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Pakistan’s average headline inflation, as measured by the Consumer Price Index (CPI), contracted to 23.4% in the fiscal year 2023-24, a significant reduction from the previous fiscal year’s 29.2%, according to the Pakistan Bureau of Statistics (PBS).
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Islamabad, June 30, 2024 – Pakistan President Asif Ali Zardari on Sunday approved the heavily tax-laden Budget 2024-25, set to come into effect from July 1. The budget, amounting to Rs18.877 trillion, aims to stabilize the economy and secure a new bailout from the International Monetary Fund (IMF).
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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.
(more…)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.
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