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IMF Executive Board’s schedule up to September 4 ‘excludes Pakistan’

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The International Monetary Fund’s logo is seen outside the global lender’s headquarters in Washington,US, April 20, 2018. — Reuters

The International Monetary Fund (IMF) has released its executive board meeting schedule through September 4, 2024, and sources in the Finance Division indicate that Pakistan, which direly needs external funding to bail out its economy, is not included on the agenda.

Despite this, the government remains optimistic that the country will secure approval for a $7 billion bailout package from the IMF next month, sources privy to the matter told Geo News.

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb last week dismissed concerns about the IMF declining the staff-level agreement, exuding confidence that “the lender will approve it next month”.

Pakistan and the IMF reached an agreement on the 37-month loan programme in July. The IMF said the programme was subject to approval from its Executive Board and obtaining “timely confirmation of necessary financing assurances from Pakistan’s development and bilateral partners”.

Sources said the Ministry of Finance was upbeat on the IMF’s final approval of the loan programme next month.

The government is actively working to roll over $12 billion in loans from China, Saudi Arabia, and the United Arab Emirates, they added.

Additionally, Pakistan has requested an extra $1.2 billion loan from Saudi Arabia to bridge a $2 billion financing gap.

According to insiders, Pakistan already owes $5 billion to Saudi Arabia in the form of cash deposits. It must be noted that Pakistan also holds $4 billion in deposits from China and $3 billion from the UAE.

These amounts are separate from an additional $4.5 billion in commercial loans, including those from China, sources quoted the ministry officials as saying.

Pakistan is in talks with Saudi Arabia, the United Arab Emirates and China to meet gross financing needs under the IMF programme, Finance Minister Aurangzeb said in July following a trip to China to seek energy sector debt reprofiling.

Rollovers or disbursements on loans from Pakistan’s long-time allies, in addition to financing from the IMF, have helped Pakistan meet its external financing needs in the past.

During an analyst briefing following the central bank’s decision in July to cut rates by 100 bps, the central bank chief said he expected rollovers of $16.3 billion in the fiscal year to June 2025 — more than half of Pakistan’s $26.2 billion external financing requirement.

The release of the IMF’s latest schedule is a significant development, but the absence of Pakistan’s loan approval on the agenda is a cause of concern as it is critical for the country to secure the loan to shore up its sinking economy.

“Just like in the past, there is unnecessary noise about the staff-level agreement not being approved, but we are hopeful that the IMF board will give its approval in September,” Aurangzeb stated in an exclusive interview with Geo News last week.

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آپ کا ای میل ایڈریس شائع نہیں کیا جائے گا۔ ضروری خانوں کو * سے نشان زد کیا گیا ہے

Pakistan

PM Shehbaz approves FBR’s homegrown transformation plan – Pakistan Observer

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ISLAMABAD – A meeting chaired by Prime Minister Shehbaz Sharif in Islamabad on Friday gave in-principle approval to FBR’s homegrown Transformation Plan regarding tax collection management.

This plan has been prepared by the FBR on the instructions of the Prime Minister in collaboration with other economic and technological experts of the country after a detailed analysis of the tax collection of the last twenty five years.

This will enable more tax to be collected in a better manner without hindering the journey of economic development and will provide more convenience to the people paying full tax.

The meeting was given a detailed briefing on the FBR’s transformation plan. It was informed that the plan includes a comprehensive strategy for the effective use of information technology, incentivizing officers and staff who demonstrate integrity and performance in improving tax collection and enhancing the enforcement of tax laws.

According to the proposals, strict measures can be taken against those who do not pay full tax on time and are involved in fraud in order to prevent tax evasion in the society.

It was informed that these measures will be implemented after extensive consultation with good taxpayers.

Under the transformation plan, auditing capacity of FBR will be enhanced.

Speaking on the occasion, the Prime Minister was appreciative of FBR’s transformation plan and directed further consultation on it with all relevant stakeholders. He said good taxpayers should be invited and consulted on the transformation plan.

The Prime Minister Shehbaz directed the formulation of a comprehensive strategy to further enhance the effectiveness of the FBR’s enforcement system, describing it a pressing need of the time.

The Prime Minister noted that FBR is the backbone of the country’s economy and its digitization is an important milestone in government’s economic reforms.

Shehbaz Sharif said improvement in revenues will enhance the provision of services to the public and lead to betterment in the social sector.

The Prime Minister also directed third party audit of all FBR projects.

Shehbaz Sharif said promotion of the private sector is among the government’s priorities, emphasizing an active and prosperous private sector is very important for the country’s economy.

The Prime Minister also directed to accelerate efforts against smuggling. It was also decided to set up new check posts to prevent smuggling.

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Pakistan

Honda CD70 Dream Latest Price, Installment Plans – Sep 2024 Update – Pakistan Observer

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Honda remains leader in bikes market, with its top-selling units like CD 70, and that’s without making any major changes as the entry-level bikes look almost same for a long time. As the CD-70 remains its most selling model, bikes like the CD-70 Dream and Pridor are considered a niche products.

Despite failing to achieve top sales, CD 70 Dream is still in the market, featuring air-cooled, 4-stroke engine that delivers smooth performance and impressive fuel economy, often averaging around 60-70 km/l, making it ideal for daily commuting.

The bike looks better with stylish and modern design with attractive graphics, as compared to simple CD70. People also like its comfort as built quality remains optimum, comparing to other players.

Its pricing makes it accessible to a wide audience, including students and working professionals, solidifying its status as a favorite among motorcycle enthusiasts in Pakistan.

As bikes prices remain out of hands, people are having hard time to upgrade their ride while companies also face low sales.

Honda CD 70 Dream Price

The price of Honda CD70 Dream is Rs168,900 in September 2024.

Honda CD 70 Dream Installments

Installment Plans Monthly Payments 
3 months Rs56,300
6 months Rs28,300
9 months Rs21,890
12 months Rs17,200
24 months Rs10,170
36 months Rs7,800

 

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Check Property Ownership in Lahore, other Punjab cities Online – Pakistan Observer

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If you live in Lahore or any other city in Punjab; you might have faced difficulties in getting land record in previous years, but now the government made the land verification process smooth with digitization.

To curb the menace of land mafia and to help residents of Punjab, the government rolled out a systematic process and also eased the process of property transfers and real estate transactions.

A new verification system is Live by provincial authorities to check the legitimacy of properties available for purchase or investment across the region of 110 million people.

The relevant authority in this regard is Punjab Land Record Authority which oversees management and maintenance of land records. You can get different services, including ability to search for and view land records, as well as request copies of documents.

Check Property Ownership Online 2024

Here’s Step by Step Guide To Check property ownership

Step 1: Please visit PLRA portal at Punjab-zameen.gov.pk.

Step 2: Find ‘Property Registration,’ on home and click on https://rodportal.punjab-zameen.gov.pk/.

Step 3: It will ask you to select your district and service center.

Step 4: You can search by different options including Bahi number, ID card, registration number, or by person name.

Step 5: After entering details, please advance to ‘Search’ to get the land ownership.

With latest updates, you can check data on number of property transfers in last 36 months.

Beware of These Illegal Housing Societies in Lahore – September 2024 Update

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Suzuki Bolan discontinued in Pakistan after 36 years; Here’s replacement for ‘Carry Dabba’ – Pakistan Observer

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LAHORE – Finally, it’s time to say goodbye to the iconic Suzuki Bolan as Pak Suzuki pulled plugs to replace the minivan with another model. Over the last 3.5 decades, Suzuki Bolan enjoyed decent sales and was valued for its flexibility, serving a multi-passenger vehicle and for commercial purposes.

Amid shift in auto landscape in Pakistan, Bolan becomes latest drive to be discontinued after Suzuki Mehran, which you can still spot.

Pictures of Suzuki Bolan’s last batch surfaced online, and Pakistanis hit nostalgia as many grew up in this vehicle. The final chassis number marked as 01151691. The country’s oldest automaker and maker of Bolan also confirmed discontinuation of the 800cc Carry Dabba.

The company decided to replace Bolan for its outdated design and lack of safety features. Amid its low sales, consumer demand for a modern replacement like Changan Karvaan increased.

Suzuki Every to Replace Bolan

Suzuki earlier mentioned that Every will replace Bolan, and one of its recent model was unveiled at a recent auto show.

The launch of Every models faced delays due to import challenges and it is expected to launch in mid October.

Suzuki Bolan Price in Pakistan

 

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