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Tag Archives: International Monetary Fund (IMF)

Gulf oil exporters reduce spending by drop in oil prices

DUBAI: Gulf oil exporters must reduce spending, including subsidies, and diversify their economies to cope with lower revenues caused by the sharp drop in crude prices, the International Monetary Fund (IMF) said. The wealthy countries, however, should “not react in a knee-jerk way to lower oil prices”, the IMF Middle East and Central Asia chief Masood Ahmed told AFP in ... Read More »

UAE’s non-oil GDP forecasts to grow 4.4% this year

DUBAI: International Monetary Fund (IMF) has revised the UAE’s growth outlook for this year and the next to 3.2 percent. UAE’s non-oil GDP is now forecast to grow at 4.4 percent this year and the IMF said it is likely to move up to 4.5 percent in 2016, it said in its latest regional outlook report. “The non-oil economy is ... Read More »

Iraq discussing financial condition with IMF

BAGHDAD: Iraqi Finance Minister, Hoshiyar Zebari, confirmed that Iraq is discussing its financial situation with the International Monetary Fund (IMF). Speaking on the sidelines of a conference in Kuwait, Zebari did not elaborate on what aid might be provided, but according to the report from Reuters he has previously said Iraq plans to raise $1.8 billion this year by using ... Read More »

IMF to sign deal with Afghanistan on macroeconomic policies

KABUL: International Monetary Fund (IMF) and Afghanistan to sign a deal on macroeconomic policies and structural reforms agenda that could be supported by a nine-month Staff-Monitored Program (SMP). An SMP is an informal agreement between country authorities and Fund staff to monitor the implementation of the authorities’ economic program. SMPs do not entail financial assistance or endorsement by the IMF ... Read More »

Afghanistan, IMF agree to boost tax revenue for strong economy

KABUL: Afghanistan and International Monetary Fund (IMF) agreed to boost tax revenue for strong economy. The agreement does not entail financial assistance but shows that officials in Kabul and the IMF are on the same page over targeted policy changes, from better control of the budget to stronger bank supervision. Afghanistan’s government relies heavily on foreign donors and an IMF ... Read More »

IMF welcomes Bangladesh on announcement of value-added tax

DHAKA: International Monetary Fund (IMF) mission led by Rodrigo Cubero said during a meeting in Dhaka that IMF welcomes the Bangladesh’s strong commitment to launching the new value-added tax (VAT) in July 2016. Cubero said that Bangladesh’s new value-added tax (VAT) will increase revenue while reducing costs for businesses. Rodrigo Cubero, visited Dhaka from February 25 to March 10 to conduct ... Read More »

Rs68b likely shortfall: Govt yet to revise Rs2.81tr target; Rs1,652b to be collected in 6-month

ISLAMABAD: The Federal Board of Revenue will have to collect Rs 1,652 billion in remaining six months (January-June) of the ongoing financial year achieve the annual tax collection target of Rs2.81 trillion while the government has yet to revise the revenue target as it is likely to face a shortfall of Rs 68 billion owing to reduction in oil prices ... Read More »

$60m decease: Forex reserves fall 0.57%, to $10,305m

KARACHI: Foreign exchange reserves of the country deceased by $60 million to $10,305 million on a weekly basis, as compared to $10,365 million of the previous week. According to the State Bank of Pakistan, foreign exchange reserves held by the central bank fell by 0.57%. Between December 19 and 26, the SBP paid $197 million on account of external debt ... Read More »

$1.051b IMF tranche: Reserves soar to $15.098b, SBP holds $10.364b

KARACHI: The country’s foreign exchange reserves have increased to $15.098 billion as the State Bank of Pakistan (SBP) received a tranche of $1.051 billion from  under Extended Fund Facility (EFF). The foreign reserves held by State Bank stood at $10.364.6 billion whereas net foreign reserves held by commercial banks stood at $4.733 billion by the week ending on December 19, ... Read More »

$1.05b IMF tranche: Reserves cross $15b mark, SBP holds $10b, says Dar

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that the country’s foreign currency reserves have crossed the $15-billion mark as Pakistan received $1.05 billion from the International Monetary Fund (IMF) under three-year Extended Fund Facility. He said this while giving briefing to Prime Minister Nawaz Sharif. He said that out of the total forex reserves, $10 billion was held by the ... Read More »

$1.05b IMF tranche: Reserves cross $15b mark, SBP holds $10b, says Dar

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that the country’s foreign currency reserves have crossed the $15-billion mark as Pakistan received $1.05 billion from the International Monetary Fund (IMF) under three-year Extended Fund Facility. He said this while giving briefing to Prime Minister Nawaz Sharif. He said that out of the total forex reserves, $10 billion was held by the ... Read More »

$1.05b IMF tranche: Reserves cross $15b mark, SBP holds $10b, says Dar

ISLAMABAD: Federal Finance Minister Ishaq Dar has said that the country’s foreign currency reserves have crossed the $15-billion mark as Pakistan received $1.05 billion from the International Monetary Fund (IMF) under three-year Extended Fund Facility. He said this while giving briefing to Prime Minister Nawaz Sharif. He said that out of the total forex reserves, $10 billion was held by the ... Read More »

4.7m families to get Rs21b thru BISP, 366,000 deprived due to 13.5% short fall

ISLAMABAD: The government has released Rs21.3 billion to as many as 4.7 million deserving families through Benazir Income Support Programme (BISP) for the second quarter of the current financial year. Meanwhile, the government has missed the BISP cash transfer target, agreed with the International Monetary Fund (IMF), as disbursements stand 13.5% lower in the first half, depriving about 366,000 families ... Read More »

Reserves stand at $13219.9m , SBP-held forex rises by $12m to $8506m

KARACHI: Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,219.9 million while net foreign reserves held by banks amounted to $4,713.5 million. SBP’s liquid foreign exchange reserves increased by $12 million to $8,506 million compared to $8,494 million in the previous week. During the week, the SBP made ... Read More »

$15b reserves target nears as govt raises $1b by selling Sukuk bonds

LONDON: Federal Finance Minister Ishaq Dar has expressed the confidence that the government would achieve $15 billion foreign reserves target by December 31 this year as response to Sukuk would far exceed the interest evinced in Euro Bonds. Pakistan raised $1 billion from the international Islamic bond market on Wednesday by selling its Sukuk papers at 6.75 per cent profit ... Read More »

$15b reserves target: Govt offers $1b Sukuk bonds at 7.75% interest rate at Dubai road show

DUBAI: With the aim to achieve $15 billion foreign reserves target by the end of December 2014, the government has started a road show in Dubai to woo investors in $500 million worth of Sukuk bonds. Sources said that after Dubai, road shows will be held at London and Singapore Stock Exchange. Sources at the finance ministry have confirmed that ... Read More »

Rs67.06b OGDCL failed sale of 10%: $4b SOEs, 26% sale of PIA shares delayed

ISLAMABAD: The government has not yet decided to sell 26 per cent shares of Pakistan International Airlines (PIA), said Privatisation Commission Chairman Muhammad Zubair. Earlier OGDCL disinvestment of 10% shares worth Rs 67.o6 billion was postponed few days ago, now sale of $4b State Owned Enterprises (SOEs) including 26% shares of PIA has been delayed. “The government is yet to ... Read More »

Govt not yet decided to sell 26pc shares of PIA: Zubair

ISLAMABAD: The government has not yet decided to sell 26 per cent shares of Pakistan International Airlines (PIA), said Privatisation Commission Chairman Muhammad Zubair during a press conference. “The government is yet to decide how much shares will be sold,” he said, adding that any decision will be taken in the interest of the country and the economy. He said ... Read More »

Power tariff be cut by 12pc as oil prices slashed to $78 from $115 per barrel

LAHORE: The federal government should cut power tariff by 12 per cent as the oil prices in the international market have further decreased. Pakistan produces most of its electricity through oil and the oil prices have been cut by 28 per cent to $78 from $115 per barrel since mid of the month of June this year. In the running ... Read More »

50bps cut in policy rate, other developments to keep KSE bullish

KARACHI: The reduction in policy rate by 50 basis points by the Central Bank, the expected IMF tranche and a tangible cut in the prices of petroleum products have given impetus to Karachi equity and experts and analysts expect the market to stay bullish in the current week. Bull-run kept the Karachi Stock Market (KSE) afloat during the entire past ... Read More »