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  • 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.

  • IMF ready to support Pakistan: Christine Lagarde

    IMF ready to support Pakistan: Christine Lagarde

    KARACHI: International Monetary Fund (IMF) is ready to support Pakistan in a difficult economic situation, Christine Lagarde, Managing Director of IMF said on Sunday after meeting with Pakistan’s Prime Minister Imran Khan.

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  • Provinces to be made part of IMF dialogues on fiscal targets

    Provinces to be made part of IMF dialogues on fiscal targets

    ISLAMABAD: The provinces will be made part of ongoing dialogues with International Monetary Fund (IMF) regarding fiscal targets over medium term.

    This was agreed at the inaugural meeting of the reconstituted 9th National Finance Commission (NFC) was held here on Wednesday.

    Finance Minister Asad Umar chaired the meeting.

    The meeting expressed agreement to Finance Minister Asad Umar’s suggestion for including the provinces in the process of dialogue with IMF with regard to the fiscal targets over the medium term.

    Finance Minister Asad Umar welcomed all the participants to the meeting and said NFC has been tasked under the Constitution with amicable distribution of financial resources among the federation and the provinces, and as such its effective role had an important bearing on overall national cohesion.

    He said that apart from distribution, the NFC should also address critical issues related to developing a sustainable fiscal structure for center as well as the federating units.

    It should also address the social development and poverty alleviation challenges and facilitate the private sector with a view to foster economic development opportunities for the general public.

    Federal Secretary Finance briefly recounted the history of NFC awards and shared with the participants details on fiscal position of the federal government.

    He apprised the meeting about federal fiscal operations and net revenues of federal and provincial governments.

    Provincial Ministers/Secretaries Finance gave the meeting update on their fiscal position and also in the process dilated on issues faced by them in different spheres due to resource constraints.

    The ever rising burden of pension payments, allocation for FATA and need for improved coordination on data sharing were highlighted.

    They also shared with the meeting proposals on transfer of funds as well as possible future models of revenue generation.

    Representative from Baluchistan highlighted the fiscal challenges and the progress being made by the Province through inter-provincial cooperation and support.

    He also emphasized better and increased use of automation for revenue generation.

    Khyber Pakhtunkhwa raised the issue of net hydel profit and difficulties being faced on account of funding required for retirement benefits of employees.

    Secretary Finance Punjab called for improved coordination between federal and provincial authorities for timely data sharing.

    Member Sindh pointed out less transfers made under the heads “Straight Transfers” and proposed that data on this account may be shared with Provinces.

    The participants laid emphasis on smooth vertical and horizontal transfer of funds.

    The participants also emphasized on the need to end regional disparities.

    The chairman of Federal Board of Revenue (FBR) on the occasion briefed the meeting on revenue generation/tax collection in the current financial year.

    The participants of the meeting were of the opinion that both the federal government as well as the provinces were under-resourced and that additional revenue was needed to meet expenses in different realms including socio-economic development activities.

    The need was also felt for more clarity on revenue projections by FBR so that the provincial governments could plan adjustments in expenditure accordingly.

    The meeting decided to form six sub-groups to make proposals/ recommendations on:

    (1) Macroeconomic framework and benchmarking, to be coordinated by Punjab

    (2) Vertical Distribution of the divisible pool taxes between federation and provinces including needs of AJ&K and GB to be coordinated by Federal Government

    (3) Horizontal Distribution of divisible pool taxes amongst provinces to be coordinated by Baluchistan

    (4) Straight Transfers to be coordinated by Baluchistan

    (5) Measures required to be taken to simplify tax procedures and payment systems to facilitate businesses to be coordinated by Sindh and

    (6) Integration/ merger of FATA in Khyber Pakhtunkhwa to be coordinated by Khyber Pakhtunkhwa.

    It was decided that the next NFC meeting will be convened after six weeks at Lahore.

    NFC Sectt. at the Ministry of Finance will be further strengthened for better coordination amongst the sub groups.

    Finance Minister called upon all the members to contribute their best towards formulating a new NFC award in future.

    Chief Minister Sindh, Murad Ali Shah, Finance Minister Punjab, Makhdoom Hashim Jawan Bakht, Finance Minister Khyber Pakhtunkhwa, Taimur Saleem Khan Jhagra, Federal Secretary Finance, Provincial members, Provincial Secretaries Finance and senior officials of the Ministry of Finance attended the meeting.

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