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Tag: IMF

  • Reza Baqir appointed as SBP governor

    Reza Baqir appointed as SBP governor

    ISLAMABAD: The federal government on Saturday appointed Dr. Reza Baqir as the governor of State Bank of Pakistan (SBP) for next three years.

    A notification issued by the finance division said that President of Pakistan had appointed Dr. Reza Baqir as governor SBP for a period of three years from the date he assumes office.

    The terms and conditions of his appointment will be notified later with the approval of the President of Pakistan.

    Dr. Reza Baqir is currently service for the International Monetary Fund (IMF) and resident representative for Arab Republic of Egypt.

  • IMF, Planning Commission discuss CPEC, PSDP

    IMF, Planning Commission discuss CPEC, PSDP

    ISLAMABAD: Ernesto Rigo IMF Mission Chief called on Secretary Planning, Development and Reform Zafar Hasan to discuss Public Sector Development Program (PSDP), China Pakistan Economic Corridor (CPEC) and other aspects of planning including macro-economic policies, a statement said on Friday.

    Project Director Hassan Daud, Chief Macroeconomic Zafar-ul-Hassan and senior officials of the Ministry were also present in the meeting.

    The two sides exchanged program on the growth targets as well as policy adjustments to keep the growth momentum.

    Secretary planning gave a comprehensive overview of the planning process and on CPEC program.

    The two sides shared measures to create growth through both external and internal balance.

    The role of Pakistan Bureau of statistics was also discussed in the meeting.

  • KSE-100 falls by 242 points on concerns over economy in IMF program

    KSE-100 falls by 242 points on concerns over economy in IMF program

    KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 242 points on Tuesday due to concerns over economic condition in post IMF program.

    The share market closed at 36,784 points as against 37,026 points showing a decline of 242 points.

    Analyst at Next Capital Limited said that the stock market plunged amid growing concerns on economy post IMF program and concerns over additional taxes to be implemented in the upcoming budget.

    As per news reports, Pakistan and IMF have launched the final round of talks over the $8 billion bailout package for Islamabad, a deal that’s expected to be signed next month.

    The round started on Monday in the capital and is expected to last till May 7.

    Market participation for the 100 index decreased to 82.5 million shares from 132.4 million shares in the previous session (-37.7 percent on d/d basis).

    Major contribution to total market volume came from UNITY, PAEL, and BOP churning 28.0 million shares out of the total market volume of 110.6 million shares.

    Daily traded value for the 100 index decreased to USD28.2 million from USD38.2 million in the previous session.

    Analysts at Topline Securities said that the index extended losses for the second consecutive day as investors remained wary on upcoming events like Budget and Amnesty Scheme.

    Further, IMF technical team is also in town till May 07, which is likely to dictate key revenue measures for upcoming federal budget.

    Consequently, index lost 0.65 percent today, closing at 36,784.

    During the outgoing month, Index lost 4.8 percent – worst April month in last 14 years.

    E&Ps, Cements, and Banking sector remained top laggards with deletion of 887 points from the index.

    Investors sentiments in E&Ps were affected after offshore drilling hit a snag, while cement sector remained under pressure due to slippage in cement prices as difference of opinion still prevails among manufacturers over uniform pricing.

    Volumetric activity witnessed rise of 33 percent MoM, similarly value was up 9 percent MoM.

  • Imran Khan discusses IMF program with Christine Lagarde

    Imran Khan discusses IMF program with Christine Lagarde

    ISLAMABAD: Prime Minister lmran Khan met Ms. Christine Lagarde, Managing Director of International Monetary fund (IMF) on the sidelines of the belt and Road Forum, a statement received here on Friday from Beijing, China.

    The prime minister was assisted by Foreign Minister Makhdoom Shah Mahmood Qureshi, Adviser on Finance Dr. Abdul Hafeez Shaikh and Adviser on Commerce Abdul Razzaq Dawood.

    The meeting reviewed the relationship between Pakistan and the IMF.

    The prime minister identified the areas of reform and initiatives being undertaken by the government to stabilize the economy, control inflation and achieve fiscal balance.

    The two leaders agreed on the importance of the Fund programme and to work towards an agreement for which an IMF delegation is coming to Islamabad.

    The two sides also agreed on the need for a social safety net for the vulnerable groups of the society.

  • IMF team to visit Pakistan April 29

    IMF team to visit Pakistan April 29

    ISLAMABAD: A team of International Monetary Fund (IMF) will visit Pakistan starting April 29, 2019 to continue technical discussions for IMF supported program, spokesman of ministry of finance said on Friday.

    Dr. Khaqan Najeeb, Adviser and Spokesman, Ministry of Finance said that extensive preparation for data and macro economic framework finalization and structural reforms were going on.

    The finance ministry held in-depth discussions with all key stakeholders including State Bank of Pakistan, Power and Gas Division, Privatization Commission, Federal Board of Revenue and Benazir Income Support Program among others, he said.

  • Amnesty scheme may be introduced for two months; may conclude before IMF program

    Amnesty scheme may be introduced for two months; may conclude before IMF program

    ISLAMABAD: The government is reportedly planning to roll out a much-anticipated tax amnesty scheme during the last two months of the current fiscal year, with a conclusion targeted before the initiation of the International Monetary Fund (IMF) loan program.

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  • Hafeez Shaikh holds phone discussion with IMF Mission chief

    Hafeez Shaikh holds phone discussion with IMF Mission chief

    ISLAMABAD: Dr Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance, Revenue and Economic Affairs held a phone discussion with Ernesto Ramirez-Rigo, IMF Mission Chief to Pakistan, after talking with Jihad Azour, IMF Director, earlier on Saturday.

    They discussed the progress of negotiations for an IMF-supported program for Pakistan.

    Both sides expressed their commitment for moving the discussions forward.

    It was agreed that an IMF mission will visit Pakistan by the end of April 2019.

  • IMF mission to visit Pakistan by end of April

    IMF mission to visit Pakistan by end of April

    KARACHI: An IMF mission will visit Pakistan by the end of April to continue discussions for new loan program, a statement said on Monday.

    It said that the Pakistani authorities and IMF staff held constructive discussions during the IMF/World Bank Spring Meetings in Washington DC towards an IMF-supported program.

    At the request of the authorities, an IMF mission will be going to Pakistan before the end of April to continue the discussions.

  • IMF mission chief holds talks with Pak authorities for new program

    IMF mission chief holds talks with Pak authorities for new program

    ISLAMABAD: IMF mission chief for Pakistan, Ernesto Ramirez-Rigo, visited Islamabad and Karachi during March 26-27, for introductory meetings with the authorities, said a statement on Wednesday.

    Ramirez-Rigo assumed Pakistan mission chief responsibilities earlier this month. This was his first visit to the country.

    In Islamabad, Ramirez-Rigo met with the Minister of Finance, Asad Umar, the Minister of Commerce, Razzak Dawood, the Minister of Power, Omer Ayub, the State Minister for Revenues Hammad Azhar, and several government senior officials, including the Finance Secretary, Younus Dagha, the Chairman of the Federal Board of Revenues, Jehanzeb Khan, and the Advisor to the Prime Minister on Institutional Reforms and Austerity, Ishrat Hussain.

    In Karachi, he met with the Governor of the State Bank of Pakistan Tariq Bajwa and other senior officials from the State Bank of Pakistan.

    Discussions focused on recent economic developments and prospects for Pakistan in the context of ongoing discussions toward an IMF-supported program.

  • Asad Umar meets IMF mission chief

    Asad Umar meets IMF mission chief

    ISLAMABAD: Finance Minister of Pakistan Asad Umar met the IMF Mission Chief Ernesto Ramirez Rigo in Islamabad, on Tuesday.

    The minister and the Mission Chief discussed all issues including fiscal, monetary, structural reforms and energy sector, a statement said.

    Asad Umar briefed Ramirez Rigo about the steps taken by the government for improving the economy of the country.

    The minister informed that the structural reforms and other economic initiatives introduced by the government were yielding desired results.

    The minister said that the government would continue to address the macroeconomic imbalances and would take necessary corrective measures in this regard.