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Pakistan to achieve macroeconomic stability with IMF deal: Aurangzeb

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Finance Minister Muhammad Aurangzeb speaks during an interview with AFP at the Embassy of Pakistan in Washington, DC on April 15. — AFP

ISLAMABAD: Finance Minister Muhammad Aurangzeb on Saturday said that Pakistan will achieve macroeconomic stability with the help of a newly signed agreement with the International Monetary Fund (IMF).

The minister’s remarks come a day after the cash-strapped nation reached a three-year, $7 billion aid package deal with the global lender, giving much-needed respite to the struggling economy.

“We need to ensure structural reforms and bring self-sustainability in areas of public finance, energy, and state-owned institutions,” said Aurangzeb who hopes to achieve them in the next few years. 

The new loan program, which needs to be validated by the Fund’s Executive Board, should enable Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive and resilient growth,” the IMF said while announcing the deal.

Faced with chronic mismanagement, Pakistan’s economy has found itself on the brink, challenged by the COVID-19 pandemic, the effects of the war in Ukraine and supply difficulties that fuelled inflation, as well as record flooding that affected a third of the country in 2022.

With its foreign currency reserves dwindling, the cash-strapped nation found itself in a debt crisis and was forced to turn to the IMF, obtaining its first emergency loan in the summer of 2023.

The latest bailout, coming to Pakistan in the form of loans, follows a commitment by the government to implement reforms, including a major effort to broaden the country’s tax base.

In a nation of over 240 million people and where most jobs are in the informal sector, only 5.2 million filed income tax returns in 2022.

During the 2024-25 fiscal year which starts July 1, the government aims to raise nearly $46 billion in taxes, a 40% increase from the previous year.

As part of the push, the Federal Board of Revenue (FBR) blocked 210,000 SIM cards of users who have not filed tax returns to widen the revenue bracket earlier this month.

Pakistan initiated discussions with the lender for the new multi-billion dollar loan agreement — its 24th bailout in more than six decades — to support its economic reform program.

While around 40% of the population already lives below the poverty line, the World Bank said in April it feared that 10 million additional Pakistanis would fall below this threshold.

Islamabad also aims to reduce its fiscal deficit by 1.5% to 5.9% in the coming year, heeding another key IMF demand.

The last loan — a nine-month $3 billion IMF deal — proved a lifeline.

But it came on the condition of unpopular austerity measures, including an end to subsidies cushioning consumer costs.

In recent months, the current account balance has recovered slightly, high inflation is just starting to come down, but Pakistan’s foreign debt remains very high at $242 billion.

Servicing it will still swallow up half of the government’s income in 2024, according to the IMF.

The Fund also anticipates 2% growth this year, with inflation still expected to reach nearly 25% year-on-year, before gradually coming down in 2025 and 2026.

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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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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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