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Finance Minister Muhammad Aurangzeb expressed optimism on Sunday about Pakistan’s prospects of securing a new bailout from the International Monetary Fund (IMF). This comes after President Asif Ali Zardari approved a tax-intensive budget for the upcoming fiscal year starting July 1.
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Islamabad, June 28, 2024 – Federal Finance Minister Muhammad Aurangzeb reaffirmed the government’s commitment on Friday to increase Pakistan’s tax-to-Gross Domestic Product (GDP) ratio to 13%, emphasizing the need for robust economic reforms to achieve sustainable growth.
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Karachi, June 27, 2024 – Pakistan has recorded a fall of $208 million in foreign exchange reserves for the week ending June 21, 2024, according to the State Bank of Pakistan (SBP).
(more…)ISLAMABAD, June 22, 2024 – The International Monetary Fund (IMF) has commended Pakistan for its stringent economic decisions embedded in the 2024-25 budget.
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Karachi, June 21, 2024 – The State Bank of Pakistan (SBP) announced on Friday that the country’s current account deficit has narrowed significantly to $464 million during the first 11 months (July – May) of fiscal year 2023-24. This marks a substantial improvement compared to the $3.76 billion deficit recorded in the same period of the previous year.
(more…)Karachi, June 20, 2024 – Pakistan’s foreign exchange reserves saw a noteworthy increase of $31 million during the past week, according to a statement released by the State Bank of Pakistan (SBP) on Thursday.
(more…)Pakistan’s Finance Minister, Senator Muhammad Aurangzeb, outlined a two-pronged strategy to bolster the national economy during a press conference today. The plan emphasizes increased revenue generation alongside significant expenditure reductions to achieve sustainable economic growth.
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Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, reiterated the pressing need for digitization and broadening the tax base, emphasizing that a tax to GDP ratio below 10 percent is unsustainable for managing Pakistan’s economy.
(more…)Karachi, June 13, 2024 – Pakistan has witnessed increase in foreign exchange reserves by a notable $168 million in the week ending June 7, 2024, according to a statement released by the State Bank of Pakistan (SBP) on Thursday.
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In a bid to crack down on the illicit trade of cigarettes, the Federal Budget for the fiscal year 2024-2025 has introduced stringent measures against retailers found selling fake, smuggled, and non-taxpaid cigarettes.
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