Tag: consultations

  • Pakistan expected to increase petroleum levy to get IMF loan 

    Pakistan expected to increase petroleum levy to get IMF loan 

    Pakistan has reportedly provided assurances to the International Monetary Fund (IMF) regarding an augmentation of the petroleum levy in the fiscal year 2024–25, aligning with its intentions to embark on a new loan programme. 

    According to documentation cited by sources within the finance ministry, Pakistan has committed to elevating the petroleum levy to Rs1,065 billion in FY2024–25, anticipating a revision of the current levy target from Rs869 billion to Rs918 billion.  

    The attainment of the revised target is contingent upon an uptick in the consumption of petroleum products. 

    The sources additionally revealed that the caretaker government would have implemented a Presidential Ordinance if adjustments were to be made to the current petroleum levy target. 

    Earlier revelations indicate that Pakistan is poised to secure another financial assistance package from the International Monetary Fund (IMF) subsequent to the conclusion of the existing standby agreement. 

    The caretaker government has initiated consultations in preparation for the forthcoming IMF programme. 

    Sources have indicated that talks between the government and the IMF for the new loan programme are likely to commence this month.  

    Finance ministry officials underscored the commitment of the elected government to advance the measures established by the caretaker government. 

  • IMF proposes solutions for streamlining Pakistan’s budget through digitisation 

    IMF proposes solutions for streamlining Pakistan’s budget through digitisation 

    The Caretaker Minister for Finance recently presided over the inaugural meeting with the International Monetary Fund (IMF) Technical Assistance Mission, focusing on the digitisation of the budgetary process.  

    The mission, led by Fazeer Rahim and Sybi Hida, senior economists from the Public Financial Management Division, along with IMF Resident Representative in Pakistan, Esther Pérez Ruiz, discussed strategies for enhancing the efficiency of the budget-making process through digitisation. 

    During the meeting, the minister highlighted the importance of tailoring the IMF’s recommendations to the specific needs of the ministry.  

    The goal is to streamline and improve the effectiveness of budgetary procedures through the integration of digital technologies. 

    The Technical Assistance Mission is committed to providing practical and implementable solutions tailored to the ministry’s requirements.  

    This collaborative effort seeks to modernise and optimise the budgetary framework, aligning it with contemporary digital practices. 

    In related developments, discussions have surfaced regarding Pakistan’s pursuit of another loan package from the IMF upon the completion of the ongoing standby agreement.  

    The caretaker government has initiated consultations for the forthcoming IMF programme, and sources indicate that talks with the IMF are likely to commence in the current month.  

    Finance ministry officials have clarified that the elected government will carry forward the measures initiated by the caretaker government.  

    It is anticipated that the newly elected government will be responsible for finalising and signing the IMF programme, assuming governance responsibilities. 

  • Pakistan set to host US officials for crucial bilateral talks 

    Pakistan set to host US officials for crucial bilateral talks 

    In a confirmation made by the foreign office spokesperson on Sunday, Pakistan is set to host successive visits by senior US officials, marking a continuation of bilateral consultations between the two nations.  

    According to Mumtaz Zahra Baloch, the foreign office spokesperson, Pakistan and the United States are actively engaged in discussions on a spectrum of issues, prompting the need for reciprocal visits to facilitate and further these consultations. 

    Scheduled to commence on December 4, Assistant Secretary of State for the Bureau of Population, Refugees, and Migration, Julieta Valls Noyes, is expected to visit Pakistan until December 6.  

    Following her visit, the Special Representative for Afghanistan, Thomas West, is slated to be in Islamabad from December 7 to 9. Subsequently, Principal Deputy Assistant Secretary for Pakistan, Elizabeth Horst, is scheduled to visit from December 9 to 12. 

    The spokesperson for the foreign office emphasised that these visits are integral to the ongoing negotiations between Pakistan and the US, with a primary focus on addressing issues pertaining to Afghanistan. Notably, the discussions are not confined solely to matters related to Afghanistan but encompass a broader spectrum of bilateral concerns. 

    According to the US State Department, Julieta Valls Noyes will engage with senior government officials as well as representatives from non-governmental organisations and international partners.  

    The purpose of her visit is outlined as discussions on “shared efforts to protect vulnerable individuals and accelerate safe, efficient relocation and resettlement of Afghan refugees in the US immigration pipeline.” 

    These diplomatic engagements underscore the commitment of both nations to maintain an open dialogue and collaborate on multifaceted challenges, with a particular emphasis on the evolving situation in Afghanistan.