IMF ‘satisfied’ with Pakistan’s significant progress in economic goals

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Separate meetings of finance minister, SBP governor, energy minister also scheduled with IMF team The introductory review meeting between Pakistan and the visiting delegation of the International Monetary Fund (IMF)  has concluded at the Finance Ministry. The visiting IMF mission was headed by Nathan Porter, and further talks between the two sides will be held in a local hotel. According to sources,…

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Caretaker Finance Minister Urges IMF Agreement Amid High Inflation

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Dr. Shamshad Akhtar, the outgoing Caretaker Finance Minister, is advising the incoming government to maintain fiscal prudence and swiftly negotiate a new agreement with the International Monetary Fund (IMF) to implement vital reforms, as inflation stands at approximately 29 percent. In her departure note included in the Ministry of Finance’s Monthly Economic Update & Outlook for February 2024, Akhtar stressed…

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Pakistan Eyes $8 Billion IMF Loan, Explores Climate Finance Augmentation

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Amidst financial challenges, Pakistani authorities are actively considering options to enhance the upcoming IMF bailout package from $7.5 billion to potentially $8 billion. One avenue being explored involves leveraging Climate Finance in conjunction with the Extended Fund Facility (EFF). Official sources have disclosed to The News on Sunday that discussions regarding augmentation of the program’s size took place during the…

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Pakistan Set to Seek $6 Billion IMF Loan for Debt Repayment

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ISLAMABAD: Pakistan is gearing up to request a fresh loan of at least $6 billion from the International Monetary Fund (IMF) to assist the incoming government in repaying billions in debt due this year, Bloomberg News reported on Thursday, citing a Pakistani official. The country intends to pursue negotiations for an Extended Fund Facility with the IMF, with talks expected…

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Government Considers Lowering Tariffs for Solar Net Metering

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In response to concerns over excessive fuel cost adjustments burdening consumers, the government hinted at plans to reduce the net metering tariff for rooftop solar power units. This initiative, discussed during a meeting of the Senate Standing Committee on Power, follows previous unsuccessful attempts over a year ago to implement similar measures. During the session chaired by Senator Azam Nazeer…

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IMF Rejects Pakistan’s Energy Sector Plans, Citing Fiscal Risks

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The International Monetary Fund (IMF) has declined Pakistan’s proposals aimed at addressing the energy sector’s Rs1.3 trillion circular debt and reducing electricity prices for industries. Nathan Porter, IMF’s Mission Chief to Pakistan, expressed skepticism about the proposals, stating that they would burden residential consumers and pose fiscal risks. Porter emphasized that the proposed industrial tariff reduction plan fails to tackle…

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Costly energy diminishes consumers’ purchasing power, warns Nepra

ISLAMABAD: Amid ongoing engagement with the International Monetary Fund (IMF) for further electricity tariff reforms involving increases for residential and reductions for industrial consumers, the country’s power sector regulator, Nepra, has warned the government that its compulsions to pass on full costs coupled with historically highest inflationary spree in the country was diminishing the purchasing capacity of the consumers. Last…

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Ogra Proposes Significant Gas Price Hike to Fulfill IMF Conditions

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In response to the IMF’s requirements and to meet a mid-February deadline, the Oil and Gas Regulatory Authority (Ogra) has proposed substantial increases in gas tariffs, aiming to extract an additional Rs100 billion from consumers over the next four months. This move follows a significant tariff hike in November, as part of the government’s commitment to the IMF. Notably, Ogra…

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IMF briefed about tariff, circular debt plans

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ISLAMABAD: The caretaker government’s team on Monday formally interacted with the International Monetary Fund (IMF) through a video call to seek the latter’s support for tariff rationalization and circular debt reduction plans, well-informed sources told Business Recorder. Both plans have been developed by two teams dedicated by the caretaker Minister for Power and Petroleum, Muhammad Ali, who intends to get IMF…

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Oil/gas sector in limelight as KSE-100 gains over 850 points

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The Pakistan Stock Exchange (PSX) saw interest in the oil and gas sector as the benchmark KSE-100 index gained over 850 points during trading on Tuesday. At 2pm, the benchmark index was hovering at the 63,855.95 level, an increase of 853.04 points or 1.35%. Index-heavy stocks including OGDC and PPL were trading in the positive, amid reported developments on the…

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