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Pakistan promises to fully implement the $7 billion loan program at a meeting with the IMF team.

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Pakistan’s progress on the $7 billion loan package was assessed by the International Monetary Fund (IMF) and Pakistan during their second day of talks at the Ministry of Finance.

Muhammad Aurangzeb, Federal Finance and Revenue Minister, Minister of State for Finance Ali Pervaiz Malik, the governor of the State Bank, and the chairman of the Federal Board of Revenue (FBR) welcomed the IMF delegation, headed by mission commander Nathan Porter.

The discussion focused on the advancements made thus far in the execution of Pakistan’s $7 billion loan package.

Pakistan’s accomplishments in reaching the majority of the program’s goals for the first quarter of the current fiscal year were reported to the IMF delegation by Finance Minister Aurangzeb. He promised to pursue changes aimed at promoting economic stability and reaffirmed the government’s commitment to finishing the IMF program.

According to sources from the Finance Ministry, the IMF mission would stay in Pakistan until November 15 in order to carry out additional assessments.

The International Monetary Fund (IMF) group landed in Pakistan on Monday and began talking about the country’s fiscal performance with representatives of the Federal Board of Revenue (FBR). In the first quarter of the current fiscal year, the team, headed by the chairman of the FBR, provided the IMF with a briefing on tax collection and revenue numbers.

Between July and September, tax income amounted to Rs2,625 billion, which covered 96.6% of the first three months’ objective, according to FBR officials. Nevertheless, a shortfall of Rs190 billion was incurred in fulfilling the entire tax objective during the four-month period from July to October.

In September, FBR raised an extra Rs8 billion, exceeding the Rs1,098 billion objective, the IMF delegation was told.

Officials told the IMF delegation that over 5.2 million people filed income tax returns this year, generating over Rs132 billion in revenue, a 76% increase over the previous year. Additionally, during the first quarter, the FBR collected Rs 10 billion in taxes from shops.

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Maintaining Fertiliser Price Stability: The Need for a Continuous Gas Supply to the Fertiliser Sector

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To guarantee fertiliser price stability, a cabinet committee meeting was presided over by Senator Muhammad Ishaq Dar, the deputy prime minister.

Senior government officials, including Industries Minister Rana Tanveer Hussain, attended the meeting.

The attendees received an update on the government’s, gas suppliers’, and fertiliser industry’s conversations. Additionally, the gas supply for the fertiliser sector was evaluated and determined to be adequate.

Throughout the Rabi cropping season, the Deputy Prime Minister ordered the fertiliser industry to maintain a continuous gas supply in order to guarantee steady production and stock levels.

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Fifth Straight Cut: PM Applauds SBP’s Policy Rate Reduction

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Prime Minister Muhammad Shehbaz Sharif has praised the State Bank of Pakistan’s decision to lower its policy rate by an additional 2 percent, stating that the bank’s current 13 percent rate is encouraging for the nation’s economy.

He expressed optimism in a statement that the policy rate cut would encourage investment and further boost investor confidence in the country’s economy.

The prime minister said that decreasing the inflation rate also lowered the policy rate and that future inflation rate reductions will be even more pronounced.

Additionally, he expressed gratitude to the Federal Finance Minister and other officials for their work in this area.

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GHQ Attack Case: Prosecution Seeks Bail Cancellation of CM KP & Other Accused, Indicts 9 More

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25 defendants, including PTI officials, have non-bailable arrest warrants issued by the Anti Terrorism Court of Rawalpindi for their failure to show up for court proceedings related to the GHQ attack case.

Judge Amjad Ali Shah added nine more suspects to the GHQ attack indictment list during today’s ATC Court sessions, bringing the total to 98.

Among the 61 defendants who appeared in court were Shah Mehmud Qureshi and the founder of the PTI.

Among those charged are Khadim Hussain Khokhar, Mehr Mohammad Javed, Chaudhary Asif, Zakir Ullah, Azeem Ullah, Shireen Mazatri, Major Retired Tahir Sadiq, and former MPA Rashid Hafeez.

A plea to cancel the bail of 23 suspects, including Chief Minister Khyber Pakhtunkhwa, has also been filed by the prosecution side.

In the GHQ attack, there were 119 accused in total.

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