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Report: Detained Saudi princes face prison if they do not give up their wealth

Local Afghan Leaders Protest Deadly US Strikes on ‘Heroin Labs’

Iran’s supreme leader is the 'new Hitler' of Middle East: Saudi crown prince

Lebanon army on alert for possible threat from Israel

Former Saudi minister says violence unacceptable even in Israel

Would India really allow US to act against TTP?

Is Pakistan under last transitional phase?

AIG Ashraf Noor martyred in Peshawar suicide blast

Google tracks users even with location services disabled

New Saudi counterterrorism law aims to silence critics: HRW

Islamabad siege: Did TLYR achieve the motives of dharna?

Israeli man's selfies at Masjid-e-Nabwi: A moment of shame for Saudia

At the brink of bankruptcy: Is Pakistan economy at the verge of destruction?

Saudi-Israel normalisation, a gift to Iran

Abbas ready for ‘historic’ peace deal under Trump

Ayatollah Khameni : Bringing US to its knees in region a miracle of Islamic revolution

Jolt to India: Why did Pakistan set Hafiz Saeed free?

MMA Again: The light in the end of tunnel for Fazal ur Rehman

North Korean media called Trump a “rabid dog” and sentenced him to death

Putin to talk with Saudi King Salman following Assad’s Russia meeting

Teenagers aged upto 12 sold for prostitution

Afghan Army Recruitment Dwindles Amid Taliban Threats

Gen. Soleimani’s message to Ayatollah Khamenei

Declared absconder : Is Ishaq Dar in a real fix?

India cancels $500m arms deal with Israel

Assad and Putin discuss end game in Syria

Arab League emergency meeting: Divisions fail decisions

Why Did Saudia summon COAS and Pakistan PM?

The difference between the Sunnis and the Takfiri Wahhabism!

Who conspired against Khatm.e.Nubuwwat (PBUH) law?

Dirty Politics: PTI’s blunder of making alliance with Taliban’s father

Myanmar’s treatment of Rohingya Muslims ‘a dehumanising apartheid’: Amnesty report

Scientists warns of upsurge in major earthquakes in 2018

UNGA resolution: Is Pakistan on right track for Kashmir’s freedom?

Imran Khan paves way for father of Deobandi Taliban to his new Pakistan

Rana Sanaullah blames Intelligence Agencies for Shirazi kidnapping

Report: Saudi Arabia deficit reaches $32.4bn

Russia eyes active role in Afghanistan, breaking with three-decade restraint

While Saudi Arabia discusses Iran and Hezbollah in Cairo, its plans for Lebanon are backfiring

Afghanistan opium cultivation: A bigger threat than ISIS to Pakistan and Iran

Why Nawaz Sharif is hesitant to remove Ishaq Dar?

Can Islamabad protests lead into Military take over?

Iran: Saudi-drafted Arab League statement full of lies, worthless

Nasrallah: US did what it could to help Daesh in Syria's Bukamal

Interior Minister gets 48 hours to evict defiant Islamabad protesters

ABNA | Syrian civilian killed, material damaged in terrorist rocket attacks in Damascus

Pakistan nears its moment of truth

MERH | Study indicates discrimination against Shias in Bahrain

The Prophet, an ‘Ummi’..

Does Israel has secret ties with 'many' Arab, Muslim states?

Why Pentagon persuaded Congress to delink LeT from Haqqani network?

Security council appointed panel says no missiles sent to Houthis, refuting Saudi Arabia claim

The conditional release of Saad al-Hariri; Saudi Arabia kept his two children in Riyadh

How has Islamophobia changed over the past 20 years?

Saudi: Palestinian Abbas must endorse US’ plan or leave

Egyptian authorities crack down on televised fatwas

Saudi Arabia’s empty trumpeting for war against Iran

Replacing Finance minister: Is PML-N going to make Ishaq Dar a perfect scapegoat?

Faizabad sit in: Is another model town like action in the offing?

Is Shahbaz Sharif deliberately weakening PML-N?

Would Nawaz seek a presidential pardon?

Senior Iranian official warns Macron against meddling in Iran’s internal affairs

Palestine to freeze ties with US if Trump admin closes mission in Washington

The Martyrdom of Imam Hassan (AS)

Lebanese PM Accepts France Invite: Will This End Crisis?

Arab media: Baghdad not ready to host Saudi Crown Prince

Barzani seeking to mend ties with Iran, worrying US

The series of the arrogant prince

US troops told to ignore child abuse in Afghanistan

Shafaqna special: Did PML-N launch Tehrik.e.Labaik?

Balochistan mass murder:  A terrorist activity or human trafficking?

TTP in Afghanistan: How does Abdullah Abdullah’s confession shift burden from Pakistan to US?

Free Balochistan posters: A new game plan against CPEC

Lebanon's Hariri leaves Saudi capital for France: Lebanese TV

Saudi siege of Yemen leaves three cities without clean water: Red Cross

Social Structure Founded by the Prophet (pbuh)

Death and Burial of the Prophet Muhammad (PBUH)

How has Islamophobia changed over the past 20 years?

West Eyes Nuclear Deal-Style Missile Pact with Iran

Saudi Arabia’s Desperate Moves against Hezbollah

International conference on lovers of Ahlul Bayt (as) and the Takfiri issue

3,000 more US troops deployed to Afghanistan: Pentagon

US Claims North Korea Behind FALLCHILL Malware

Saudi Arabia and Israel want to drag US into war against Iran: Former CIA officer

The story of a French woman who married four ISIS terrorists

'Saudi King Salman to step down next week'

Pakistan, US trade blame over cross-border terrorism

Delinking LeT from Haqqani network: Did US ditch India?

Is PTI backing Tehreek-e-Labbaik protests?

Israel ready to share intel on Iran with Saudi Arabia: Military chief

Saudi Arabia blackmailing detained princes to fill state coffers: Report

Netanyahu: Israel Will Act Alone to Force Iran Out of Syria

50,000 Yemeni children will die by end of the year, says Save the Children

Saudi storms home of detained cleric Salman Al-Ouda

Morsi tells lawyer of threats to his life

How Israel and Saudi Arabia Conspire to Seize Control of the Middle East?

How Trump’s CIA Used Bin Laden Files and a Neocon Think Tank to Escalate Tensions With Iran

Decline in terrorism: Has Pakistan won the proxy war led by Israel and India?

Is TTP returning to South Waziristan again?

Scapegoat: Is Supreme Court going to disqualify Jhangir Tareen?

IMF


IMF: Saudi economy stagnant as unemployment rises

1396/7/14 | 22:10
The International Monetary Fund (IMF) says Saudi Arabia has a weak economic growth and a rising unemployment level, advising the country to slow down austerity measures it has been adopting in order to curb a huge budget deficit. The IMF’s latest report on its annual economic consultations with the kingdom, published Thursday, projected a below 2 percent non-oil growth for Saudi Arabia in 2017, down from 4 percent in 2015, while overall economic growth was expected to dip close to zero. Experts attribute the weak growth to the kingdom’s ...

Saudi Arabia’s $10bn IMF loan and its implications

1396/6/12 | 22:10
The news that Saudi Arabia is applying for a $10 billion loan from the International Monetary Fund (IMF) is shocking. The country is the world’s largest exporter of oil, so why does it need a loan from the IMF? This move is likely to cause the collapse of the Saudi economy slowly but surely.     The past few years have already given an indication that the economy in Saudi Arabia is in trouble, and that there shall soon be a need to shift it toward non-dependence on oil. The price of crude oil has been the biggest contributor to ...

Financial meltdown: Pakistan’s unbroken begging bowl

1395/9/2 | 22:10
  The latest state bank report shows how much of the improvement has been gained through short-term measures.  Broadening of the tax base has seen no progress, and measures to impose a cost on nonfilers of tax returns “had unintended negative fallout”, such as a growth in currency in circulation by 2pc of GDP and a fall in deposits. Broadening the base remains a priority, “without further burdening the already compliant taxpayers”, says the report. Expenditures were restrained “primarily from low interest rates, which significantly ...

Upgraded rating: Another tempered report

1395/8/13 | 22:10
Minister for Finance Senator Muhammad Ishaq Dar on Monday said that Standard and Poor’s has improved Pakistan’s long-term credit ratings from B to B with stable outlook. “This comes as a result of the Government’s improved policymaking, strong performance of the economy and good prospects for the country’s fiscal and external positions”, Dar said while addressing a press conference here at Punjab House this evening. Dar said that Standards and Poor’s has also highlighted that Pakistan continued to benefit from improving governance ...

Burgeoning external debt: The sinking ship of Pakistan’s economy

1395/8/9 | 22:10
  Pakistan’s external debt projections have been erratic since the beginning of the $6.2-billion International Monetary Fund (IMF) programme, creating uncertainty in debt management and indicating lack of reforms necessary to control ballooning debts. An analysis of all IMF reports released in the past two years reveals the agency’s latest debt projections for fiscal 2015-16 are higher by $11.6 billion compared to the estimates given in its first report, which was the base for signing the three-year $6.2-billion bailout package in September ...

IMF applause: Why Pakistan has no reason to rejoice?

1395/8/9 | 22:10
    International Monetary Fund’s president, Christine Lagarde, who is recently on a visit to Pakistan, said that the country’s perception on corruption was hurting growth. She was speaking as a keynote speaker at a seminar on “Pakistan and Emerging Markets in the World’s Economy.” She was the first head of IMF to visit Pakistan after the passage of 10 years. She stated that Pakistan’s public debt was high and with corruption being endemic, the country needed a three-pronged strategy to arrest this slide. Previously she ...

Shafaqna Exclusive: A shame to be felt deep

1395/7/26 | 22:10
  The Emerging Markets newspaper does not belong to International Monetary Fund, said Harald Finger, the IMF’s Mission Chief to Pakistan on Thursday amid new revelations that five state-owned firms partially funded the publication’s latest edition. Last week, the newspaper conferred Best Finance Minister of South Asia Award to Ishaq Dar and Best country in South Asia in infrastructure development to Planning and Development Minister Ahsan Iqbal. Government functionaries jumped to congratulate them for winning such a ‘prestigious’ ...

A Prolonged user: Can Pakistan bid goodbye to IMF?

1395/7/25 | 22:10
  The IMF’s Mission Chief Herald Finger said on Thursday that Pakistan could manage its external obligations in the wake of rebound of oil prices in international market and CPEC related repayments if Islamabad continues its motion on reform path even after completion of Fund sponsored 6.15 billion dollar program. The IMF’s released staff report on Thursday also assessed that the real effective exchange rate (Reer) in case Pakistani rupee stands at Rs 118 against US dollar. Currently, the existing exchange rate in Pakistan is hovering ...

IMF praise: Why Pakistan needs to do more?

1395/7/12 | 22:10
 International Monetary Fund's Mission Chief to Pakistan Harald Finger has expressed hope that Pakistan's economy will set on a new and sustainable course, breaking from the past cycles of near-crises and aborted stabilisation programmes. "With stronger buffers, improved sentiment, gradually recovering growth, and prospects of more energy supply and an additional impetus from the China-Pakistan Economic Corridor (CPEC), there was hope that Pakistan's economy would set on a new and sustainable course," he wrote in an article published on Friday. ...

Rise in GDP: Is it a virtual boost?

1395/6/18 | 22:10
Pakistan has historically faced significant challenges in revenue mobilisation with tax-to-GDP ratios being much lower than other developing economies and emerging markets. From a low GDP of about 9.5% in 2011, tax to GDP ratio has increased by over 60% over the past three years to 12.4% in 2016. According to the April 2016 IMF publication ‘Fiscal Monitor’, Pakistan has a huge potential in growth of its revenues and they are estimated to increase to 17.7% of GDP by 2020. This has also been reiterated by a recent IMF working paper which has ...

Whipping up Economic optimism: A shallow economic growth

1395/5/26 | 22:10
International Monetary Fund (IMF) expects 5% economic growth in Pakistan in the current financial year, an IMF statement said on Thursday, praising solid performance in the fourth quarter of the previous fiscal year. The statement was issued in Washington following the successful completion of the 12th and final review of Pakistan’s economic performance under the 3-year Extended Fund Facility programme. The IMF delegation, led by Harald Finger, visited Dubai from July 26 to August 4, to conduct discussions on the final review with the Pakistani ...

IMF Gone:  A claim no easy to trust

1395/5/18 | 22:10
Pakistan will not renew its bailout package with the International Monetary Fund. After the IMF completed the 12th and final review of the current bailout package, Finance Minister Ishaq Dar announced what had been expected for weeks. Dar’s bold words: ‘Pakistan has said goodbye to the IMF’. This is a hope we share with the finance minister. Pakistan will, however, remain committed to following the IMF’s reform plan to raise revenues and reform key public sector enterprises. With only the last tranche of $102 million of the $6.6 billion ...

A temporary goodbye : Pakistan claims to farewell IMF

1395/5/16 | 22:10
The International Monetary Fund (IMF) cleared payment to Pakistan of a final $102 million tranche in a $6.4 billion three-year programme on Thursday, and Prime Minister Nawaz Sharif echoed the sentiment, saying Pakistan was able to stand on its own feet economically.It is now my desire... that we say goodbye to the IMF," he said, addressing a group of his party's lawmakers in Islamabad shortly after the announcement of the programme's conclusion.IMF officials and Pakistani officials concluded their twelfth and final review in Dubai, with mission ...

A mismanaged economy: Pakistan towards a huge debt crisis

1395/4/27 | 22:10
The government, for the consecutive second year, has missed the ‘sacrosanct’ budget deficit reduction target of the last fiscal year, and will have to seek a waiver from the International Monetary Fund (IMF) to qualify for the last loan tranche. Against the IMF-determined target of reducing the budget deficit – gap between income and expenses – to 4.3% of Gross Domestic Product (GDP) or Rs1.292 trillion, the deficit remained slightly higher in the fiscal year 2015-16 that ended on June 30. “In the last three years, the budget deficit ...

Economy in trouble: IMF demand to slap more austerity measures to Pakistan

1395/4/18 | 22:10
  The IMF recently approved the second last loan tranche of the EFF amounting to $501 million amid concerns that Pakistan may not go ahead with all the promised reforms once the three-year programme ends, whose objective was to achieve macro-economic stability through stringent austerity by keeping a tight lid on budgetary deficit while hoping for the economy to spare enough resources to grow at a rate that would generate enough revenue and jobs causing its tax-to-GDP and investment-to-GDP ratios to improve to sustainable levels. On ...

Unfilled begging bowl: Pakistan continues to seek IMF assistance

1395/2/29 | 22:10
  The International Monetary Fund (IMF) said on Thursday it had reviewed Pakistan's economic performance and will make available a further $510 million to the country as part of a three-year, $6.7 billion financial assistance programme. The money will be provided when the review is approved by the IMF's management and executive board, the Fund said in a statement, describing its discussions with Pakistan as “productive” and adding that performance criteria in the programme had been met. “After productive discussions, the mission and ...

The IMF factor: Can Pakistan sustain economic growth without IMF assistance?

1395/2/28 | 22:10
 Pakistan and International Monetary Fund (IMF) on Thursday successfully completed the 11th review of Extended Fund Facility for release of $510 million to Pakistan by the fund board.Talking to media persons after a successful review, Finance Minister Senator Muhammad Ishaq dar said that the talks had been successful. He said that the economic indicators had been positive and Pakistan also succeeded in scaling down the fiscal deficit. Dar informed that Pakistan would set an ambitious growth target of 6 per cent during the upcoming financial ...

The sword of privatization: Can Pakistan defy IMF?

1395/2/22 | 22:10
 Government on Wednesday has assured International Monetary Fund (IMF) of privatization of Pakistan Steel Mills (PSM), Pakistan International Airlines (PIA) and State Life Insurance Corporation of Pakistan (SLIC) in the ongoing year. Pakistan has provided a roadmap of the privatization spree under IMF’s Economic Reforms Programme. According to the blueprint, steel mills would be privatized by September 2016. While by June, at least 26 percent shares of the national airlines would also be sold. only a month before the joint sitting of parliament ...

A stable Economic picture: Is it a temporary stabilization?

1395/2/15 | 22:10
Pakistan will be ready to go it alone when its $6.7 billion three-year International Monetary Fund programme ends in September, a senior fund official said on Wednesday. Masood Ahmed, director of the IMF’s Middle East and Central Asia department, told Reuters substantial progress had been made in repairing Pakistan’s economy and that Islamabad was right to be saying is does not need another package. “I think that is a very sensible approach at this stage,” Ahmed said. “They have built up their reserves, they have halved their budget ...

Lack of mechanism: Low income tier face the brunt of price hike

1395/2/9 | 22:10
 Finance Minister Ishaq Dar has taken notice of hike in prices of pulses and directed the officials concerned to take measures to keep the price at appropriate level.  He also sought report from Utility Stores Corporation and Statistics Bureau in this regard. In November last year, Government had announced mini-budget increasing tax on 289 imported items and imposing regulatory duty on 61 products. In meeting demands of International Monetary Fund (IMF), Dar had announced mini-budget, prices of 350 imported items will further be increased. ...

The real boss: IMF behind Pakistan’s economic policy

1395/1/26 | 22:10
The International Monetary Fund (IMF) is encouraged that Pakistan will convert its cash-strapped national airline into a limited company but said on Wednesday it will see if the reforms go far enough in restructuring the company. Parliament adopted a law on Monday to convert Pakistan International Airlines (PIA) into a limited company but it prevents the government from giving up its management control. Prime Minister Nawaz Sharif had made the privatisation of the company a top goal when he came to power in 2013. The privatisation of it and 67 ...

Dar’s new mantra: Can Pakistan get rid of IMF?

1395/1/24 | 22:10
 Pakistan no longer needs the International Monetary Fund’s (IMF) financial support, Finance Minister Ishaq Dar announced on Thursday as he cautioned that the country still needs to consolidate its economic gains made over the last two years. “Pakistan does not need the IMF anymore,” Dar said at a news conference when asked if the time had come for the country to bid the global lender adieu. He was speaking after a meeting with the director of IMF’s Middle East and Central Asia department Madood Ahmed, who is currently visiting Pakistan. ...

Huge borrowings: How IMF slowly taking over Pakistan?

1395/1/17 | 22:10
 The International Monetary Fund (IMF) has finally thrown in the towel and admitted that Pakistan’s multibillion-dollar privatisation programme has ‘faced setbacks’, missing an opportunity to stop hemorrhaging in the power, industry and aviation sectors. “There are a number of setbacks on the privatisation front ….and the situation is fluid,” admitted Harald Finger, the Washington-based chief of the IMF mission in Pakistan, on Friday. He was responding to a question while addressing the media in Islamabad via audio-conferencing. ...

Another trench of loan: PML-N to leave huge circular debt behind

1394/11/19 | 22:10
  Policy level talks between Pakistan and International Monetary Fund (IMF) started on Monday in connection with the Extended Fund Facility (EFF). Pakistan and IMF held technical level discussion under tenth economic review of Extended Fund Facility in Dubai during previous week. Finance Minister Ishaq Dar attended policy level meeting, which started on Monday, according to an official handout released by the ministry of Finance. The IMF would give approval to release $500 million to Pakistan if economic managers of the country satisfy ...

PIA privatization saga: The hidden rule of IMF on Pakistan

1394/11/17 | 22:10
 Over 150 flights of the national airline have been cancelled as the employees of the Pakistan International Airlines (PIA) continued their protest for the tenth day and flight operations remained suspended for the third day on Thursday. The PIA Joint Action Committee has vowed to continue the protest until their Protests against the proposed privatization of the national airline are taking place in Karachi, Lahore, Islamabad and other cities despite the government’s imposition of the Essential Services Act. With the airline’s flight operation ...

Increasing Circular debt: Is IMF debiting Pakistan under a plan?

1394/11/4 | 22:10
  There are no quick fixes to Pakistan’s chronic circular debt problem, a major reason for the severe power shortages in the country. It is the term for a phenomenon that appears particular to Pakistan. Circular debt reflects the difference between high power generation cost and low electricity bills. The Pakistani power sector’s circular debt denotes liabilities to the entire energy chain. The problem emerges due to difference between production cost of electricity and the tariff charged from consumers, which forces the government ...

Privatization drive:  Has Pakistan struck a deal with IMF to put national assets on sale?

1394/10/14 | 22:10
 Amid divisions within its ranks on the issue of privatisation of Pakistan International Airlines (PIA), the government has given a fresh commitment to the International Monetary Fund (IMF), promising it will sell the national carrier to a strategic investor by March this year. President Mamnoon Hussain on Saturday promulgated the Pakistan International Airlines (PIA) Corporation Conversion Ordinance, paving way for the privatisation of the national flag carrier under a condition of the International Monetary Fund (IMF) loan programme. The ...

Pakistan’s begging bowl: Pakistan-IMF and master-slave relationship

1394/10/13 | 22:10
  Pakistan is becoming increasingly dependent on foreign countries and their donor agencies for aid and loans, thus bartering away its sovereignty. On the other hand, the British government recently decided to discontinue financial assistance to India on the ground that the neighbouring country has become an economic powerhouse and does not need any aid. In fact, as far back as 2012, an Indian minister retorted that he considers British aid peanut and his country can do without this generosity. Over the past four decades, the gap in economic, ...

PIA privatization: Has country a tacit agreement with IMF?

1394/9/18 | 22:10
The privatization of Pakistan International Airlines (PIA) has kicked up a heated debate in the country. On one hand, the treasury benchers are dubbing it as the opportune step in the right direction. Meantime, the opposition parties are not as much pleased over the prospect of PIA’s privatization.Eager to know some varying viewpoints over the issue? At the same time PTI leader Shah Mehmood Qureshi, AML chief Sheikh Rasheed Ahmed and others also strongly criticized the decision of privatizing the national flag carrier and demanded the ordinance ...

Politics for the politics: Imran’s hollow condemnation to massive new taxes

1394/9/14 | 22:10
 Chairman Pakistan Tehreek-e-Insaf (PTI) Imran Khan blasted the PML-N government over slapping new taxes of Rs 40 billion on 350 items and raising custom duty by 1 percent and appealed masses to stamp on bat, the election symbol of PTI, on December 5 to get rid of looters and plunderers. He said the PTI is the only party which can serve the masses better than any other party in the country. Imran Khan expressed these views while addressing hundreds of PTI cheering supporters during his visit to different areas of NA-56, the constituency wherefrom ...

Mini budget: Is Pakistan economy at the oxygen of taxes?

1394/9/12 | 22:10
 Prime Minister Nawaz Sharif recently approved a bureaucratic move to impose regulatory duty on a range of goods to meet a Rs40-billion gap in the federal revenue collection for the first quarter of fiscal year 2015-16. Why this mini-budget and why couldn’t the gap be met by means other than new taxes? The gap in the tax target and actual collection normally occurs on account of two factors: either because of over-estimation of the receipt of money in national coffers from taxable activity or because of under-performance of the tax machinery. ...

Yuan in currency basket: Would it help China to establish its financial hegemony?

1394/9/11 | 22:10
 The International Monetary Fund agreed Monday to add the Chinese yuan to its reserve currency basket. The decision — which marks another step in China's global economic emergence — came after the IMF evaluated the Asian nation's standing as an exporter and the yuan's role as a "freely usable" currency. In a statement, IMF Managing Director Christine Lagarde noted the yuan's inclusion is a "clear representation of the reforms" taking place in China."The continuation and deepening of these efforts will bring about a more robust international ...

Low oil prices: IMF conditions deprive people of plummeting oil prices

1394/9/11 | 22:10
 Decrease in oil price in  international market helped Pakistan save around $2.5 billion in imports of petroleum products during the first four months (July to October) of this fiscal year, according to a latest report of the State Bank of Pakistan (SBP).This means the country would be able to save around $7.5bn this fiscal year if the current oil prices prevail. Import bill of petroleum products plunged by 43 per cent to $3.263bn during the four months from $5.733bn a year ago, the report said. Oil prices have been falling for more than ...

Regulatory duties on luxury items: Can Pakistan fight out VIP culture?

1394/9/9 | 22:10
The government has decided to impose regulatory duties on luxury and non-essential items and announce an incentive package to bring evaders under the tax net to bridge shortfalls in revenue collection. Imports of luxury items have gone up over the past few months and Finance Minister Ishaq Dar is not happy with the trend. Mr Dar briefed the National Assembly’s Stan­ding Committee on Finance and said the substantial increase in imports of luxury items was a worrisome factor for the government and he was working on various proposals to curtail ...

World Bank and IMF want to control Pakistan: Chairman Senate

1394/9/8 | 22:10
KARACHI: Senate Chairman Raza Rabbani has said that World Bank and International Monetary Fund (IMF) want to control Pakistan.Raza Rabbani, addressing a convention in Karachi, advised the federal government to not take any loans from World Bank and IMF as they want to control the country.He added that the process of privatization has ended in the world. He added that the process can be stopped if trade unions are strong.“The elite class and investors, under the agenda of the international organzations, want to make the trade unions weak.The Senate ...

Unchanged monitory policy: Is IMF running Pakistan’s economy?

1394/9/4 | 22:10
The State Bank of Pakistan (SBP) on Saturday kept its policy rate unchanged at 6 per cent, saying headline inflation is expected to reverse its declining momentum. Average inflation, however, would still remain below the target of 6pc for this fiscal year, with a subdued outlook for prices of oil and other major commodities, said a monetary policy statement issued by the central bank. Moreover, market surveys indicate a marginal increase in inflation expectations in the coming months, said the SBP. Average inflation during July to October stood ...

Squeezing the poor:  Govt wants ordinary people to pay for its own follies

1394/8/25 | 22:10
The International Monetary Fund (IMF) said on that if the Federal Board of Revenue (FBR) wants to achieve its envisaged Rs1,952 billion target in the current fiscal year, the government will have to take additional revenue measures by slapping more taxes to get the desired results otherwise there will be slippages in it.” A senior official of IMF said that the current account deficit (CAD) would turn into deficit this year because exports would decrease because of lingering crisis in the European market where Pakistan’s made-up possessed major ...

Global prosperity index: Can huge foreign reserves of Pakistan bring prosperity?

1394/8/21 | 22:10
  Pakistan has been ranked 130th of the 142 countries on the 2015 Global Prosperity Index, falling three places from last year.The Legatum Institute, a London-based think tank, launches the index every year, benchmarking countries across eight categories: economy, entrepreneurship and opportunity, governance, education, health, safety and security, personal freedom and social capital. Pakistan’s performance has improved in four out of the eight sub-indices. Apart from a notable improvement in the economy sub-index, Pakistan fared comparatively ...

State bank autonomy: Would govt cede its powers to influence central bank?

1394/8/21 | 22:10
 In a bid to free central bank from the clutches of the federal government, the International Monetary Fund (IMF) has given Islamabad two months to give full autonomy to the State Bank of Pakistan (SBP). In a recent report on the third review of the $6.7 billion bailout package, the IMF has expressed its reservations over a proposed SBP amendment bill that the government earlier tabled in parliament to fulfill the international lender’s condition that seeks meaningful autonomy for the central bank. The report shows IMF’s seriousness in ...

Another loan tranche: People must ready to face another slap of taxes

1394/8/18 | 22:10
  In order to secure the next $502 million loan tranche from the International Monetary Fund (IMF), Pakistan has agreed to slap roughly Rs40 billion in additional taxes to bridge the shortfall in its revenue targets. In return, the IMF agreed to give Pakistan two waivers after it failed to deliver on two key conditions — the quarterly target of restricting the budget deficit to Rs306 billion and reduction in Net Domestic Assets (NDA). With the fresh waivers, the lender has so far given Islamabad 14 waivers in the nine reviews of Pakistan’s ...

Another trance of IMF loan: Would the poor able to pay the cost?

1394/8/17 | 22:10
  In order to secure the next $502 million loan tranche from the International Monetary Fund (IMF), Pakistan has agreed to slap roughly Rs40 billion in additional taxes to bridge the shortfall in its revenue targets.In return, the IMF agreed to give Pakistan two waivers after it failed to deliver on two key conditions — the quarterly target of restricting the budget deficit to Rs306 billion and reduction in Net Domestic Assets (NDA). With the fresh waivers, the lender has so far given Islamabad 14 waivers in the nine reviews of Pakistan’s ...

IMF isn't suggesting devaluation of Pakistani currency, says the mission head

1394/8/16 | 22:10
NEW YORK: The International Monetary Fund (IMF) has rejected the rumors circulating in the Pakistani media that the IMF has suggested devaluation in the value of Pakistani currency. IMF’s Head of Mission Herald Finger said the Fund didn’t suggest any such measures.Talking to reporters, Herald Finger said Pakistan decided about the value of its currency keeping in view the supply and demand of the US dollar in the country and the IMF had not suggested Pakistan to devalue its currency. Responding to a question, Mr Finger said based on the IMF ...

Rampant borrowing: Is economy improving in vacuum

1394/8/10 | 22:10
 In July-September 2014-15, the Government of Pakistan borrowed Rs110 billion from Pakistani banks. According to the State Bank of Pakistan’s monetary aggregates data, in July-September 2015-16, the Government of Pakistan borrowed Rs402 billion from Pakistani banks. Economists said the increase in borrowing was largely due to shortfall in federal tax revenue. The Federal Board of Revenue collected Rs600 billion in the first quarter of the current fiscal year, lower than the quarterly target of Rs647 billion fixed by the government. Economists ...

Anti-Money Laundering bill: Is opposition trying to save its skin?

1394/8/4 | 22:10
 While the economic managers pressed the parliamentarians to pass the proposed amendments to the Anti-Money Laundering bill, the Senate Standing Committee on Finance on Wednesday again deferred its approval till the next meeting. However, the amendments to the Anti-Money Laundering Law 2010 were not a part of Wednesday’s agenda of the Senate Standing Committee on Finance, which held its meeting under chairmanship of Senator Saleem Mandviwalla here on Tuesday at the Parliament House. On the special request of Secretary Finance Dr Waqar Masood, ...

Tax Reforms commission: Would FBR allow reforms in the system?

1394/7/22 | 22:10
The government has constituted an oversight committee to implement tax reforms, particularly proposed by the Tax Reforms Commission (TRC), which have so far been blocked by well-entrenched forces in the Federal Board of Revenue (FBR). Finance Minister Ishaq Dar constituted the seven-member committee to be headed by Special Assistant to Prime Minister on Revenue Haroon Akhtar Khan. The government made the decision amid the realisation in the International Monetary Fund (IMF) that cosmetic changes in the FBR would not work and that there was a need ...

Cutting development Budget: Did Metro boggle up all the budget?

1394/7/18 | 22:10
The International Monetary Fund has projected that Pakistan’s national development budget will be cut by 25%, or Rs377 billion, for fiscal year 2016 in order to achieve the overall budget deficit target of 4.3% of total size of national economy, reported Tribune. The Washington-based lender also projected that, as a result of lower development spending, the government will miss its economic growth rate target of 5.5%.The IMF is projecting that the government will only be able to spend Rs1,136 billion on development this fiscal year, as opposed ...

Another IMF tranche: How long Pakistan economy would be on IMF wheels?

1394/7/10 | 22:10
 The International Monetary Fund on Tuesday announced “immediate disbursement” of $504.8 million to Pakistan.On Sept 28, the IMF Executive Board completed 8th review of a 36-month extended fund facility for Pakistan. Tuesday’s disbursement brings total disbursements to Pakistan to about $4.54 billion.In completing the review, the board also approved the authorities’ request for waivers of non-observance of the end-June 2015 performance criteria on the ceiling on overall budget deficit and the ceiling on net government budget borrowing ...

Eurobond controversy: Has Ishaq Dar failed to stabilize economy?

1394/7/8 | 22:10
 Pakistan’s third attempt in the last year and a half to raise debt by floating a dollar-denominated Eurobond has received a lukewarm response from international investors, restricting its option to borrow only $500 million at a very high interest rate of 8.25%.On Friday, the finance ministry said it had issued a $500 million Eurobond with a maturity of ten years in the international market at a coupon rate of 8.25%. “Under the circumstances, the finance minister decided that it would be prudent to restrict the issue to the announced level ...

Lowering debt:  Is Pakistan economy really improving?

1394/7/6 | 22:10
  The profit after tax of banking sector surged by 52 percent YoY on the back of both interest and non-interest income. Accordingly, Return on Assets increased to 2.7 percent in Jun-15 from 2.1 percent in Jun-14. Capital Adequacy Ratio remained strong at 17.2 percent well above the local requirement of 10 percent and international benchmark of 8 percent, said the Quarterly Performance Review of the Banking Sector for the quarter ending 30th June, 2015 released by State Bank of Pakistan here on Wednesday. During the quarter, asset base ...

Economic indicators: Failed tactics to attract investors

1394/7/3 | 22:10
Moody’s Investors Service has assigned a provisional rating of (P)B3 to Pakistan’s announced global bond offering while keeping the outlook stable.“Pakistan’s B3 issuer rating reflects moderate economic strength with a supply-constrained economy that has been resistant to structural change,” the ratings agency said in a statement issued on Friday. “Although the scale of the economy is relatively large, globally, Pakistan’s per-capita income level is relatively very low.”It said the implementation of the China-Pakistan Economic Corridor ...