As It Happens6:31Tear-gassed on CNN, Auma Obama says she stands in solidarity with Kenya’s youth Asked about the mood on the streets of Kenya this week, Auma Obama said: “I think it can be expressed with one word — and that’s rage.” Obama runs Sauti Kuu Foundation, a charity that helps impoverished youth in Kenya, and has…
Fitch forecasts Pakistan’s FY25 budget to significantly reduce government debt, which is projected to decline to 68% of GDP by the end of FY24. This reduction is attributed to high inflation and deflator effects, which help offset soaring domestic interest costs. Fitch Ratings forecasts a concurrent decline in both inflation and interest costs, driven by…
KARACHI: Pakistan is unlikely to buy liquefied natural gas (LNG) cargoes on the spot market until at least the beginning of winter in November due to oversupply and high prices, Federal Minister of Petroleum Musadik Masood Malik told Reuters. Extreme temperatures across Asia have pushed countries to seek more cargoes of LNG to address higher…
As the size of the new budget is likely to soar by 30% to a record Rs18.9 trillion due to additional expenditure demands, the PML-N government on Wednesday took its main ally—the PPP—into confidence about the harsh conditions set out by the International Monetary Fund (IMF). The tax target for the Federal Board of Revenue…
ISLAMABAD: The International Monetary Fund (IMF) has asked Pakistan to impose additional taxes of around Rs1.3 trillion in the next budget which, if accepted, would take the Federal Board of Revenue’s (FBR) annual target to a whopping Rs12.3 trillion. The Rs1.3 trillion additional taxes are equal to 1% of the size of the next year’s…
ISLAMABAD: The International Monetary Fund (IMF) has clubbed Pakistan among six nations facing serious conflicts this year and said that conflicts and tight macroeconomic policy conditions would have a toll on their economic outputs. Separately, Finance Minister Muhammad Aurangzeb met with IMF Managing Director Kristalina Georgieva in Washington on Wednesday. The minister showed Pakistan’s interest…
WASHINGTON: Federal Minister for Finance and Revenue Muhammad Aurangzeb, leading a Pakistani delegation at the International Monetary Fund (IMF) and World Bank 2024 Spring Meetings in Washington DC, on Tuesday highlighted the country’s roadmap to address economic challenges and propel the economy toward sustainable growth. During an interactive session with the Atlantic Council’s Geo-Economics Centre…
WASHINGTON: The International Monetary Fund’s (IMF) executive board on Friday selected Bulgarian economist Kristalina Georgieva to serve as managing director for a second five-year term, starting on October 1 this year, the global lender said. “The board commended Georgieva’s strong and agile leadership during her term, navigating a series of major global shocks,” it said…
ISLAMABAD: The International Monetary Fund (IMF) has recommended reinstating an 18% general sales tax (GST) on petrol during the ongoing discussions with the government for the release of the last tranche of its bailout package. According to Express News, the IMF has proposed increasing the levy on petrol by Rs60 and reinstating the 18% GST…
ISLAMABAD: The matter of an Extended Fund Facility (EFF) with the International Monetary Fund (IMF) will be discussed in Washington next month, Finance Minister Muhammad Aurangzeb said on Friday, as the country looks to alleviate a full-scale economic crisis. The standby $3 billion arrangement with the global lender expires on April 11, and the two…
