By Syed Fazl-e-Haider KARACHI – The heavily indebted Pakistani government, which is struggling to reach agreement on receiving funds from the International Monetary Fund (IMF), is to raise …
The International Monetary Fund is urging Pakistani authorities to take action to curb inflation and protect the country from the potential economic shocks of higher oil prices.An IMF team on March …
The International Monetary Fund (IMF) has expressed its concerns over rising debt, higher government borrowing and quasi-fiscal operations (subsidies) in Pakistan, and unveiled a 'wish-list' that …
ISLAMABAD: The government has agreed to hike price of power by 2 percent and to enforce 15 percent flood surcharge during the talks with IMF. During the third round of talks with IMF in Islamabad, government agreed to enforce flood surcharge from April 1, finance ministry sources said. The government also agreed to increase excise duty from 1pc to 2.5pc and to pass Reformed General Sales Tax (RGST) in upcoming budget.
The inconclusive talks between Pakistan and the International Monetary Fund have prompted the IMF delegation to extend its stay for another two to three days to finalise the pending policy issues …
ISLAMABAD: After holding technical level discussion, the government of Pakistan and IMF started the two-day policy level dialogue on Monday. The meeting discussed the issue of soaring fiscal deficit, as Pakistan seeks to keep it above five per cent against earlier target of 4.7 per cent of the GDP. However, sources said that there was not consensus on this point in the meeting, which is likely to be settled in the second day (Tuesday) of meeting. The sources said that Pakistan had asked the IMF to keep in view the ground realities before fixing economic targets, as the country is facing several challenges like war on terror and post-flood situation. It might be recalled here that during the technical level discussion, Pakistan gave detailed presentations on power sector, performance and subsidy level, tax collected during the first eight months (July-February) of the current fiscal year and a target to be achieved by June 30, inflation level, subsidy given to power sector during the so far period of the financial year, and the fiscal deficit situation, to the IMF. The government had assured the IMF’s team of taking revenue measures including imposition of 15 percent flood surcharge and 1.5 percent additional special excise duty (SED) and others. Meanwhile, it would broaden the tax base and recover the arrears, which would generate an additional amount. The proposed measures would give additional revenue of Rs 26 billion. The government had informed the IMF that additional taxation measures would take the annual tax collection target to Rs 1630 billion from Rs 1604 billion. Similarly, the IMF was informed that fiscal deficit could increase if the government of Pakistan did not get funds for fighting against terrorism from the other countries. (Online)
Pakistan's financial managers and the International Monetary Fund (IMF) mission are set to start the much-awaited fifth review of the economy on Tuesday (today), upon whose successful completion …
ATHENS: Thousands marched in Greece on Wednesday against the government’’s austerity policies amid a general strike as Prime Minister George Papandreou PM lobbied the EU for better loan repayment terms. At least 36,000 people according to police demonstrated in Athens, Thessaloniki and the port of Piraeus to reject economic policies dictated by Greece’’s narrow bankruptcy rescue by the EU and the IMF last year. “We cannot take any more,” read a banner carried by the union representing civil servants, who have borne the brunt of wage and pension cuts imposed by the Socialist government of Papandreou. Some 5,000 police were mobilised around the capital on Wednesday, reinforced from neighbouring cities, to maintain order. The strike is the latest after months of labour unrest last year. Several protests against austerity have turned violent in the past. Three people died in May last year when a bank branch was firebombed in Athens. Wednesday’’s action paralysed maritime traffic and train services, disrupted urban transport in the capital and was set to cause a four-hour flight blackout from 1000 to 1400 GMT. The industrial action has also affected hospitals and schools and shut down public administration offices and banks. Journalists were also joining Wednesday’’s strike while the National Trade Confederation called on members to close their shops. The strike was called by Greece’’s biggest private-sector and public sector unions GSEE and ADEDY, while the Communist Party-affiliated Pame trade union mounted a separate mobilisation. The ADEDY is opposed to new cuts in state payrolls since those imposed last year, while the million-member strong GSEE is against Athens efforts to liberalise the economy, calling them “anti-social and anti-worker”. “We demand a mixture of economic policy that will boost employment, incomes social and labour rights and social cohesion,” GSEE said. “People and their needs are above profits and numbers,” it said, accusing the government’’s measures of “broadening recession, unemployment, poverty and degradation to the profit of industrialists and bankers.” Seven general strikes were held last year over tough spending cuts imposed in return for a 110-billion-euro ($150 billion) loan from the European Union, the European Central Bank, and the International Monetary Fund. The cuts have pushed debt-hit Greece into a deepening recession with many analysts doubting whether its ailing economy can keep up with its loan obligations. Papandreou has embarked on a European trip to convince eurozone peers to extend Greece’’s repayment of the EU-IMF bailout loan. He was in Berlin on Tuesday for talks with German Chancellor Angela Merkel and other party leaders and was to fly to Helsinki on Wednesday to confer with Finnish counterpart Mari Kiviniemi. The IMF has warned that Athens must accelerate structural reforms, including to the labour market, the tourism trade and the retail sector. The Greek government has given the green light for a five-year privatisation plan to raise 50 billion euros through the exploitation of state companies and other assets. (AFP)
ISLAMABAD: The IMF negotiators are waiting for the final outcome of the current PPP-PML-N political war and talks with the Pakistani side have been pushed back because of the political turmoil, …
The International Monetary Fund (IMF) has categorically warned the Pakistan Government to enforce the controversial Reformed General Sales Tax (RGST), or the financial crisis-hit country will not …