, which is a respectable amount and I need to put in more effort,” the “Ehsaan Faramosh” actor continued. Additionally, she bemoaned the fact that having a large following on social media accounts is more important than having a portfolio or experience.

“Don’t offer me any acting projects from now on because I have only a million followers,” Iqbal sarcastically stated, continuing to address the creators. I am considering giving up acting and pursuing something more significant in life, such as vlogging.

About her career, Iqbal was most recognised for her portrayal of Falak in the drama series “Ehsaan Faramosh,” which also starred Salman Saeed, Humayun Ashraf, and Mashal Khan. In the phenomenon drama “Samjhota,” she also had a major role.

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Business

Pakistan’s GDP in FY2023–2024 stayed at 2.8 percent.

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The sanction was given at the National Accounts Committee’s (NAC) 109th meeting, which took place in Islamabad today.

In FY2023–24, Pakistan’s GDP growth rate was 2.38 percent, falling short of the 3.5% target.

In the third quarter of Fiscal Year 2023–2024, the GDP grew steadily by 2.09%. Agriculture, industry, and services are growing at rates of 3.94%, 3.84%, and 0.83%, respectively.

Every component of agriculture has made a good contribution during Q3, including cattle (4.20%), other crops (1.14%), key crops (2.89%, mostly wheat), and cotton ginning (61.75%). Notwithstanding the construction industry’s negative growth (-15.75%), large-scale manufacturing (1.47%), mining and quarrying (0.63), and the delivery of gas, electricity, and water (37.3%) are responsible for the industry’s 3.84% increase.

In the fiscal year 2023–2024, the industrial sector’s growth rate stayed at 1.21%. The production of crude oil (1.51%), coal (36.72%), and other minerals (7.57%), such as marble (23.22%) and limestone (7.95%), has increased, leading to a 4.85% expansion in the mining and quarrying business.

Based on the Quantum Index of Manufacturing (QIM), large-scale manufacturing has seen a nominal growth of 0.07% with a mixed trend in the production of different groups, such as food (+1.69%), beverages (-3.43%), textiles (-8.27%), tobacco (-33.59%), non-metallic mineral products (-3.89%), wood (+12.09%), Coke & Petroleum (+4.85%), and pharmaceuticals (+23.19%).

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Business

Pakistan’s gold prices declined as a result of the worldwide market slump.

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The per tola gold price was recorded at Rs248,500 by the Sindh Sarafa Jewellers Association, following a fall of Rs1,900 in a single day.

Similarly, the All Pakistan Gems and Jewellers Sarafa Association (APGJSA) released rates for 10-gram gold, which showed a loss of Rs1,630 before selling for Rs213,048.

At Rs2,850 per tola and Rs2,443.41, respectively, the price of 10-gram and per-tola silver did not change.
According to the association, the price of gold dropped by $21 on the global market, from $2,439 to $2,419.

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