Tag: economic progress

  • IMF praises Pakistan’s economic progress and stability efforts 

    IMF praises Pakistan’s economic progress and stability efforts 

    The Executive Director at the International Monetary Fund (IMF), Bahador Bijani, acknowledged a positive trend in the economic landscape of Pakistan, highlighting the effective measures taken by the authorities. 

    The statement was made during an event hosted by Masood Khan, Pakistan’s Ambassador to the US, bringing together representatives from key international financial institutions (IFIs) such as the IMF, International Finance Corporation (IFC), World Bank, and Multilateral Investment Guarantee Agency (MIGA) at Pakistan House. 

    Expressing optimism, Bijani highlighted Pakistan’s significance regionally and globally, asserting that the nation merits enhanced prospects.  

    This observation coincides with Pakistan’s current status under a caretaker government while participating in an ongoing IMF programme. 

    Nathan Porter, IMF Mission Chief to Pakistan, addressed the assembly of over 40 IFI representatives, expressing contentment with the recently concluded staff-level agreement.  

    Porter praised the interim government’s actions and policies, underscoring their dedication to steering the country towards stability. He expressed the hope that this foundation would enable the pursuit of reforms for a more robust, prosperous, and inclusive Pakistan. 

    Porter further commended the State Bank of Pakistan (SBP) for its cooperative efforts and policies aimed at ensuring fiscal stability in the country.  

    Athanasios Arvanitis, Deputy Director of the Middle East and Central Asia Department at the IMF expressed optimism that the upcoming elections in February would bring about the necessary reforms for Pakistan’s progress. 

    Syed Ali Abbas, Advisor Mission Chief UK, European Department at the IMF, echoed similar sentiments, anticipating a more enduring approach following the successful completion of the electoral process. 

    Ambassador Masood Khan underscored the transformative impact of Pakistan’s economic digitization, emphasising the emergence of new opportunities for the youth and professionals in steering the nation towards a promising future. 

    Khan asserted that Pakistan, as a nation of talented individuals, has the potential for significant accomplishments.  

    The statement aligns with earlier commendations from Kristalina Georgieva, Managing Director of the IMF, who lauded the Pakistani government for its adept handling of economic stability and timely implementation of reforms earlier this month. 

  • Toyota IMC unveils locally-made Toyota Corolla Cross Hybrid in Pakistan

    Toyota IMC unveils locally-made Toyota Corolla Cross Hybrid in Pakistan

    Indus Motor Company (IMC) celebrated the launch of the 4th generation Toyota Corolla Cross Hybrid Electric Vehicle (HEV) at its manufacturing facility in Karachi.

    This marks a significant achievement for IMC, emphasising the ‘Made in Pakistan’ initiative and showcasing the strong bond between Japan and Pakistan. Notable figures present at the ceremony included Federal Secretary Asad Rehman Gilani, Toyota’s top leadership and the Japanese Ambassador to Pakistan, Mitsuhiro Wada. 

    Yoshiyuki Takai, expressing optimism about the Corolla Cross HEV’s reception in Pakistan, highlighted the environmental benefits of increased hybrid vehicle adoption.

    Gilani, on behalf of the government, congratulated IMC and reiterated the commitment to support hybrid and electric technologies, aligning with the Auto Policy 2021–26. IMC’s CEO, Ali Asghar Jamali, emphasised the company’s dedication to sustainability, revealing an investment exceeding $100 million in manufacturing the first locally produced HEV.

    The Corolla Cross HEV boasts a smooth and efficient 1800-cc engine with hybrid and gasoline options. Jamali also outlined IMC’s contribution to the local automobile sector, encompassing a comprehensive value chain, part manufacturers, authorised dealerships, and a substantial workforce of over 450,000 people.

  • Pakistan expects positive outcome in talks with IMF, eyes $700 million disbursement

    Pakistan expects positive outcome in talks with IMF, eyes $700 million disbursement

    Pakistan is optimistic about the successful completion of the initial review under the $3 billion standby arrangement (SBA) with the International Monetary Fund (IMF). 

    According to reports, the ongoing negotiations, now in their final phase, are anticipated to culminate positively, marking a crucial milestone. 

    Commencing on Monday, policy-level discussions between Pakistani authorities and the IMF are scheduled to persist until November 15, spearheaded by Finance Minister Shamshad Akhtar.  

    The Pakistani delegation, including key figures such as State Bank of Pakistan Governor Jameel Ahmad and Federal Board of Revenue Chairman Malik Amjed Zubair Tiwan, along with representatives from the finance and energy ministries, has been actively engaged in the deliberations. Nathan Porter leads the IMF team in this dialogue. 

    During the latest session, the IMF delegation articulated their recommendations and requirements, while technical-level talks involved the sharing of pertinent economic data with the international lender’s team, according to The News.  

    Sources within the finance ministry assert that Pakistan has diligently fulfilled all stipulated conditions set forth by the IMF. 

    It is anticipated that the staff-level agreement will be finalised during the ongoing policy-level talks, paving the way for the disbursement of approximately $700 million to Pakistan upon the successful completion of the first review. 

    Earlier this month, the IMF review mission commended the Pakistani government for its commendable progress towards economic recovery, as stated by the finance ministry.  

    The IMF’s $3 billion loan programme, sanctioned in July, played a pivotal role in averting a sovereign debt default. The initial tranche of $1.2 billion was disbursed in July, with the remaining amount contingent on subsequent reviews. 

    Finance Minister Shamshad Akhtar has unequivocally ruled out any requests to the IMF for an extension of the SBA programme’s timeframe or an increase in its size. 

  • Pakistan’s stock market surges to all-time high of 53,123.04 points

    Pakistan’s stock market surges to all-time high of 53,123.04 points

    The Pakistan Stock Exchange (PSX) continued its impressive performance, with the benchmark KSE-100 index surging by over 700 points and approaching the historic milestone of 54,000 during Monday’s trading session.

    As the closing bell neared, the KSE-100 Index stood at 53,860.36, reflecting a remarkable gain of 737.33 points, or 1.39 per cent.

    In the preceding week, the KSE-100 index achieved a then-record high, driven by robust buying primarily from local investors, bolstered by institutional support.

    The benchmark index witnessed a substantial week-on-week increase of 2,179.20 points, breaching the 53,000 mark and concluding at an all-time high of 53,123.04 points, a historic first.

    Monday’s trading session witnessed broad-based buying, with key sectors such as cement, chemicals, commercial banks, and OMCs all trading in positive territory.

    Market analysts attributed this positive momentum to an overall improvement in economic indicators, notably the State Bank of Pakistan’s (SBP) decision to maintain interest rates at 22 per cent during the last Monetary Policy Committee (MPC) meeting.

    Additionally, a decrease in the inflation rate, with the October 2023 Consumer Price Index (CPI) at 26.9 per cent year-on-year and favourable feedback from the International Monetary Fund (IMF) mission currently visiting Pakistan, further enhanced market sentiment.

    Furthermore, the announcement of final election dates by the country’s election commission, signifying political stability, also played a significant role in creating favourable conditions within the market.

  • Govt to unveil ‘business-friendly’ budget, prioritising masses and economic progress

    Govt to unveil ‘business-friendly’ budget, prioritising masses and economic progress

    In a bid to support the masses and drive economic progress and development, the government is expected to present a “business-friendly” budget for the upcoming financial year 2023-24, announced Finance Minister Ishaq Dar on Monday.

    Minister Dar shared these intentions during a meeting with a delegation from the Association of Builders and Developers of Pakistan, who sought to address the challenges faced by the construction industry and present their proposals for the forthcoming federal budget.

    The delegation, comprised of prominent members from the construction sector, engaged in a productive discussion with the finance minister, apprising him of the industry’s hurdles and sharing their ideas to contribute to the upcoming budget.

    Recognising the significance of the construction industry for economic growth, the association pledged its support to the government’s efforts in overcoming economic challenges and boosting business activities within the country.

    Finance Minister Ishaq Dar expressed his appreciation for the proposals put forth by the delegation, acknowledging their importance in formulating effective economic policies. He assured the group that the government is actively taking concrete steps to address the existing economic challenges and fortify the nation’s economy.

    Dar’s remarks underscored the government’s commitment to fostering a favourable business environment and promoting sustainable growth.

    The delegation extended their gratitude to the finance minister for considering their budget proposals, recognising the significance of collaboration between the private sector and the government in driving economic prosperity.

    As the government prepares to present the budget for the financial year 2023-24, expectations are high for the inclusion of measures that will support businesses, stimulate economic activity, and create opportunities for the masses.