Islamabad, September 4, 2024 – In a bid to bolster foreign investments in Pakistan, Finance Minister Senator Muhammad Aurangzeb held a strategic meeting with a delegation of international investors. The delegation, led by Chief Executive Officer (CEO) of J.P. Morgan Pakistan, Amin Mohammad Khowaja, aimed to explore fixed-income investment opportunities in the country’s burgeoning economy.
(more…)Tag: Ministry of Finance
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Finance Ministry Projects Inflation Easing; Outlook Improves
Karachi, August 30, 2024 – The Finance Ministry has projected a decline in Pakistan’s headline inflation, forecasting it to fall within the range of 9.5-10.5% for August 2024. This trend is expected to continue, with inflation anticipated to ease further to 9-10% by September 2024.
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Aurangzeb Highlights Economic Milestones with Chinese Envoy
Islamabad, August 9, 2024 – Federal Minister for Finance and Revenue, Muhammad Aurangzeb, on Friday underscored the recent positive developments in Pakistan’s economic landscape during a meeting with Shi Yuanqiang, Chargé d’Affaires of the Embassy of the People’s Republic of China, and other embassy officials.
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Pakistan Jacks Up Minimum Wage to Monthly Rs 37,000
In a move aimed at providing relief to the lower income segment of society, Pakistan announced a significant increase in the minimum wage, raising it to Rs 37,000 per month.
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Pakistan’s Economy on Track for Robust Recovery: Report
Islamabad, April 30, 2024 – According to the Ministry of Finance’s Economic Update and Outlook for April, released this Tuesday, Pakistan’s national economy is set for a strong recovery, evidenced by encouraging macroeconomic indicators that signal sustained progress and development in the coming fiscal year.
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Pakistan Plans $300 Million Panda Bonds Sale in Chinese Markets
Islamabad, March 23, 2024 – Pakistan’s Federal Minister for Finance and Revenue, Muhammad Aurangzeb, revealed intentions to explore Chinese investment avenues by considering the sale of Panda bonds worth up to $300 million, marking the country’s debut in the Chinese bond market.
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Pakistan Set to Unveil Federal Budget 2024-25 in Early June
In a significant move towards fiscal transparency and governance, Pakistan is gearing up to present its federal budget for the fiscal year 2024-25 in the first week of June.
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IMF Board Greenlights $700 Million Boost for Pakistan Economy
Karachi, January 11, 2024 – In a significant development, the Executive Board of the International Monetary Fund (IMF) has granted approval for an immediate disbursement of $700 million to Pakistan.
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Pakistan announces early salary, pension for Government employees before Eid
In a recent announcement, the Pakistani government has decided to disburse the salary and pension payments for government employees ahead of Eid-ul-Fitr this month.
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Budget 2022/2023 to be presented in first week of June
ISLAMABAD: The government has scheduled the presentation of the budget for fiscal year 2022/2023 in the first week of June 2022, the finance ministry said on Thursday.
The finance ministry issued budget call circular 2022/2023. According to the circular, after completion of all budget documents and summaries by end of May 2022, the budget will be presented to the cabinet and the parliament in the first week of June 2022.
The ministry said that in compliance with the Articles of the Constitution of Pakistan, Public Finance Management Act, 2019 and Budget Manual 2020, Finance Division prepares budget for each financial year as a key policy document of the federal government.
READ MORE: MoC invites tariff proposals for budget 2022/2023
The budget call circular containing budget calendar, processes, instructions, forms for preparation and submission of detailed budget Actual (FY 2020-21), Revised Estimates (FY 2021-22) and Budget Estimates (FY 2022-23) relating to Receipts, Current and Development Expenditure of the Federal Government is attached herewith.
The Medium Term Indicative Budget Ceilings (IBCs) issued by Budget Wing, Finance Division in April, 2021, for Current and Development Budget for three years i.e. 2021-22, 2022-23 and 2023-24, may be considered as base line for submission of Budget Estimates.
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Receipts, Current and Development Expenditure Estimates (Forms I – III) may be provided to Budget Wing, Finance Division before 15th March, 2022 by the respective Principal Accounting Officer (PAO). The remaining information may also be provided as per schedule given in Budget Calendar.
Foreign Exchange Budget Actual (FY 2020-21), Revised Estimates (FY 2021-22) and Budget Estimates (FY 2022-23) may also be provided as per attached FEB Forms (I-VI) in accordance with the specific instructions and general guidelines.