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The IMF demands that Pakistan “increase” gas prices.

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Sources claim that starting in August, the IMF is planning to raise gas prices for the domestic, fertilizer, CNG, and cement industries. Protected and non-protected consumers would see increases ranging from Rs 100 to Rs 400 per month.

Tandoors included, the IMF does not recommend raising the price of gas for commercial users.

According to the sources, three strategies have been presented to the IMF to minimize circular debt in the gas sector. A dividend system has also been discussed as a means of achieving this objective.

Furthermore, the IMF has suggested raising gas prices for plants that fertilize land.

The sources went on to say that there is an understanding reached regarding promptly providing the IMF with data regarding tariffs, reforms, and subsidies.

A tax on monthly pensions over Rs 100,000 was previously sought by the International Monetary Fund mission to Pakistani authorities.

The IMF delegation ‘requested’ Pakistani authorities to raise the general sales tax (GST) to 18% prior to this demand.

The Pakistani sales tax collection system is having issues, according to the IMF mission, since the provinces are collecting sales tax on services while the center is collecting sales tax on commodities.

They recommended the federal government should be the single entity in charge of collecting sales taxes. According to the reports, the foreign lender also insisted on raising the GST rate from 18% to 20% on goods and services.

In the fourth round of negotiations, the mission also required Pakistan to create a new regulatory body and implement reforms in the insurance sector. The fund also called for the sale of three insurance businesses that were held by the government.

The reason the IMF delegation is in Pakistan right now is that Islamabad wants to participate in another program offered by the international lender to help with the funding shortfall.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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